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Advanced Negotiation Tactics For Property Investors · The Property Unleashed Podcast

• 0:00
  SPEAKER_00: How to use advanced negotiation strategies when trying to get your property deals over the line.
• 0:19
  SPEAKER_00: Hello, my name's Mark Fitzgerald.
• 0:21
  SPEAKER_00: It's great to have you joining me here on the Property Unleashed podcast.
• 0:24
  SPEAKER_00: So today in this episode, we are going to talk about advanced negotiation strategies to help you nail those property investing deals when you're out there finding them.
• 0:36
  SPEAKER_00: The last thing that you want to do is when you find a great opportunity, is not ask the right questions and not also negotiate the right way.
• 0:46
  SPEAKER_00: Now we're not ever looking at taking advantage of anybody when we're doing any property deals.
• 0:51
  SPEAKER_00: What we're looking at doing, though, is making sure that we get the best opportunity for us, but we also make sure that it's a win for whoever's selling their property, or if we're doing rent-to-rent deals, whoever's going to lease their properties to us.
• 1:05
  SPEAKER_00: So we always make sure that it's a win-win.
• 1:07
  SPEAKER_00: I'm always very strict on that.
• 1:09
  SPEAKER_00: But there are certain ways and certain techniques that we can use to really help us.
• 1:14
  SPEAKER_00: And this can really help us actually.
• 1:16
  SPEAKER_00: If you're negotiating a deal and there's other parties that are trying to get that deal as well, this can help you stand out from the rest and help you get those opportunities over the line.
• 1:26
  SPEAKER_00: And they don't always have to be the fact that you offer the most money.
• 1:31
  SPEAKER_00: Sometimes it's about building up that relationship.
• 1:34
  SPEAKER_00: Sometimes, as we always say, it's about building up that know, like, and trust.
• 1:38
  SPEAKER_00: Now, I'd like to start this by saying if you read books or you listen to books, a great book that you should definitely make sure that you spend time reading and maybe even studying is a book called Never Split the Difference.
• 1:52
  SPEAKER_00: It's a book by Chris Voss, who is an ex-FBI hostage negotiator, and it's a marvelous book.
• 1:59
  SPEAKER_00: If you listen to it, he's got what they call a DJ voice.
• 2:02
  SPEAKER_00: He does the actual reading himself, and it's great.
• 2:06
  SPEAKER_00: It's really easy to listen to.
• 2:08
  SPEAKER_00: But I also highly recommend that you buy it and that you read it through a few times yourself as well, because it'll help you when it comes to.
• 2:16
  SPEAKER_00: Now, we're not doing anything as serious as hostice negotiation, let's get that straight.
• 2:21
  SPEAKER_00: But it'll help you when it comes to talking to people, when it comes to getting out there, and certain techniques that you can use to help you win those opportunities and those deals.
• 2:31
  SPEAKER_00: So initially, obviously, it's all about the first contact.
• 2:35
  SPEAKER_00: First count for a lot, and this can be a real opportunity for you to get out there and start looking at fact-finding.
• 2:43
  SPEAKER_00: So, why are they looking at selling the property?
• 2:46
  SPEAKER_00: What do they need at the moment?
• 2:48
  SPEAKER_00: Do they need speed?
• 2:49
  SPEAKER_00: Do they need certainty?
• 2:50
  SPEAKER_00: Do they need trust?
• 2:51
  SPEAKER_00: Do they just want the deal to go through?
• 2:53
  SPEAKER_00: Did he need help?
• 2:54
  SPEAKER_00: We want to start building rapport, always building rapport.
• 2:58
  SPEAKER_00: So when we get there, we need to be relaxed, we need to be smiling, we need to just make sure that it feels like an informal chat rather than an interrogation, or rather than the fact that we're going to go there and try and rip them off.
• 3:11
  SPEAKER_00: Remember, a lot of people, particularly in the UK, a wall is sort of comes up in front of you when they're talking to people.
