Latest / The Property Unleashed Podcast / Let Me Teach You How To Get Agents & Landlords To Do Deals With You, Live Coaching From Mark Fitzgerald

Transcript

Let Me Teach You How To Get Agents & Landlords To Do Deals With You, Live Coaching From Mark Fitzgerald · The Property Unleashed Podcast

• 0:00
  Speaker 1: Let me welcome you to some training that is normally only available to my Inner Circle members of Education to Action.
• 0:08
  Speaker 1: You're going to enjoy this.
• 0:09
  Speaker 1: Hello and welcome to today's episode.
• 0:23
  Speaker 1: So today's episode, what I want to do is actually share with you a recording from one of the sessions that I run in my property education to action community platform that we have out there now.
• 0:35
  Speaker 1: Now you've probably heard about this.
• 0:37
  Speaker 1: If you're looking at expanding your knowledge, then this is a great platform for that.
• 0:42
  Speaker 1: But on top of that, I have myself and my other experts, my power team of experts, in there on hand to help and support the community, and a lot of our community members now are getting great results, absolutely flying with what they're trying to do.
• 0:55
  Speaker 1: Why?
• 0:56
  Speaker 1: Because they're not just trying to chase everything with one stick.
• 0:59
  Speaker 1: They've got a full toolkit, if you know what I mean.
• 1:01
  Speaker 1: So they're not just trying to do one strategy on every single deal that doesn't potentially fit.
• 1:03
  Speaker 1: They've got a full toolkit, if you know what I mean.
• 1:04
  Speaker 1: So they're not just trying to do one strategy on every single deal that doesn't potentially fit.
• 1:06
  Speaker 1: They've got a full toolkit because we have the training vault where there's deal sourcing, purchase, lease options, rent to rent, service to accommodation, hmo refurbishments, flips, all of those different trainings that they can go through systematically and pick the ones that best suit their needs.
• 1:24
  Speaker 1: And, of course, we've got the coaches and the support to help them.
• 1:26
  Speaker 1: So what I do is and what the other experts do is we all try to have a session where we give value, we teach you something, and then we answer your questions and we support you and we talk to our community members.
• 1:38
  Speaker 1: So this is taking back the curtains, if you like, a little bit onto one of my sessions and just welcoming you to sit back where I'm going to talk about creative strategies and how you can go and speak to agents and be confident and sure that you can put across the type of creative strategy or the way that you're looking to try and invest and do those deals.
• 1:58
  Speaker 1: So sit back and enjoy this and I'll speak to you at the end.
• 2:02
  Speaker 1: Welcome to the Creative Investing Coaching Call.
• 2:06
  Speaker 1: If you're joining me here tonight, then congratulations.
• 2:09
  Speaker 1: I do realize it is a bank holiday, so there's commitment there, but if nothing else, I've got some slides that I want to run through, so I always try and make these a bit of a training session as well as just getting stuck in there, getting out there and everything.
• 2:23
  Speaker 1: If you can hear me, just let me know in the chat that you can hear me and everything's okay there.
• 2:28
  Speaker 1: Then I've got some presentation to go through where I want to really share with you how to get agents to work with you on your property deals, whether you're getting creative in those deals or whether you're actually just trying to find a decent agent to work with.
• 2:45
  Speaker 1: A lot of it's about communication and everything.
• 2:47
  Speaker 1: So I was going to cover that today, as I've had a few questions in the community about it and people that are looking to try and do purchase lease options or looking to try and get a little bit more creative in their deals.
• 2:58
  Speaker 1: So, as always, these sessions are put together for you all, so it's great to see you all, but please feel free to ask any questions.
• 3:06
  Speaker 1: You can put any questions in the chat whilst I'm going through the presentation and everything.
• 3:10
  Speaker 1: It's never a silly question.
• 3:11
  Speaker 1: Obviously, that's what we're here for, so don't be shy.
• 3:14
  Speaker 1: I think they're never the silly question.
• 3:16
  Speaker 1: The thing is just making sure that nobody's shy with anything.
• 3:18
  Speaker 1: I'm here to help you and support you on your property investing journey, in whatever it is that you're trying to do?
• 3:23
  Speaker 1: Of course, we're all trying to do quite a mixture of different things.
• 3:26
  Speaker 1: Take your notes.
• 3:28
  Speaker 1: And also, what we try and ask people now is, if you've been on this session and stuff, if you can do myself and the power team and the other speakers a little favor, as well, as if you get a key learning or something that you think, oh, that's really good If you could just share it in the community afterwards and just put it down.
• 3:44
  Speaker 1: You know, went on tonight's coaching call whoever it is, whether it's more than mine, whether it's somebody else's you know went up, went on the coaching call tonight and I got this out of it and it's just something that shares with the community, as we're trying to get people to come on these calls when they can and more and more live sessions as well.
• 4:01
  Speaker 1: So, yeah, if you could share any key learning that you have, that would really really be great, and, of course, myself and the power team, everybody who's running these sessions for us all would really really appreciate it as well, and it helps the community.
