Latest / The Property Entrepreneurs Podcast with Alasdair Cunningham / How I'd Reach £100k in Property Sourcing If I Started Again

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How I'd Reach £100k in Property Sourcing If I Started Again · The Property Entrepreneurs Podcast with Alasdair Cunningham

• 0:04
  SPEAKER_00: Welcome to the Prophet Broad Podcast.
• 0:06
  SPEAKER_00: My name is coming in over 62500 700 views I can show you rightly.
• 0:13
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• 0:21
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• 0:22
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• 0:25
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• 0:35
  SPEAKER_00: Hey, good morning.
• 0:36
  SPEAKER_00: Welcome to the Property Entrepreneurs Podcast.
• 0:38
  SPEAKER_00: Now today I'm going to talk about what I would do if I was starting again and what I would use to get to£100,000 as fast as possible.
• 0:46
  SPEAKER_00: A bit of a backstory.
• 0:47
  SPEAKER_00: When I got started in property, I had around£10,000.
• 0:51
  SPEAKER_00: I didn't have, you know,£50,000 or£60,000 like you know what some people think you need to get started in property.
• 0:58
  SPEAKER_00: I had around£10,000 and I still had bills to pay.
• 1:01
  SPEAKER_00: So it wasn't like I had£10,000 sat there waiting to be invested.
• 1:08
  SPEAKER_00: I had$10,000 in the bank, but I had bills to pay.
• 1:11
  SPEAKER_00: So I couldn't throw it all into property.
• 1:14
  SPEAKER_00: Now, if I was starting again today, I would actually do things slightly differently to what I did back in the day.
• 1:22
  SPEAKER_00: Back in the day, what I did was I started a property sourcing business.
• 1:26
  SPEAKER_00: And my first area was in the north, and it was an area in Hull.
• 1:31
  SPEAKER_00: So it's up on the not quite northeast, but it's on the on the northeast side of the country.
• 1:39
  SPEAKER_00: It's got a harbour and it's got a you know a dock side.
• 1:42
  SPEAKER_00: Um lots of dock workers there, uh lots of industry up there, and it was a really good area for capital appreciation.
• 1:48
  SPEAKER_00: So I went to Hull and my plan was I was going to find properties for investors uh and they were they were gonna pay me a sourcing fee.
• 1:56
  SPEAKER_00: And that's kind of exactly what happened.
• 1:58
  SPEAKER_00: I started up there going to networking events, meeting agents, and just viewing as many properties as possible, meeting as many people as possible, and just hustling my way through the world of property to start making some income.
• 2:12
  SPEAKER_00: I wouldn't do that again.
• 2:14
  SPEAKER_00: I would do it very differently.
• 2:16
  SPEAKER_00: Like it worked back then because back then um the world of property sourcing was a little bit smaller.
• 2:23
  SPEAKER_00: There wasn't as many people doing it, and I think now investors are more inclined to want to work with people on a more bespoke level.
• 2:33
  SPEAKER_00: You see, when I started, I would go out and view 10 properties a day, of which two or three of them would be suitable to send out to my database.
• 2:41
  SPEAKER_00: So I did three things.
• 2:43
  SPEAKER_00: I focused on finding and really understanding my area.
• 2:46
  SPEAKER_00: The second thing, I focused on finding as many property deals as possible.
• 2:50
  SPEAKER_00: And the third thing is I focused on building a list of investors who were interested in buying property.
• 2:56
  SPEAKER_00: So whenever I found a deal, I would carry out the due diligence.
• 3:00
  SPEAKER_00: Um, I would send it out as a mass email uh on Tuesday at 9 a.m.
• 3:05
  SPEAKER_00: to all of the people that were on my database.
• 3:08
  SPEAKER_00: And then it was a kind of a first come, first serve basis.
• 3:11
  SPEAKER_00: Everyone would get the email, I would then get on the phone and I would sell the deal.
• 3:15
  SPEAKER_00: And that's kind of what I did for about a year and a half, two years.
• 3:18
  SPEAKER_00: Um, and I've done it very well.
• 3:19
  SPEAKER_00: Like in my first year, I sold 122 property deals.
• 3:22
  SPEAKER_00: Uh, second year I've done around 80.