• 3:18
  SPEAKER_00: So if you are dealing directly with the vendor or the owner of the property, great stuff.
• 3:24
  SPEAKER_00: A lot of people like to put an agent in the middle of that.
• 3:26
  SPEAKER_00: That could be a letting agent for rent-to-rent deals, that could be an estate agent if you're looking at buying deals or doing lease options and things like that as well.
• 3:35
  SPEAKER_00: So they like to put that there because it gives them that level of security that nobody can come in and rip them off.
• 3:41
  SPEAKER_00: So by just getting in there and sort of having informal chats, and it could be about the weather, it could be about the area, anything that really takes it away from the property to begin with is always a good sign.
• 3:54
  SPEAKER_00: So you want to try and relate to these people.
• 3:57
  SPEAKER_00: You want to try and see if there's something that you can are like a common interest or something that you can start having an informal chat about.
• 4:05
  SPEAKER_00: Remember, it's all about them.
• 4:08
  SPEAKER_00: It's not about you.
• 4:09
  SPEAKER_00: Think about it this way: you already know everything there is to know about you, don't you?
• 4:15
  SPEAKER_00: So you don't need to be spouting out talking about everything about yourself.
• 4:19
  SPEAKER_00: Remember, it's all about them.
• 4:20
  SPEAKER_00: It's all about fact-finding.
• 4:23
  SPEAKER_00: Ask them their names, ask them their contact details.
• 4:26
  SPEAKER_00: Even if you have this, even if it's with an agent and you have this, just write them down or just say, can I just double check your contact number?
• 4:34
  SPEAKER_00: Can I just double check your name?
• 4:35
  SPEAKER_00: If you know their name, start using their name a lot more often than maybe you would normally.
• 4:42
  SPEAKER_00: Because it builds up that report, it builds up that trust.
• 4:45
  SPEAKER_00: But always do double check the addresses, double check the phone numbers, double-check any emails to make sure that you've got contact details and you've got the right contact details as well.
• 4:57
  SPEAKER_00: They're going to be expecting you to ask questions, but if it does feel a little bit uncomfortable, ask permission.
• 5:03
  SPEAKER_00: Have a good chat with them and stuff, and just say, I've got a few questions.
• 5:06
  SPEAKER_00: Do you mind if I ask you those questions now?
• 5:09
  SPEAKER_00: Wait for them to get back to you and give you a response.
• 5:13
  SPEAKER_00: Remember, people are expecting you to ask questions, so don't ever feel, oh, I feel like I'm a bit intrusive.
• 5:19
  SPEAKER_00: I feel like, you know, if you want to ask a sensitive question, ask to ask.
• 5:23
  SPEAKER_00: Oh, this question, you don't have to answer this, but it would just really help us in looking at this opportunity and looking at this deal.
• 5:29
  SPEAKER_00: Do you mind if I ask a question like this?
• 5:32
  SPEAKER_00: They'll normally say yes.
• 5:33
  SPEAKER_00: If they don't want to answer it, they won't.
• 5:34
  SPEAKER_00: But I've never really come across anybody that hasn't wanted to ask, answer any questions there.
• 5:40
  SPEAKER_00: Make sure that you're not looking miserable.
• 5:43
  SPEAKER_00: Make sure that you're smiling.
• 5:44
  SPEAKER_00: Make sure that you're happy.
• 5:46
  SPEAKER_00: I always like to just put a smile on before I get anywhere.
• 5:49
  SPEAKER_00: You know, 30 seconds, have a little grin.
• 5:51
  SPEAKER_00: I'll be quite honest with you.
• 5:52
  SPEAKER_00: If you're in a bad mood, force yourself to smile for about 30 seconds and your mood will start to shift.
• 5:58
  SPEAKER_00: It starts to become you sometimes start to laugh at yourself, which is great just to shake those bad sort of moods and things.