• 4:12
  Speaker 1: So, as I say, what I want to do is a bit of a presentation here on how to work with agents when doing creative deals.
• 4:19
  Speaker 1: So that could be purchasing these options, rent to rent.
• 4:22
  Speaker 1: We could be looking at doing service accommodation.
• 4:26
  Speaker 1: We could be looking at HMOs.
• 4:26
  Speaker 1: We could be looking at buying deals as well.
• 4:29
  Speaker 1: We're getting creative when we're buying them and purchasing them and things.
• 4:32
  Speaker 1: So there's a whole host of different ways that we can acquire property.
• 4:37
  Speaker 1: But what I do like to sort of say to everybody is to have that sort of full toolkit and there's a lot of training in the vault.
• 4:45
  Speaker 1: There's a lot more training coming into the vault as well.
• 4:47
  Speaker 1: We're going to be updating a lot of the training that's there as well.
• 4:50
  Speaker 1: So rent to rent is going to be updated.
• 4:52
  Speaker 1: Service to accommodation is going to be updated.
• 4:54
  Speaker 1: Purchase lease option is now being released and you'll be getting a module each and every week.
• 4:58
  Speaker 1: So you've got that.
• 4:59
  Speaker 1: We've got assisted sales coming up as well.
• 5:02
  Speaker 1: We've got all sorts of great stuff.
• 5:03
  Speaker 1: We've got the refurbishment training coming as well, which will take us through all that.
• 5:07
  Speaker 1: So there's a lot of stuff that's going to be in the vault for you to really be able to dip into, to be able to learn from and to be able to grow from as well.
• 5:14
  Speaker 1: So when it actually comes to getting the deals.
• 5:17
  Speaker 1: That is the, you know, the crux of it.
• 5:20
  Speaker 1: And, of course, using agents, estate agents, letting agents, depending on what you're trying to do.
• 5:25
  Speaker 1: It's really, really important.
• 5:27
  Speaker 1: Now, what we have to remember is that some agents they just won't get it.
• 5:31
  Speaker 1: Ok, they will not get what we're trying to achieve or what we're talking about.
• 5:35
  Speaker 1: So, when we talk to agents, obviously we've got to really make sure that we talk to them at a basic level, because what I'm telling you all is you're going to learn a lot of different phrases, you're going to learn a lot of different terminologies and you're really going to put your training, your knowledge, your skills to a higher level than probably a lot of the agents.
• 5:55
  Speaker 1: And I do know myself that when I started investing, I used to be quite nervous around the agents, in the sense that I thought, oh, they're no more than me and I don't want to look an idiot and things, but what you'll actually find is a lot of the time is a lot of agents.
• 6:08
  Speaker 1: They haven't done all of this.
• 6:09
  Speaker 1: They don't know what we're talking about a lot of the time.
• 6:12
  Speaker 1: So we do need to keep things on their level and on an even keel there.
• 6:15
  Speaker 1: The ones who don't get it will and can make your life hard.
• 6:19
  Speaker 1: So it's not like you know.
• 6:22
  Speaker 1: I class myself as being quite good at talking to people and getting out there talking to agents and things and I get blank responses off of agents.
• 6:31
  Speaker 1: I get agents saying I'll never do that, that won't work with me, and all of this sort of thing.
• 6:34
  Speaker 1: That is just part and parcel of this game.
• 6:37
  Speaker 1: If you like this business, this game that we're in, so you know, don't worry about it, don't worry about it.
• 6:42
  Speaker 1: Don't worry about it.
• 6:43
  Speaker 1: As James Wyatt covers on a lot of his mindset and you know clarity sessions it's.
• 6:49
  Speaker 1: You know we can't control how other people think, so don't even try.
• 6:53
  Speaker 1: Some people you can work with, some people you can't, but a lot of it is just building up rapport to begin with.
• 6:58
  Speaker 1: So the best way obviously to negotiate any deal way obviously to negotiate any deal that's spelled wrong any deal is directly with the property owner, and so you need to really make sure that if the agent won't play ball and won't help you get to the property owner or anything, then just try and get directly to the vendor or to the landlord.
• 7:20
  Speaker 1: Yes, the agent won't want to work with you again.
• 7:22
  Speaker 1: But hey, if they're not working with you now, don't worry about it.
• 7:24
  Speaker 1: So if they won't play ball, obviously you can go around the agent and things, but it is best to try and work with agents and build up that rapport.
• 7:32
  Speaker 1: Why?
• 7:32
  Speaker 1: Because they've got an abundance of property deals, so if we can work with them, let's try and get out there and work with them.
• 7:38
  Speaker 1: So how do we go about winning over agents?
• 7:41
  Speaker 1: And people that are on this call here might have some little tips or tricks that they use themselves as well, but predominantly, I find it's just talking to them in their own language, if you like, keeping things basic and, of course, remembering some of the most important things, because most agents just want to get paid.
