When you are starting off in property sourcing, getting that first packaged deal can feel far off on the horizon. But experience will tell you that once you get that first one over the line, you will soon get momentum. Suddenly, all those deals will start rolling in but you need to stay focused and stick to your strategy. There aren’t really any quick ways but when you have been in the business for some time, you will understand some of the shortcuts, which we can share with you now.
To share these valuable secrets with you, we will use the example of a highly popular strategy right now – rent to rent.
Tip 1 – Focus on one specific strategy
By sticking to one specific strategy, the messaging stays the same. There will be a consistent message for your marketing and you don’t have to spend ages trying to curate specific messages for different strategies. So just having one consistent message will get quicker results. Plus, your message will be stronger as you are not diluting it to fit different strategies. The jack-of-all-trades, master-of-none approach will definitely slow you down, so focus on one specific strategy.
Tip 2 – Focus on one area
Similarly, if you are chasing after deals all over the country, this is going to complicate things. You are better focusing on one area, preferably your own area or one that you are very familiar with. Sticking to your local area will mean that you can easily go out and view the properties. You will also know more about what you are dealing with if you are looking at your own area.
Tip 3 – Getting your list of HMO properties
So for rental properties, getting hold of the HMO register/HMO licensee address list will give you a shortcut in finding the kind of properties you want to target. You can go to the local council to download the HMO register but first of all check out the site called whatdotheyknow.com. If someone has already asked for the list then it will be available for you to download the HMO register.
If it isn’t available, you have two options. You can get it by putting a freedom of information request through the whatdotheynow.com website. What you need to think about however, is that by doing this you open it up for other property sourcers to easily get this info. So instead, it is better to contact the local council and request the HMO licensee address list, which will give you licensed addresses plus the licensee addresses to contact them through.
Then you can send a direct mail letter out to that list and advise them you’re looking to offer a guaranteed rent service, fixed for X amount of years. You will soon get the phone calls coming through and you can convert them to rent to rent deals.
Tip 4 – Contact people who place private ads
If you’re really looking for quick wins, another great source for this is to look through private/classified ads. So take a look at what is out there and look for specific ads that meet your criteria. Then you cold call the person who placed the ad and try to convert them. Calling is a much faster way of getting the deals, if you text or email etc. you could be going on for weeks and wasting precious time. When you are looking to get quick wins, go for the fast communication methods.
Tip 5 – Always follow up
If you’ve made a cold call like discussed in Tip 4, you should always follow up with an email. At the end of the call, just tell them you want to send them an email with all of the details so they can review, have a think and make a decision. Tell them that you will ring back in a few days once they have had chance to read the email and always make sure that you make that call.
Tip 6 – Be bold and board knock
Not everyone will like this one but property sourcing is a competitive market and you need to be prepared to adopt all of the methods that bring success. Board knocking is a method that sees great success rates. So when you see a house with a To Let sign, go and knock on that door. You know that the occupants are moving out, so you are not causing them any inconvenience. Knock on the door and ask for the landlord’s details, telling them that you are interested in the property.
They are likely to give those details to you, as the property doesn’t concern them anymore. If they rent through a letting agent they will have the landlord’s name on the tenancy agreement. Getting that name can be crucial. Whilst some property sourcers might send a letter to the address without a name, the agent might open it and throw it away. Putting the landlord’s name on the letter will give it a better chance of being seen by the landlord. Alternatively, you can ask them to pass the landlord your details.
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