• 6:05
  SPEAKER_00: Make sure you're not there with your arms crossed and everything.
• 6:07
  SPEAKER_00: You're not very rigid in what you're doing.
• 6:09
  SPEAKER_00: You're sort of open with your gestures.
• 6:12
  SPEAKER_00: Use your hands a little bit.
• 6:13
  SPEAKER_00: Don't be over the top with things, but use your hands a little bit.
• 6:17
  SPEAKER_00: Don't be afraid to move forward.
• 6:18
  SPEAKER_00: Now don't invade people's personal space.
• 6:20
  SPEAKER_00: But if there is quite a big gap there, get yourself into a nice, comfortable position between you and whoever you're talking to.
• 6:27
  SPEAKER_00: Once you start meeting people, if they go to greet you with a handshake or something, shake their hand.
• 6:33
  SPEAKER_00: Don't be afraid to touch their wrist whilst you do so.
• 6:35
  SPEAKER_00: It just shows a bit of warmth there, but don't overdo it.
• 6:38
  SPEAKER_00: Okay.
• 6:39
  SPEAKER_00: We don't want people to think, oh my God, they're a bit, they're a bit, you know, too touchy and everything.
• 6:44
  SPEAKER_00: Make sure you're not looking all over the place.
• 6:46
  SPEAKER_00: You are making good eye contact, but don't just stare them down.
• 6:49
  SPEAKER_00: Make sure that you do blink, that you every now and again do look away.
• 6:53
  SPEAKER_00: Because if you're just there staring at somebody, it can make them feel a bit ununeasy and a bit awkward.
• 7:00
  SPEAKER_00: And nod when people are talking and things, don't always jump in.
• 7:03
  SPEAKER_00: Make sure you've got the good gestures there.
• 7:05
  SPEAKER_00: Nod, do lots of other activities as well.
• 7:09
  SPEAKER_00: One of the main things I've had to learn is to listen and listen actively.
• 7:14
  SPEAKER_00: This is very, very important that you don't just give it lip service, that you're not really listening to what people have to say.
• 7:21
  SPEAKER_00: People will pick up on that.
• 7:22
  SPEAKER_00: So make sure that you are really listening to them.
• 7:25
  SPEAKER_00: Now, don't get caught up and think, oh, I've got all these questions to ask, and they're talking to me about this, and I don't really care about this.
• 7:31
  SPEAKER_00: I want to know about this.
• 7:32
  SPEAKER_00: Listen, it's a conversation.
• 7:35
  SPEAKER_00: Have those conversations.
• 7:36
  SPEAKER_00: Listen to what they've got to say.
• 7:38
  SPEAKER_00: Pause.
• 7:38
  SPEAKER_00: Don't be afraid to pause.
• 7:40
  SPEAKER_00: And most of the time, you can have any questions that you need to ask, and you should have a list of questions that you need to ask.
• 7:46
  SPEAKER_00: We make sure all of our clients, all of our students have a have a list of questions that you should ask.
• 7:53
  SPEAKER_00: And then there's some nice to ask questions.
• 7:55
  SPEAKER_00: You can always go through those at the end and just say, I've got a few more questions here.
• 7:58
  SPEAKER_00: Do you mind if I just reel these off, get them out of the way, just so that I can get a really good understanding of the property and everything?
• 8:04
  SPEAKER_00: Nobody's going to say no about it unless you're tight for time, in which case you've got to reel them off quicker.
• 8:10
  SPEAKER_00: Make sure that you're actively listening to everybody.
• 8:12
  SPEAKER_00: Okay.
• 8:13
  SPEAKER_00: And then just on that, if you are struggling with any of these and you need help and support, we do have an advanced negotiations training in my community, ETA, where you can go through that, you can get all of the questions, you can get all of this help and support that you need as well.