• 8:02
  Speaker 1: Now, sometimes, when we get creative with deals, their first fear is I'm not going to get paid, because all they're thinking is I need the sale to go through, I need to sell the property to get my commission happy days, or I need to rent the property out, and of course then I can keep my money coming through.
• 8:19
  Speaker 1: So we need to be almost, or keeping it top of mind that we need to make sure that the agent knows that they're going to get paid, that nobody's going around them or anything like that they won't be cut out of the deal, because that can be one of the biggest stumbling blocks.
• 8:34
  Speaker 1: Now, what I would say on top of that as well and it's one of my tips, I believe, on here as well is to make sure that we know what the agent should be getting paid.
• 8:42
  Speaker 1: So if you're looking at doing a purchase lease option on a property that's for sale, what I would say on that is that maybe you go ring the agent up and see how much they charge or how much their fees are for selling a property, and then at least you've got a really good idea about how much money they're expecting to get paid, because you need to factor that sort of money into your deals, because if you do do a deal through an agent, you need to make sure they get paid.
• 9:09
  Speaker 1: Who's going to be paying the agent?
• 9:10
  Speaker 1: Probably you for doing the deal.
• 9:13
  Speaker 1: So it's a bit like paying a deal sourcer, and I'll gladly pay an agent their fee, as long as it's within reason, if it gets me creative deals and gets hold of properties.
• 9:23
  Speaker 1: We've got to remember as well that they work for the seller.
• 9:27
  Speaker 1: They don't work for us.
• 9:28
  Speaker 1: So, as much as we can build up rapport, as much as we can get on with them, they really are there for the seller.
• 9:35
  Speaker 1: They're there to try and get the seller as much money as possible or do the best deal for their client, who they're actually contracted to do this for.
• 9:43
  Speaker 1: Got to make sure, as I've said before, that we keep things simple terminologies, the way that we say things, the way that we talk about things, so we don't start saying, oh, do you think the landlord or the owner of the property would be open to rent, to rent or a purchase lease option.
• 9:56
  Speaker 1: We've got to do it in other manners.
• 9:58
  Speaker 1: Now most people here will have gone through some trainings and have a better idea now of what to say when they're talking to people.
• 10:06
  Speaker 1: But we need to make sure that we talk at their level, and I've always said that we all start here and then, gradually, as we get more educated, our knowledge and everything moves up.
• 10:14
  Speaker 1: But a lot of people stay here.
• 10:16
  Speaker 1: So we've got to make sure that we're still having those conversations at that level, not at that level.
• 10:21
  Speaker 1: It's all right for us in the community here to speak at this level because we all get it.
• 10:25
  Speaker 1: But if you start doing that.
• 10:27
  Speaker 1: If I started going up to people and saying, do you know what?
• 10:29
  Speaker 1: Do you think the owner of that property could be open to a purchase lease option?
• 10:32
  Speaker 1: The only one I'm trying to impress is me, because they may not even know what a purchase lease option is, and if they have heard of it, chances are it was probably from somebody that didn't really know what they were on about.
• 10:41
  Speaker 1: So the better thing to go up to somebody and say would be do you know what I love this property.
• 10:48
  Speaker 1: I think I could give the owner the maximum that they want for this property, but there's a few different terms that I might need to just do Now.
• 10:55
  Speaker 1: One of the things is I want to make sure is that you guys will get paid your fee, no matter what.
• 11:00
  Speaker 1: But do you think the owner of the property will be open to discussing a different method of purchasing the property than actually buying it right here, right now?
• 11:09
  Speaker 1: Because if they don't need to sell right now, then we might be able to strike up a deal where they actually earn potentially more money for their property.
• 11:18
  Speaker 1: So I'd love to go through that in more detail, if, of course, they're open to that opportunity.
• 11:24
  Speaker 1: So that's the sort of thing I don't.
• 11:28
  Speaker 1: A lot of the times they say and I will say this a lot of the times they do say no, I don't think they just want to sell the property, that's fine, that's fine.
• 11:36
  Speaker 1: I just wondered.
• 11:37
  Speaker 1: If you wanted to propose it to them, I'd be open to the discussion, I'd love to chat to them about it with your good self as well, just to see if there is anything there.
• 11:44
  Speaker 1: But if they're not open to it now in contact with you, then Make them aware that any deal done will be through them so that they feel nice and safe.
• 11:58
  Speaker 1: So if this deal goes really, really well, I always say if this deal goes through, it goes well.
• 12:02
  Speaker 1: You get your fees, the owner of the property is happy.
• 12:04
  Speaker 1: Can we have a look and see if there's any other properties that potentially you've got in your books that might suit this sort of strategy?
• 12:11
  Speaker 1: And, of course, once you've done one successfully, everybody's being paid, everybody's happy.
• 12:16
  Speaker 1: They're going to start rolling out the red carpet for you every time you walk in.
• 12:19
  Speaker 1: Why?
• 12:19
  Speaker 1: Because you're somebody that goes through exactly with what you're trying to say.
