Last night was my second live webinar to my Property Investing Foundation group, covering the role of Estate Agents.
I shared tips and information from my 3 year journey to a property portfolio of over £4.5m.
We looked at:
- How to use estate agents to help you find properties to invest in, understanding what they are driven by and how you can use this to your advantage as an investor
- What is the role of an estate agent and how are they motivated?
- How to build credibility with them
- Killer questions to ask
Ultimately we want agents to give us more information about a property so we can make decisions fast – we want them to call us first – and we want them to take us seriously and to know we can help them too! Some agents are educated in property investing strategies – but most are not.
We talked through the different roles within a large agent practice and how their performance is measured. Its a tough job all round – and if as an investor you can understand this then it can really help build relationships.
It’s always better to buy from motivated sellers – so your aim is to try to find out as much information as you can about the property and the VENDOR !
- Do you have any empty properties ?– repossessed, deceased estate (often very tired inside), ex rental property (owner often shows you around), relocated owner (could get damp, broken into))
- Do you have any properties that have been on the market for a long time (from the agents perspective)…….Why don’t you think the property is selling?
- Do you have any properties where you are not the sole agent?
- Do you have any properties that are for sale and for rent? (perfect for an option)
- Do you have any sellers who keep calling the sales office to see if there is any news?
We went on to talk through some specific examples of properties I have bought and how the process worked in my favour. The process of a first viewing and a second viewing, how to make a ‘low’ offer and how to get into their little black book…..
I’ve produced a summary of this in a pdf format. If you’re interested in getting this please let me know.