• 8:28
  SPEAKER_00: And it's in there to help you with all of these to make sure that you're getting the best deals, along with all other trainings and rent to rent, service accommodation, HMOs, supported living, social housing, refurbishments.
• 8:39
  SPEAKER_00: The list goes on.
• 8:40
  SPEAKER_00: It's an absolute gold mine of training that you can access for a very small fee and be a part of a really good community.
• 8:48
  SPEAKER_00: Check out education toaction.com and see whether it's right for you.
• 8:52
  SPEAKER_00: But moving on, as I said before, find common interests.
• 8:57
  SPEAKER_00: Don't always talk.
• 8:58
  SPEAKER_00: You can always use a bit of silence, a bit of a pause.
• 9:01
  SPEAKER_00: At least if you pause after they've said something, it means that you're thinking about what they've said.
• 9:06
  SPEAKER_00: This helps to build trust, it helps to build your credibility and will make you look more professional.
• 9:11
  SPEAKER_00: Always make sure that you go to anything with a bit of an outcome.
• 9:15
  SPEAKER_00: What are you trying to get from this viewing or from this meeting?
• 9:19
  SPEAKER_00: And make sure that you do get the information that you need that for the outcome that you're looking to have.
• 9:25
  SPEAKER_00: And of course, as I've said before, they will be there to answer your questions.
• 9:32
  SPEAKER_00: So when it comes to negotiation opportunities, when it comes to negotiating deals, you want to work out what your your your not theirs, what your ideal scenario would be.
• 9:43
  SPEAKER_00: And maybe you've got a plan A, a plan B, and this is what you're looking at.
• 9:47
  SPEAKER_00: So make sure that you've already sort of had a think about this when this comes to negotiations.
• 9:52
  SPEAKER_00: This might not be done on the first viewing.
• 9:54
  SPEAKER_00: You might go in there, you might chat to a landlord, think this is going to be a great opportunity.
• 9:57
  SPEAKER_00: I'm going to do a rent-to-rent deal on this big bad boy.
• 10:00
  SPEAKER_00: That's my ideal situation.
• 10:01
  SPEAKER_00: Well, go away, work out the numbers and everything, and then the negotiations will start from there.
• 10:06
  SPEAKER_00: But what is your ideal situation?
• 10:09
  SPEAKER_00: What is your plan A if everything is aligned and goes well?
• 10:12
  SPEAKER_00: What is your plan B if it doesn't go so well?
• 10:14
  SPEAKER_00: And what can you negotiate up to?
• 10:16
  SPEAKER_00: And let's see if we can bring both parties together and find a compromise and a situation and a scenario that works for both parties.
• 10:25
  SPEAKER_00: Know what your worst position is as well.
• 10:28
  SPEAKER_00: So I really can't go to that number.
• 10:30
  SPEAKER_00: If they're going to be, you know, stuck on that number, they they want that.
• 10:34
  SPEAKER_00: We need to walk away.
• 10:36
  SPEAKER_00: Remember, you can table any offers and just say this.
• 10:40
  SPEAKER_00: I always say there's 30 days on that offer.
• 10:42
  SPEAKER_00: If you come back to me after that, I will have to look at that because I might be doing something different or the market might change.
• 10:47
  SPEAKER_00: But right now, I can put 30 days on that offer and I will just check in with you at the end of the 30 days to see if anything's changed your end.
• 10:55
  SPEAKER_00: What's your worst case scenario?
• 10:57
  SPEAKER_00: Have a good idea of that.
• 10:59
  SPEAKER_00: Obviously, what you want to do is make sure that if they come up with any sort of caveats, any terms that are deal breakers on your side, that you you nip them in the butt straight away, that you talk about those.
• 11:12
  SPEAKER_00: What are your deal breakers?
• 11:13
  SPEAKER_00: So they might say, Well, I can do it for you at this price, but I need it, I need it gone in six weeks.
• 11:17
  SPEAKER_00: You might not have the money to do it in six weeks if you're looking at buying a property.
