As you’ll no doubt be aware, the property deal sourcing market is a very competitive and a crowded place. If you’re going to be successful in this line of work then you’re going to have to be innovative and use advanced strategies to get ahead of the competition.
There are 5 simple factors that you should always remember in property sourcing that will help give you the edge and enable you to be more effective and make more money:
1. Rapport building
Never underestimate the importance of building rapport. You have to build up trust, you want people to like you and feel comfortable doing business with you. You can’t just go straight in and get a deal in your first conversation with someone. You need to play the long game and be patient to get the long-term financial benefits.
2. It pays to listen
Far too often, sourcers make the mistake of not listening to the needs of landlords or sellers. You can’t just assume what their main problems are, you need to ask them and listen to what they are saying. That information that you get purely from listening to them is key in what you are going to achieve deal-wise.
3. A solution that is good for both parties
Once you have gained all of that information, you can craft a solution that suits both them and you as the investor or sourcer. You have to be careful that you don’t end up solving their problem but ending up with a bad investment deal yourself. So you need to be strong but still be acting in their best interest as well as your own.
4. Making the Offer
How you present the offer will have a big influence in whether you will be able to reach an agreement. Some sourcers will end up in a negotiating battle, which isn’t how you want to approach the deal. If you put in a really low offer and then go back and forth with slightly higher offers then it is a big waste of time. Don’t be tempted to do this, just present the offer that suits you and will be a good offer for the landlord or seller.
5. Always follow up
With every element of property sourcing, following up is so important. Sometimes a deal just isn’t quite right for a landlord. Whether it is timing or another factor, that doesn’t always mean that a potential deal can’t be made. Ask them why they don’t accept your offer and open up that line of communication. It might be something that can be easily resolved. Or they may come back to you later when it is the right time for them to take your offer.
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