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To real estate mogul and Cal West Apartments president David Malcolm, a core tenet in business relationships is building trust. And trust is not just built through large actions but also through what some call “micro-trust” — smaller actions that the other side never forgets.
For example, Malcolm recalls an instance where his team was working with the banks. These banks had made an error, and Malcolm’s team could’ve taken legal action against them to pursue more money. Instead, Malcolm let bygones be bygones, and ever since, the banks have bent over backward to accommodate him.
Malcolm likes to think of the process of trust-building as akin to building a house. The big actions that build trust are the house’s bricks, and the little actions are the mortar. Without either, the structure will fail, he says.
The importance of micro-trust actions
Every action matters, especially in the business world. Whether you’re dealing with a customer, vendor or business partner, Malcolm asserts that each choice you make is a show of character — it reveals whether you’re trustworthy or not.
“Do you keep your word, pay your bills, act with transparency and negotiate in good faith?” Malcolm says. “These are some of the cornerstone actions that build trust.”
But the smaller, everyday actions are just as essential. They’re what serve as the “micro-trust” moments that Malcolm says are critical. “Do you forget the name of someone’s administrative assistant even though you have talked with them many times? Do you let the rush of business affect how you greet someone and forget to do so with a smile?”
Remembering a name, offering a smile, staying true to even a minor deadline — these are the seemingly minuscule moments that bolster your character in the eyes of another, proving you to be a trustworthy person.
How to practice what you preach
Malcolm has been in the real estate business for five decades. He’s learned what people like and dislike, what turns business partners away and what allows them to grow closer. And to him, a good place to start is by learning as much as you can about the people you work with. It shows that you care.
“Do you ask people about their personal lives and truly listen to them so that you can bring up relevant details in future conversations?” Malcolm writes. “That personalizes the process and builds trust. An even seemingly less significant action — remembering the names of someone’s children — shows that you are present in the relationship.”
Communicating, even when it may not seem necessary, is also crucial. Say you’re working with a partner on an important transaction, but there’s been no news in recent weeks. Tell them this. This small act of relaying information helps build trust. You’re telling them, “I’m still here, and I won’t leave you hanging.”
All business owners should know this next one: Pay your bills quickly. “I pay my bills when they come in rather than holding them for the 15th or 30th of the month. People are impressed when they get paid quickly,” Malcolm writes.
Finally, Malcolm believes in being thoughtful every single day as a business owner. The goal is always to show others that you care. Send birthday cards, open doors for others (both literally and metaphorically) and turn off your cell phone if you’re having an important conversation with someone. They’ll remember these small moments.
The difference between being relational and transactional
During his time serving as Bill Clinton’s political advisor before Clinton took office, James Carville used to say, “It’s the economy, stupid!” Malcolm likes to flip that saying around. He will say, “It’s the relationship, stupid!”
He truly means it. To him, solid relationships serve as the foundation of an enterprise. Without them — and without trust — you’re setting yourself up for failure. As he puts it, “The way to create and maintain these relationships is by building trust, every day, in ways large and small. That is the power of micro-trust!”
With a five-decade track record of success in the real estate industry, David Malcolm is the president of Cal West Apartments, which has provided financing and homes for thousands of residential and commercial clients. Malcolm has also served in several civic offices and is a generous contributor to many public and private organizations.
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