• 11:21
  SPEAKER_00: So if that's a deal breaker, don't say, Oh, yeah, yeah, we'll get it done no matter what and let people down.
• 11:25
  SPEAKER_00: That might be a deal breaker.
• 11:26
  SPEAKER_00: But also have a little idea of those.
• 11:28
  SPEAKER_00: And also, what are the nice to haves?
• 11:30
  SPEAKER_00: If I could have this ideally, I'd I'd do this there.
• 11:33
  SPEAKER_00: I it's like a rent-to-rent.
• 11:34
  SPEAKER_00: If I can take a rent-to-rent HMO on, I want it in a good area, I want it in a good condition.
• 11:39
  SPEAKER_00: Okay, I want it at a good price that means that the landlord's getting what they want and we're making what we want.
• 11:45
  SPEAKER_00: But what else are the nice to haves?
• 11:47
  SPEAKER_00: Well, a good relationship with that landlord as well as another nice to have.
• 11:50
  SPEAKER_00: So, what are your nice to have?
• 11:52
  SPEAKER_00: What do you need to tick off to really help you when you're negotiating?
• 11:56
  SPEAKER_00: Now, great questions to ask are always what is the reason that you're selling this property, or what is the reason that you're struggling to let this property if you're looking at doing rent to rent?
• 12:06
  SPEAKER_00: Always again ask them if they have any specific timescales that they're working to.
• 12:10
  SPEAKER_00: So, what are the timescales that you need to get this sold by?
• 12:13
  SPEAKER_00: What are the timescales that you'd like to get this lease by?
• 12:16
  SPEAKER_00: Now they might just say as soon as possible.
• 12:18
  SPEAKER_00: Amazing stuff.
• 12:19
  SPEAKER_00: But they might have an underlying problem.
• 12:22
  SPEAKER_00: And this is why we're asking that question, because we're asking that question to see do you have a problem that needs to be solved in a specific amount of time?
• 12:31
  SPEAKER_00: Now, maybe they've run into debt, maybe they haven't been paying the mortgage, maybe they're about to lose the property and they've only got four or five weeks before the bailiffs come in and they lose everything.
• 12:41
  SPEAKER_00: If you haven't asked a question, they might just say, I need this done in five weeks.
• 12:45
  SPEAKER_00: Okay, no problem.
• 12:46
  SPEAKER_00: So we need to move really, really quickly here.
• 12:47
  SPEAKER_00: Now you might be able to do that, but if you don't know about it, you might just be thinking about a conventional purchase and the deal will fall apart.
• 12:55
  SPEAKER_00: So it's a very, very important question to ask people.
• 12:59
  SPEAKER_00: How much do you need for the property is always a good one.
• 13:02
  SPEAKER_00: I like the old saying, it's how much how much do you want for the property that you'd still walk away and be happy?
• 13:08
  SPEAKER_00: That's always a good approach as well.
• 13:10
  SPEAKER_00: That's a little bit further down the line, but sometimes when you're negotiating on prices, I always say to people, you know, what would you actually take on this property and still be happy?
• 13:20
  SPEAKER_00: And sometimes, you know, if it's 300,000 pounds, you might think, well, I'll tell you what, I'd I'd still be happy if it went for 280.
• 13:25
  SPEAKER_00: Now I might already be in there at 260.
• 13:27
  SPEAKER_00: Can I go to 280?
• 13:28
  SPEAKER_00: Is it still a deal there?
• 13:29
  SPEAKER_00: What is my breaking point?
• 13:31
  SPEAKER_00: What are my deal breakers?
• 13:33
  SPEAKER_00: That's where you can work that one out.
• 13:34
  SPEAKER_00: And what is the most important thing to you?
• 13:37
  SPEAKER_00: Is it getting the property sold or leased as fast as possible, or is it getting the best price?
