One of the first questions we get asked is: Where can I find a good deal?
There are two main processes we are going to look at here. The traditional methods of finding the deal, and the non-traditional methods.
The traditional methods are what most investors, both amateur and professional, follow.
These include the use of online resources such as Rightmove, Zoopla, and OnTheMarket, and then there are the offline resources of contacting estate agents, going through ads in the local newspapers, and even approaching sourcing agents who operate in your investment area.
However, as a professional property investor we need to ensure that we separate ourselves from the crowd, and therefore a focus outside of the more common methods, is essential.
It is therefore vital that we are filling our deal funnel and generating leads from the non-traditional or less common methods. These include talking to your local lettings agents as they will have an accurate opinion on the demand in the area, but they may also know retiring landlords or accidental landlords, who are looking to sell a property or a portfolio.
Other examples are contacting the local council, and talking to the empty housing officer, or buying through auction. You could even drive the streets in your investment area and look out for destressed properties, or even handwritten ‘for sale’ signs propped up in the window.
Dropping leaflets and letters through doors is another way to acquire great deals.
Social media has also become such a powerful tool. Not only to build your network, but also to advertise your business. As a professional investor, we need to make sure we are using all of these methods, to maximise our lead generation.
In order to establish yourself in your investment area, you need to follow the golden rule, which is to talk to people. Great deals don’t just land in your lap, we need to make sure we are building strong relationships in our investment area, in order to have a steady stream of deals filtering into our funnel, at all times, so that we can assess them and offer accordingly.
It’s important to keep track of your offers, because often the deal is in the follow-up. So be patient and stick to your numbers. The more people you speak to about what you do, the more chance you have of securing a great deal.
Remember to do your own due-diligence and establish demand for every deal.
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