• 12:22
  Speaker 1: And this can go the same for rent to rent, whether you're doing HMOs or serviced accommodation.
• 12:27
  Speaker 1: If you can get in with a letting agent as well and basically you can help one of their landlords.
• 12:32
  Speaker 1: They're getting paid, their landlord's getting paid, you've got the property, you're getting paid.
• 12:36
  Speaker 1: You're making it a win-win-win for everybody.
• 12:39
  Speaker 1: Share with them that they will be paid a lot quicker by doing deals with us than traditional methods.
• 12:46
  Speaker 1: Because, again, if you're selling a property, chances are it could take four, six months potentially to go through before they get paid.
• 12:52
  Speaker 1: Do a purchase lease option in about four to six weeks and all of a sudden they can get paid A rent to rent deal Now, obviously that's a different one, but a lettings deal as well.
• 13:01
  Speaker 1: If you're going to do a rent to rent deal, they can be paid within a few days because you can get that deal over the line.
• 13:06
  Speaker 1: So there really is great opportunity for you doing this.
• 13:10
  Speaker 1: And of course, this means that if they are on commission, it's coming in a matter of weeks, not months or never, because property deals fall through, don't they?
• 13:20
  Speaker 1: One in three?
• 13:21
  Speaker 1: I think that's probably not even correct anymore, but definitely one in three potential sales fall through and that just means that they're back on the market potentially at that time.
• 13:32
  Speaker 1: Then the owner of the property is disillusioned.
• 13:36
  Speaker 1: So they start going to look at other companies to try and sell their property for them and they might even lose the sale completely.
• 13:42
  Speaker 1: So it's those sort of things that we really want to talk to them about in a nice roundabout manner and it's saying if we can do a deal like this, then we'll make sure you get your commissions.
• 13:51
  Speaker 1: You won't have to wait the length of the contract to get the commissions.
• 13:57
  Speaker 1: We'll pay you the commissions as soon as the deal's signed.
• 13:58
  Speaker 1: So if we sign that deal within four weeks, you're paid within four weeks.
• 14:00
  Speaker 1: If we're doing a rent-to-rent deal, then you'll be getting paid.
• 14:03
  Speaker 1: Obviously you won't be paying them any fees for it, but you'll be getting your month-to-month fee, whereas at the moment you, whereas at the moment you might be struggling to get that because the property might be empty.
• 14:20
  Speaker 1: So you've got to really show them the cons of it.
• 14:21
  Speaker 1: As I say, not everybody will get it.
• 14:22
  Speaker 1: Sometimes I I say things and I speak to people and in my own mind I think this is such a great deal, not just the deal itself, but the deal that the agents are getting through working with me, I think absolute no-brainer.
• 14:30
  Speaker 1: I've got this one, this is is going to, this is, I can't wait for this.
• 14:33
  Speaker 1: And they're looking at me blank and they're just like, no, we don't want to do that.
• 14:36
  Speaker 1: And I just think to myself all right, okay, fair enough, because not everybody gets it and it's just some people do, some people don't, and we want to work with the ones that do so.
• 14:47
  Speaker 1: If you're looking at a portfolio, this can make life a lot easier as well.
• 14:50
  Speaker 1: So if you are, if you come across a portfolio landlord realistically looking to sell it, let me know no, no, no, and you're looking at, maybe getting creative with that.
• 15:01
  Speaker 1: A lot of agents don't like portfolios.
• 15:02
  Speaker 1: You might be rubbing your hands together thinking a portfolio, we like portfolios, but a lot of agents don't.
• 15:07
  Speaker 1: Because let's just say there's five, let's say there's 10 properties from a portfolio landlord, that is 10 sets of pictures, that's 10 sets of viewings, and you can say, whilst agents are used to viewing properties yes, they are one at a time, basically and then sell that property onto the next one.
• 15:23
  Speaker 1: If they're trying to sell a clump of 10, then it's a real headache to them and any agents, any traditional estate agents that I've spoken to, they don't like doing it.
• 15:33
  Speaker 1: Now commercial agents.
• 15:35
  Speaker 1: Some of those are a bit different, but even those guys get a little bit funny about all the different properties.
• 15:39
  Speaker 1: So remember it's the agent's job, this is their job, so we can go in and talk to them.
• 15:45
  Speaker 1: They're not there to serve you, they're not there to serve me or anybody like that.
• 15:48
  Speaker 1: They're there to serve the seller of the property or the owner of the property.
• 15:52
  Speaker 1: Their role is to make sure the seller gets as much money as possible for the property and will help the sale go through.
• 16:00
  Speaker 1: So that's their job.
• 16:01
  Speaker 1: So we need to make sure that we understand that.
• 16:04
  Speaker 1: We need to make sure that they feel safe in their role, that they're not getting pushed out in any manner, shape or form.
• 16:10
  Speaker 1: And if you can do that then you will be onto a winner.