• 13:43
  SPEAKER_00: Now, if you're interested in a strategy called purchase lease options, where you purchase, well, basically you purchase a property down the line, but you lease it off them for the time being, then this is a great question to ask.
• 13:54
  SPEAKER_00: And this can actually open up the opportunity that might all of a sudden become a purchase lease option because you've asked this.
• 14:00
  SPEAKER_00: So, what is the most important thing to you?
• 14:03
  SPEAKER_00: Is it getting the property off your hands, as he i.e., we're sold because we're buying it, or rent to rent, is it leasing it as fast as possible so you can get some revenue coming through or make some money, or is it getting the best price?
• 14:17
  SPEAKER_00: Now, with that, we might be able to get a below market value deal here because it might be speed that they need.
• 14:23
  SPEAKER_00: So somebody that has a strict time frame, or is maybe it's been on the market a while and they've had enough, somebody that gets to that point might be quite open for a bit more of a creative purchase of the property or a bit more creative lease on the property as well.
• 14:38
  SPEAKER_00: So you need to learn all of these things, and that's why I always say join our community because we teach you all of the different strategies and how to do all of this so that you are the property professional you want.
• 14:46
  SPEAKER_00: And if you're a deal source, you should definitely be in there because you're gonna learn a hell of a lot more than just deal sourcing.
• 14:51
  SPEAKER_00: But anyway, I digress.
• 14:53
  SPEAKER_00: Make sure that you're asking that question as well.
• 14:57
  SPEAKER_00: Once you've done that, it's gonna be your follow-up questions.
• 15:00
  SPEAKER_00: So when you're following up, you can probe into different into different questions that they've answered.
• 15:06
  SPEAKER_00: So if you've got certain answers to things, it's it's one of those.
• 15:10
  SPEAKER_00: If they need speed, they might be looking for a cash buyer, they might not be able to use somebody that's on a or looking at putting in a property on a mortgage.
• 15:17
  SPEAKER_00: I like to say, why is this?
• 15:19
  SPEAKER_00: Is there any particular reason?
• 15:20
  SPEAKER_00: Again, it's just I'm trying to help.
• 15:22
  SPEAKER_00: The more I understand about this situation and this scenario, the more I can help the owner of the property.
• 15:27
  SPEAKER_00: Another one is is the property mortgaged at the moment?
• 15:30
  SPEAKER_00: Now, some people find that very, very difficult to ask.
• 15:33
  SPEAKER_00: What I like to say is, how are you finding interest rates at the moment on this property?
• 15:37
  SPEAKER_00: I I know they're going up and down like yo-yos with everything that's going on.
• 15:41
  SPEAKER_00: How are you finding it?
• 15:42
  SPEAKER_00: Oh, we're all right, we've got our mortgage fixed.
• 15:44
  SPEAKER_00: Oh, have you?
• 15:44
  SPEAKER_00: Have you locked it in for a long time?
• 15:46
  SPEAKER_00: Go quiet.
• 15:47
  SPEAKER_00: Yeah, yeah, yeah.
• 15:48
  SPEAKER_00: We've got a five-year fix, or we've got a two-year fix, or no, it's killing us, it's on a variable at the moment, it's costing us a fortune, or, oh, we don't even have that problem.
• 15:56
  SPEAKER_00: The house hasn't even got a mortgage on it.
• 15:58
  SPEAKER_00: It's a great, great follow-up question to be asking.
• 16:01
  SPEAKER_00: And if you have, ask them questions and you've actually got to a point where you've sort of asked them a question, they've answered it, and you've got another question on that.
• 16:12
  SPEAKER_00: Read through your notes and things, and don't be afraid to clarify anything that you're not sure of.
• 16:17
  SPEAKER_00: If you're not sure, ask the question.
• 16:19
  SPEAKER_00: And you can just say, I've already asked you this question and you've given me this.
• 16:22
  SPEAKER_00: Can I just clarify that that is the time frame that you need?
