#09 - Key to Sourcing Properties from Estate Agents

If I see something in an estate agency and I think it’s gonna enhance my investor’s life, how do I secure it? How do I get it off the market? How do I make it work? Estate agents are a big piece in the industry. So, today, David will share with you how he does it. He touches on topics like finding the money first, securing an investors list, why having a coffee with your prospects is better than scouting online, and many more! Be sure to tune in to be more confident when you're facing your investors and estate agents! KEY TAKEAWAYS You have to have your exit in place before you go into the estate agent’s office. You have to know what you’re looking for. You have to have an investor in place before you go shopping. You don’t wanna be viewed as a time-waster. Tell the estate agents who you are and who you work for. This is to situate where everyone stands. The estate agent will immediately know that you’re professional and I can forward anytime. I can easily put an offer down if I already 6-10 cash-rich investors. Find your investors first. You need deals and you need people to buy your deal. Have 1 or two investors behind you so you can talk to your estate agent confidently. How do you know what you’re looking for? During your conversation with your investor, you’ll know what they want, their finance, their strategy, etc. Have a detailed conversation with the investor so when you go to your agent, you know what property you’ll be looking for. Get the vendor’s solicitor to send an email my vendor’s solicitor to confirm they’ve been given instructions. This is as far as you gonna get in four days and at least you know the process is now ongoing. This is really important. “If feeling brave, instead of sending the contract in my name to my solicitor, send it to my friend’s name to their solicitor.” In order to do that, obviously, proof of funds for the investor should be provided. The most important thing is to find the money or the investor before going shopping for the property. That makes life so much easier than doing it the other way around. How do you build your investor list? Going to property network meetings. Do it face to face. Look for the investor with the money. Everyone you meet will look for the money. It can be hard but see it as a blessing. Get 10-15 business cards from people who are properly qualified. Ask them: Are they investing? What do they want? What do you mean by properly qualified? You have the expressed permission to contact them and have a chat with them. Phone them. Arrange a meeting. Follow-up. Talk to them about a property. If you have 10 cards per network meeting, then you have 80 cards at the end of the month. Around 25% will meet with you. 4-5 of those will want to work with you. Don’t spend 100 hours online looking for deals, go have 100 cups of coffee with your future investors. This will pay you back more. Go out there and find your investor. BEST MOMENTS “Estate agents are a massive piece in the industry and we have to deal with them.” “If the deal is good enough, the money will follow.” “Confidence is important. Get rid of the fear. Move forward with confidence.” ABOUT THE HOST David is a property expert with over 25 years’ experience and his own portfolio of 26 units. His current rent roll is in excess of £10k per month. He is also a partner in a Deal Sourcing and Packaging business in the North West of England and has sourced over 250 properties for investors since 2004. In recent years he has, by necessity, had to develop an expertise in LHA strategies. This area is increasingly becoming a niche for him and he enjoys empowering other landlords by sharing the knowledge he has gained. The ultimate purpose when sourcing properties in this sector for investors is to minimise risk while maximising profit. He has had to find answers to the challenges of Tenant Find, Management, ensuring rents are paid and the transition to Universal Credit. These are strategies he uses in his own business and also on behalf of investors. His investor clients regularly achieve annual gross yields of over 20% with high occupancy rates and voids resolved, sometimes within hours. CONTACT METHOD David’s LinkedIn David’s Facebook