• 16:13
  Speaker 1: But it might take a few viewings, it might take a few conversations, it might take a few deals falling through for you to actually be able to build up that know, like and trust with the agents.
• 16:23
  Speaker 1: And of course, they get paid once the sale is complete.
• 16:27
  Speaker 1: So saying you're going to buy a property in five years time without following it up, to say, but you'll get paid as soon as the deal is done, which could be in a matter of weeks, is a massive mistake.
• 16:39
  Speaker 1: And it's a mistake that I've seen and heard people doing, which is saying I'm going to get creative here, potentially buy the property now.
• 16:47
  Speaker 1: Sorry, do a deal now.
• 16:48
  Speaker 1: Buy the property in five years time.
• 16:49
  Speaker 1: Do you think the owner will be up for that?
• 16:51
  Speaker 1: They're never going to agree to it unless we make sure, as I said before, that they know that they're still in the deal and that they're getting money.
• 16:59
  Speaker 1: So when working with estate agents, find out what their fee is.
• 17:01
  Speaker 1: That is really, really important because that can make or break a deal, because if you're down south and potentially they get a percentage of the purchase price of the property, that could be a lot of money.
• 17:12
  Speaker 1: Where I am, most agents where I am get between 1,200 and 1,500 pounds per sale.
• 17:19
  Speaker 1: I've already done that because I've done all my homework, so I always check what that is.
• 17:23
  Speaker 1: But I would definitely or just get somebody a family member, a friend or whatever, if you want a different voice to ring that company up.
• 17:30
  Speaker 1: Ring them up and say I'm interested in selling a property in such and such an area.
• 17:33
  Speaker 1: How much do you charge?
• 17:34
  Speaker 1: They'll gladly tell you, most of the time their fees are on their websites as well.
• 17:38
  Speaker 1: But really get an understanding about how much the fees are and things, because sometimes you can even put a little sweetener on that.
• 17:45
  Speaker 1: Don't be tight when it comes to doing creative finance deals.
• 17:49
  Speaker 1: If somebody's fee is's fees 1200 quid, but they've done a marvelous job for me, I might pay them 1500 quid as a little thank you.
• 18:00
  Speaker 1: Thank you ever so much.
• 18:01
  Speaker 1: You really helped us with this.
• 18:01
  Speaker 1: You supported us.
• 18:02
  Speaker 1: You've helped us get this over the line.
• 18:03
  Speaker 1: Brilliant stuff.
• 18:03
  Speaker 1: Look after people, because you'll be in the 1% of actual investors that are out there that look after the agents.
• 18:10
  Speaker 1: You know the way, realistically, that they should be when you find a good agent and, of course, you can call them and say you have a house for sale and what do they charge if you're looking at finding out what their fees are.
• 18:20
  Speaker 1: So let's just cover some top tips here and then, if anybody has any questions, you can come off of mute.
• 18:25
  Speaker 1: You can stick it in the chat if you don't want to come off of mute or do whatever, but these sessions are all about you.
• 18:31
  Speaker 1: It doesn't have to be about what I've spoken about either.
• 18:33
  Speaker 1: It can be about anything, but let's just cover it up here.
• 18:35
  Speaker 1: So remember, not all deals will work Fact, don't get down by it, it's just part of the process, if you like.
• 18:54
  Speaker 1: And whilst sometimes I mean to the tune of a good few thousand pounds I've had a deal fall over and that stung a little bit, I have to say I didn't like the feeling of that one.
• 18:57
  Speaker 1: It happens.
• 18:58
  Speaker 1: But I've made a lot more money as well.
• 18:58
  Speaker 1: So I don't dwell on the ones that fall over.
• 19:00
  Speaker 1: I look at the ones that have been successful and we carry on from there.
• 19:04
  Speaker 1: But I've had more probably success, or I have had more successful than I've actually fallen over, because the communications are always good.
• 19:11
  Speaker 1: So make sure your communication's good and if you do do a deal, keep the communication lines going.
• 19:19
  Speaker 1: Keep talking to the agent.
• 19:20
  Speaker 1: If you're talking to the vendor, brilliant stuff as well, but keep talking to them, whether or not it's going through solicitors and everything.
• 19:25
  Speaker 1: Talk to your solicitor, talk to the agent.
• 19:28
  Speaker 1: Keep everybody up to date.
• 19:29
  Speaker 1: Don't rely on anybody else to hold or to be the glue of your deal apart from your good self, because I've seen deals fall over.
• 19:40
  Speaker 1: Things have gone quiet.
• 19:41
  Speaker 1: All of a sudden agents or vendors think, oh, it's not happening, they're not interested, it's not moving quick enough.
• 19:47
  Speaker 1: You've got to keep people up to date with everything.
• 19:49
  Speaker 1: Don't try to force a deal.
• 19:51
  Speaker 1: That is another big mistake.
• 19:54
  Speaker 1: People, when they're actually getting in there, they think, oh, do you know what?
• 19:57
  Speaker 1: This would make an absolutely amazing rent-to-rent deal.