• 16:26
  SPEAKER_00: So you need to sell this house within the next six weeks, do you?
• 16:30
  SPEAKER_00: Can I just ask why that is?
• 16:31
  SPEAKER_00: Now they might, if they're in a bit of financial difficulty or just in a in a time frame where maybe they're moving abroad or something like that, they might say, Well, because we're moving abroad then, we won't be in the country anymore.
• 16:42
  SPEAKER_00: Oh, okay, no problem.
• 16:43
  SPEAKER_00: So you definitely want certainty.
• 16:45
  SPEAKER_00: It's just great to have those sorts of questions out there and know those facts.
• 16:50
  SPEAKER_00: That's where my one-to-one students that I work with or community members come up to us and say, We've found this situation, these are the sort of high-level overview of it.
• 16:59
  SPEAKER_00: How would what would be the best way to proceed with this?
• 17:02
  SPEAKER_00: And this is where I help people to make sure that they proceed in the best manner.
• 17:06
  SPEAKER_00: So it's a win-win, as we say, for everybody.
• 17:08
  SPEAKER_00: And what I always like to do is at the end of any conversation and anything, I've asked all the questions about the property, about the situation, about the circumstances.
• 17:16
  SPEAKER_00: That could be with the agent, that could be with the vendor.
• 17:18
  SPEAKER_00: I like to try and summarize things just to clarify that all right, so you needed to sell this within six weeks.
• 17:24
  SPEAKER_00: Well, well, we could we could take a bit longer, but we just won't be in the country anymore.
• 17:28
  SPEAKER_00: Okay, brilliant.
• 17:28
  SPEAKER_00: Because when you start to summarize and just go right through, let me just make this straight.
• 17:32
  SPEAKER_00: So this is a six-bed HMO property.
• 17:34
  SPEAKER_00: The license runs out in three years' time, bloody blah de blah.
• 17:38
  SPEAKER_00: If anything there that you're going through isn't quite correct, maybe I don't if you're anything like me, you've scribbled it down with my handwriting.
• 17:45
  SPEAKER_00: I can never read my own handwriting.
• 17:47
  SPEAKER_00: So sometimes I might read something a little wrong, they'll correct me.
• 17:50
  SPEAKER_00: In which case, then at least I know I'm going away with the right information.
• 17:55
  SPEAKER_00: What I would say is when you're negotiating, you can build up that rapport, you can become quite friendly with people, but try not to give too much away from our side of it.
• 18:06
  SPEAKER_00: Now, if you are investing in yourself, if you are learning more about property strategies or you know about property strategies and you're you're sort of getting out there and you're building your property business, which is always good to be doing, you can start to build up rapport with people, even agents, and walk around a property and start to give things away.
• 18:24
  SPEAKER_00: What do I mean by that?
• 18:26
  SPEAKER_00: Well, you could walk around a property and say, I've not done this, but I've seen people doing this, and I've heard of people doing this as well, is where they've walked around a property and they've said, you know what?
• 18:36
  SPEAKER_00: If you actually added, you know, an extension at the back and added another bedroom in the loft as well, this would be worth about 60,000 pounds more.
• 18:45
  SPEAKER_00: Then what do they know?
• 18:46
  SPEAKER_00: They put an offer in.
• 18:47
  SPEAKER_00: The next thing the agent who they said this to has gone and told the vendor exactly what they're gonna do with the property.
• 18:53
  SPEAKER_00: The vendors thought, I'll tell you what, hold on a minute, we'll do that work and then we'll put it back on the market and we'll make that money.
• 18:59
  SPEAKER_00: All of a sudden it's not for sale anymore.
• 19:01
  SPEAKER_00: Likewise, if you're gonna uh lease it to a charity, supported living, uh social housing, anything like that, you're looking at converting it into a C2 property for care.
