Getting it off the market you can do it!
It’s a problem that comes up time and time again - The problem of getting a property off the market when it’s with an estate agent.
In this episode, David focuses on the strategies you can use effectively to get a property off the market.
New deal packagers think it’s a big leap for someone to provide them with proof of funds but a serious investor will have no problem with this and a good relationship with a local estate agent makes all the difference.
Everything can seem so unachievable when you begin as a deal packager but when you have 6 investors committed to you and 6 deals coming in every month it takes the pressure off.
Getting a property off the market is a problem only newcomers get, once you have deals in the pipeline everything is much easier and you will be on your way to successfully deal packaging, listen in and get started!
Have proof of funds before you speak to the estate agent. This is the best way to go forward.
Make sure you find your investor first and have met them several times.
You know exactly what they want and that they will work with you to buy deals you source.
As a compliant deal packager, you can ask for information including;
Proof of identity
Proof of address
Proof of funds and where they have come from
You will know if the investor is a cash buyer or a buyer with a cash deposit seeking a mortgage.
It’s all about the relationship you have with the investor and being comfortable asking the question.
Buying time - On occasion, you may see a property that you think your investor will be interested in and you need to buy time to speak to them.
If you have a good relationship with your local estate agent they may take the property off the market for 72 hours because they have faith and confidence in you placing the deal.
Have a great relationship with a local estate agent
If you have 2 local estate agents who are committed to you then you have a business
Once you have proved your credibility then the estate agent will begin to source properties for you, bringing properties to you that you can sell
It’s all about the hustle
If you don’t have a great relationship or proof of funds then it’s about the hustle.
You have to try and blag it. If you believe that you can sell the deal you have to do whatever you have to do to get a 48-hour window.
‘Even if things go wrong they won’t think badly of you because you are doing it the right way’
‘When it’s so important, when it’s so serious, when it’s your first deal or you’ve only got one deal everything takes on a degree of importance that it doesn’t really have’
‘You have to play the game and not take it too seriously’
Property Sourcing Profits Podcast
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 gr