• 20:00
  Speaker 1: And the vendor's got no inkling, or they just don't want to get creative, they just want to sell it.
• 20:07
  Speaker 1: If that's the case, you can't do it.
• 20:09
  Speaker 1: They're not motivated enough, they're not in the right position.
• 20:11
  Speaker 1: So don't try and force a deal.
• 20:15
  Speaker 1: What you might find as well.
• 20:16
  Speaker 1: I'm just talking through experiences.
• 20:17
  Speaker 1: A lot of people agree to things when you first put it out there.
• 20:20
  Speaker 1: So you give them the good spiel.
• 20:23
  Speaker 1: You say to them we're going to lease the property off you, so you're going to earn that over the next three to five years we're going to buy the property off you for this amount.
• 20:30
  Speaker 1: So really, in total, you're going to earn an extra, you know, 50, 60,000 pounds on top of the sale of the price.
• 20:35
  Speaker 1: You know they're really excited about it.
• 20:37
  Speaker 1: And then they go away.
• 20:39
  Speaker 1: They maybe speak to their significant other, a friend, they maybe just start getting cold feet.
• 20:45
  Speaker 1: Deals will go through If somebody says, yep, I'm up for that and everything.
• 20:48
  Speaker 1: You've really got to make sure that you lock that in.
• 20:54
  Speaker 1: And so if you're using creative strategies, getting yourself heads of terms, a blank heads of terms, you don't have a heads of terms with loads of stuff on it, you just have a heads of terms saying this is basically the outline of the deal.
• 21:03
  Speaker 1: Anything that you'd like to add to that, we can obviously add to things as we're going along.
• 21:07
  Speaker 1: But so far, so good.
• 21:08
  Speaker 1: Do you understand everything on those heads of terms before we started to get in there with solicitors or contracts and things?
• 21:14
  Speaker 1: Because that's the point where somebody will get cold feet because they'll look at a heads of terms as an official document.
• 21:21
  Speaker 1: But a heads of terms you can put together yourself.
• 21:23
  Speaker 1: There's heads of terms in the vault as well in the trainings that you can download.
• 21:26
  Speaker 1: But you can get yourself a heads of terms.
• 21:28
  Speaker 1: You can go through everything.
• 21:29
  Speaker 1: They go through all the deals, go through all the numbers.
• 21:31
  Speaker 1: Give them a copy of it.
• 21:32
  Speaker 1: Say we're both going to sign this one before we start going and issuing contracts and then if they've got a major problem, chances are they won't sign the heads of terms.
• 21:40
  Speaker 1: It's cost you anything at the moment, apart from a bit of time and maybe some ink out of your pen, but it hasn't cost you a massive amount of money.
• 21:46
  Speaker 1: So this is something that I make sure I do all the time now because I got a bit ahead of myself on a purchase lease option deal.
• 21:52
  Speaker 1: It got right down the road.
• 21:53
  Speaker 1: Both the solicitors were instructed to do it.
• 21:56
  Speaker 1: I had taken it upon myself to say I'll pay solicitors fees because I was all excited about this deal.
• 22:01
  Speaker 1: So they didn't actually have any skin in the game when it came to it because they didn't care.
• 22:06
  Speaker 1: If they pulled out, then bother them does it.
• 22:08
  Speaker 1: It's not costing them anything.
• 22:09
  Speaker 1: So I always make sure now that those sorts of things can't happen, and that's why I want to share with you guys and girls and everybody here as well in the community to make sure that those sort of things don't happen to you either.
• 22:22
  Speaker 1: People won't like to feel they are being pushed into something, so it really does need to be a neutral thing A lot of the time.
• 22:28
  Speaker 1: I like them to sort of come up with something or get back to me with something to say you know, we're going to do the deal here, but we'd like it on this term, or we'd like to change this, or we'd like to do that because it shows to me that they're paying attention to it, that they're coming up with ideas that they do want this to happen.
• 22:46
  Speaker 1: If I just give somebody a contract and stuff and they just sign it, a lot of the times I'm thinking did they actually bother reading that?
• 22:49
  Speaker 1: Now that can still be a good thing.
• 22:50
  Speaker 1: There's nothing bad about it.
• 22:51
  Speaker 1: We don't always want them to come back with something, but if they do come back with something, like I say, then they're in the game.
• 22:58
  Speaker 1: I get a little bit excited.
• 22:59
  Speaker 1: Then it can be a pain because they could come back with something.
• 23:02
  Speaker 1: I just think, oh, I don't really want to do that.
• 23:04
  Speaker 1: Or, you know, I need to negotiate this a bit more, and it could.
• 23:07
  Speaker 1: It could make the whole thing fall over, but it just shows me that they're serious about it.
• 23:11
  Speaker 1: Why?
• 23:12
  Speaker 1: Because they're coming back with clauses and things themselves.
• 23:15
  Speaker 1: So don't worry about that.