• 19:12
  SPEAKER_00: If you tell them what you're planning on doing, this would be a perfect opportunity for this, then they might want to go and do it themselves.
• 19:18
  SPEAKER_00: Keep that all to yourself.
• 19:19
  SPEAKER_00: Nobody needs to know what you're gonna do with the property.
• 19:22
  SPEAKER_00: It's again, as I've said before, not about you, it's all about them.
• 19:27
  SPEAKER_00: So find out what they want, and that is the most important thing for us to focus on, not what we want and what we're trying to do.
• 19:35
  SPEAKER_00: Always look for a win-win, and I'll say it again here very important, and it's a win for all parties.
• 19:41
  SPEAKER_00: And always, always, no matter how much time, how much effort, even if you've spent some money on the opportunity, be prepared to walk away, never become a motivated buyer.
• 19:51
  SPEAKER_00: That is the worst thing you can ever possibly do.
• 19:54
  SPEAKER_00: I see this all the time.
• 19:56
  SPEAKER_00: They spend so much time on something, it's just like I've got to make it happen, otherwise, it's such a waste of time.
• 20:00
  SPEAKER_00: Or they found one opportunity.
• 20:02
  SPEAKER_00: I'm never gonna find another opportunity out there to do a deal.
• 20:05
  SPEAKER_00: So I've got to make sure this one happens and they end up doing bad deals.
• 20:08
  SPEAKER_00: That is where having a coach, a mentor, somebody to be able to just bounce ideas off, being in a community.
• 20:13
  SPEAKER_00: I hope you are, can help and support you because you can bounce those ideas off of things and realize that there's loads of deals out there, absolutely loads of deals out there.
• 20:23
  SPEAKER_00: So do not hang on to a deal for dear life, expecting it to be the deal of a lifetime.
• 20:30
  SPEAKER_00: So, lastly, always be prepared for a negotiation.
• 20:34
  SPEAKER_00: Never feel uncomfortable.
• 20:35
  SPEAKER_00: If you go in and make an offer and you're not uncomfortable with that offer that you're putting in, you're offering too much.
• 20:41
  SPEAKER_00: Make sure that you understand and you know clearly what your ideal scenario is with this deal, what you're going to do with this deal, maybe a plan A and a plan B.
• 20:51
  SPEAKER_00: Always know your walk away position.
• 20:53
  SPEAKER_00: So if something happens, what are you prepared to leave it and just down tools, so to speak, and go off and look for something else?
• 21:00
  SPEAKER_00: What are the must-haves that you need from this as well?
• 21:03
  SPEAKER_00: And of course, are there any concessions terms that you can use to bargain the situation?
• 21:09
  SPEAKER_00: You know, with a guaranteed rent, no voids, minor maintenance taken care of.
• 21:13
  SPEAKER_00: You're not going to have any problems for the next five years.
• 21:16
  SPEAKER_00: Those are all terms that you can use to boost your deals.
• 21:22
  SPEAKER_00: So I hope this has helped you with any of your negotiations going forward.
• 21:26
  SPEAKER_00: Obviously, as I said before, we are here to help and support you.
• 21:29
  SPEAKER_00: Do visit education toaction.com or visit the podcast channel as well at the propertyunleashed.com.
• 21:38
  SPEAKER_00: We are here to help and support you.
• 21:40
  SPEAKER_00: I do work with a handful of one-to-one clients where we really help them supercharge their results.
• 21:44
  SPEAKER_00: And at the moment, a lot of my clients are doing great things, got a lot of deals, building their property businesses, deciding whether they want to get out of their day jobs or not as well.
• 21:53
  SPEAKER_00: So if you're interested in that, feel free to reach out to me at any point and let's have a little chat about that.
• 21:59
  SPEAKER_00: I thank you for joining me today.
• 22:00
  SPEAKER_00: I look forward to you joining me in the next episode very soon.
• 22:03
  SPEAKER_00: You take care and bye for now.