• 23:17
  Speaker 1: If the property is for sale and you talk about not buying it now, that can put a lot of people off, because, put it this way, if you put a house on the market, done it myself.
• 23:27
  Speaker 1: People on air have probably done it as well.
• 23:29
  Speaker 1: You put a house on the market.
• 23:30
  Speaker 1: You just want as much money as possible because you're not motivated to do anything else, are you?
• 23:35
  Speaker 1: And that is probably 90% of people that are out there.
• 23:37
  Speaker 1: So we're looking for the 10%.
• 23:39
  Speaker 1: So it is going to be a little bit trickier to find that 10% as we're going through.
• 23:43
  Speaker 1: And, of course, if you're not actually going to buy the property at this moment in time, you are going to get creative.
• 23:51
  Speaker 1: Be prepared that some people might get upset.
• 23:54
  Speaker 1: Some people might call you a time waster, a tire kicker and all of those sorts of things as well.
• 23:58
  Speaker 1: So it just happens.
• 24:00
  Speaker 1: You know what I mean.
• 24:01
  Speaker 1: We try and be as courteous, as polite and as upfront as we possibly can within reason, because this is business.
• 24:07
  Speaker 1: But sometimes people will get a little bit funny about it and again, it's just part of the game.
• 24:12
  Speaker 1: We can't control how other people think.
• 24:14
  Speaker 1: You have to build up.
• 24:15
  Speaker 1: You have to really build up the rapport and build up to talking about creative strategies, and a lot of those times I like to sort of do that when I'm viewing a property, whether it's with the agent or whether it's with the owner of the property.
• 24:30
  Speaker 1: It's one of those where you could start to walk around and you can start to just sort of say things like you know, this is a great property and things.
• 24:36
  Speaker 1: It just needs maybe a bit of work, needs a bit of money spending on it, needs a bit of this bit of that.
• 24:41
  Speaker 1: Start the conversations, go and start talking to them about it.
• 24:44
  Speaker 1: Some agents are really difficult to talk to.
• 24:46
  Speaker 1: Some won't even be in the property.
• 24:47
  Speaker 1: I've had quite a few that just let me open the door and leave you in there when it's empty.
• 24:52
  Speaker 1: And sometimes it can be a little bit difficult as well if there's people in the property to be able to wander around talking about things and stuff like that as well, because people might be renting the property.
• 25:00
  Speaker 1: So it is subject to the opportunity.
• 25:03
  Speaker 1: But I always try and come back out, talk to the agents, get to know them, get their name, shake their hand and stuff.
• 25:08
  Speaker 1: I always ask them if they've got a business card.
• 25:10
  Speaker 1: Make them feel important, make them feel special.
• 25:12
  Speaker 1: Then at least you've got that business card as well.
• 25:14
  Speaker 1: Brett, who was?
• 25:15
  Speaker 1: I spoke to Brett the other day.
• 25:16
  Speaker 1: I'll ring Brett up and see if he's got any other properties.
• 25:18
  Speaker 1: Is that Brett?
• 25:19
  Speaker 1: Yeah, brett, it's Mark.
• 25:20
  Speaker 1: I saw you at, you know, 10 Downing Street the other day and everything.
• 25:23
  Speaker 1: We looked at that property it wasn't but have you got anything else?
• 25:26
  Speaker 1: It's in the area that looks like that.
• 25:27
  Speaker 1: All of a sudden, brett's feeling quite good about himself, isn't?
• 25:30
  Speaker 1: He's like oh, they're ringing me directly and things, because a lot of the times people that do the viewings unless it's a viewings manager are normally a bit more of the dog's body sort of people or the part-time people.
• 25:39
  Speaker 1: So if they've got a card and things and it's not a generic one, it's more down to them use it and and speak to them.
• 25:46
  Speaker 1: And of course there there are stages to this process and what I've done is, in the Purchase Leaks option, training, I've actually broken down into five stages the stages of doing a deal and the different stages that we need to work through.
• 25:59
  Speaker 1: We can't just jump from stage one to go to stage two and then to stage five, because it's all singing and dancing.
• 26:05
  Speaker 1: There are still certain protocols and processes and stages that we need to go through.
• 26:10
  Speaker 1: So once we know the stages and we know what we're doing with those stages and of course we can jump quicker to those, but you will still have the things that you, the steps that you need to do there and, of course, show them with any agent.
• 26:22
  Speaker 1: Show them, show them, show them what is in it for them.
• 26:25
  Speaker 1: You know what are they going to gain out of this?
• 26:26
  Speaker 1: Because as soon as they understand and know that it's going to be good for them, what are they going to gain out of this?
• 26:29
  Speaker 1: Because as soon as they understand and know that it's going to be good for them, it's going to be in their interests, a lot of them then will act on your behalf a bit more in helping the deal go through, but as long as it's good for the owner.
• 26:41
  Speaker 1: Now, I haven't said it's got to be good for the owner, because I take it that we all understand that we're never going to do a property deal unless it is ethically right and it is good for the owner as well.
• 26:51
  Speaker 1: If it's not good for the owner and it's taking advantage of people, we don't do those deals because we want to be able to sleep at night and most of the time those deals will fall over and we don't want that reputation.
• 27:00
  Speaker 1: So I haven't really hopped on about that.
• 27:02
  Speaker 1: But if we can make sure that the deal really suits the owner.
• 27:05
  Speaker 1: It suits their circumstances.
• 27:07
  Speaker 1: It's going to be a good deal for them.
• 27:08
  Speaker 1: Then we can make sure that the agents are getting paid.
• 27:11
  Speaker 1: They're happy.
• 27:12
  Speaker 1: It's a good deal for the agent as well.
• 27:14
  Speaker 1: That is where the magic happens.
• 27:17
  Speaker 1: Now it's easier said than done.
• 27:18
  Speaker 1: It's easy to sit here and tell you all that that's all we've got to do.
• 27:22
  Speaker 1: There's a lot of work involved here, a lot of groundwork that needs to be done, but mark my words, it's some of the best work you'll ever do.
• 27:29
  Speaker 1: So as we should be all doing and I'm still doing it and I do it myself is we should be going out there and we should be doing viewings.
• 27:36
  Speaker 1: We should be getting to know people.
• 27:38
  Speaker 1: We should be getting to know agents.
• 27:39
  Speaker 1: We should start to see the same sort of agents a little bit more and more.
• 27:44
  Speaker 1: Always get back to the agents.
• 27:45
  Speaker 1: If you've done a viewing, you think to yourself would I get creative?
• 27:49
  Speaker 1: Or you ask the question.
• 27:50
  Speaker 1: They say no, fair enough.
• 27:51
  Speaker 1: But get back to them and say, okay, this deal is not going to work for me then because right here, right now, I can't buy the property in the state.
• 28:00
  Speaker 1: It is because it's overpriced for what I want to do and I would have to offer you quite a large chunk below market value.
• 28:06
  Speaker 1: Don't want to do that because I don't want to upset everybody, so I'm just going to step aside, leave this one to it.
• 28:11
  Speaker 1: But if you have trouble, maybe in a month or so and it's still not selling and maybe the owner's a little bit more open to opportunities that are out there, I'd love to sit down and have a chat with you and then follow up with them.
• 28:21
  Speaker 1: Follow up with them How's that problem?
• 28:23
  Speaker 1: Oh, it's sold, okay, no problem.
• 28:24
  Speaker 1: Got anything else?
• 28:25
  Speaker 1: Because all of a sudden you have been, you haven't just, you know, said no, or they've said no and you disappeared.
• 28:31
  Speaker 1: And then they hear from you potentially again, or recognize I'm terrible, me because everybody recognizes my voice, because where I live nobody else sounds like this.
• 28:40
  Speaker 1: So I'm quite easily recognizable, particularly on the phone.
• 28:43
  Speaker 1: So I that's what I've learned to do is to get back to them and I'm like oh, oh, yeah, I recognize you, I recognize the accent and things.
• 28:52
  Speaker 1: So it's about just getting back to people.
• 28:54
  Speaker 1: But it's just common courtesy.
• 28:55
  Speaker 1: So even if you feel a little bit awkward they said no and everything still get back to them, you know.
• 29:00
  Speaker 1: Just give them a reason why you can't do it and I'll tell you what.
• 29:03
  Speaker 1: We're actually the only people to care about that reason.
• 29:05
  Speaker 1: Okay, they're just thinking, okay, fair enough, they're not going to buy it, right?
• 29:09
  Speaker 1: Fine, we're there saying, well, we're not going to buy it because of this, or it's overpriced, or you know, we're just I need to add value to the property, so I'd need more time.
• 29:18
  Speaker 1: They're really just thinking, okay, fair enough, you're not going to buy it Next, because that's their job.
• 29:23
  Speaker 1: So Q&A time.
• 29:25
  Speaker 1: So if you have any questions or anything that I can help you with with regards to the presentation now, with regards to any of the strategies that we are looking at doing out there, or whatever you're trying to do at the moment, or even just want to give us an update, feel free to come off of mute and ask away now.
• 29:42
  Speaker 1: Now is your time, so I'm back.
• 29:46
  Speaker 1: We have to leave it there because obviously people are asking questions and that is for the community only.
• 29:51
  Speaker 1: But if you need any help and assistance in your property investing, then please do check out educationtoactioncom.
• 29:58
  Speaker 1: There'll be a link wherever you're listening to this episode and we are here to help you.
• 30:03
  Speaker 1: You can come and try us out.
• 30:05
  Speaker 1: Why not come and try us out anyway?
• 30:06
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• 30:15
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• 30:20
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• 30:24
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• 30:25
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• 30:35
  Speaker 1: So hope you've enjoyed this episode.
• 30:37
  Speaker 1: Look forward to you checking out the next episode, maybe now, but very soon.
• 30:41
  Speaker 1: If not, you take care and bye for now.