• 3:25
  SPEAKER_00: Um, and it honestly set me up for you know who I am today.
• 3:29
  SPEAKER_00: I wouldn't do it that way this this time round if I was to start again.
• 3:33
  SPEAKER_00: The way I would do it now, and I think it's gonna be way more profitable for you, is through bespoke property sourcing.
• 3:39
  SPEAKER_00: And there's a big reason for it.
• 3:41
  SPEAKER_00: The reason is this investors' risk appetite is a lot lower than it was before.
• 3:47
  SPEAKER_00: And it's because, you know, there's a lot of really bad property sources out there.
• 3:53
  SPEAKER_00: And these are the people that have been to, you know, a one-day property event somewhere, they've watched a couple of YouTube videos, and suddenly they're property sourcers.
• 4:00
  SPEAKER_00: They're, you know, they're taking links off right move, they're they're not really finding great deals, they're they're not really negotiating the price to the right price.
• 4:10
  SPEAKER_00: They're then going out offering more than what the property is actually on the market for, and then essentially just trying to sell a right move link.
• 4:17
  SPEAKER_00: And again, I'm not saying you can't do that because there's investors out there that just don't have the time to view property, and they'll happily pay you to do that for them.
• 4:25
  SPEAKER_00: But it does mean that the quality of property sources has dropped.
• 4:30
  SPEAKER_00: And it, you know, I put it down to it is a you know uh a strategy that is very accessible to, you know, most people that have got a bit of common sense and a bit of entrepreneurial drive.
• 4:42
  SPEAKER_00: But there's a big difference between having a bash at it and doing it properly and making a lot of cash.
• 4:47
  SPEAKER_00: There's a big difference, okay?
• 4:49
  SPEAKER_00: The problem is the people that just want to have a bash and don't really want to do it properly, they're they ruin it for the people that want to take it seriously and treat it like a real business.
• 4:57
  SPEAKER_00: And I would encourage every single one of you to treat it like a real business.
• 5:01
  SPEAKER_00: Remember, the system is the success.
• 5:04
  SPEAKER_00: So create the system and you'll have success.
• 5:06
  SPEAKER_00: The people that don't make money from property source and are the people that have no systems, the people that have no lead flow, no investor flow, no nurturing sequences, the people that just go out and find the right move link and try and flog it on all the Facebook groups and forums, they, you know, they're here today, gone tomorrow.
• 5:22
  SPEAKER_00: Um, and they've gone the they've probably gone with somebody's money because they've ripped them off.
• 5:26
  SPEAKER_00: Okay, that's the reality, and that's how investors see the world of property sourcing.
• 5:31
  SPEAKER_00: So you've got to find a way to make yourself different because you are credible, you are good at what you do, but you're in murky waters amongst the people that don't give a fuck.
• 5:41
  SPEAKER_00: And the reality is this it's like every industry.
• 5:43
  SPEAKER_00: It doesn't matter if you're a plumber, a sparky, a builder, an accountant, a tax advisor, there is good and bad in every industry.
• 5:51
  SPEAKER_00: Your job is to demonstrate your credibility.
• 5:53
  SPEAKER_00: The way I would do it today, if I was starting again fresh today, I would focus on the investors' needs first.
• 6:01
  SPEAKER_00: So I would run a simple ad campaign.
• 6:05
  SPEAKER_00: Now that ad campaign would be talking to investors who are looking for properties that I find in a specific area that I find them.
• 6:14
  SPEAKER_00: So for instance, let's say I wanted, or let's say I lived in Newcastle and I was exceptionally good at finding rent-to-rent deals in Newcastle.
• 6:24
  SPEAKER_00: I would run marketing talking to people that just want to make cash flow from property in and around Newcastle.
• 6:32
  SPEAKER_00: And I would run that marketing campaign all over the United Kingdom, and I would sell through my messaging and through my marketing, Newcastle as the best area for property investments in the whole of the United Kingdom.
• 6:43
  SPEAKER_00: I would sell it as the best area for cash flow, the most booming town when it comes to property.
• 6:48
  SPEAKER_00: And I would run lots of marketing around that, and I would attract investors to reach out to me through some sort of lead magnet or a VSL format type landing page.
• 7:01
  SPEAKER_00: I would then jump on a call with these investors and I would simply go through a sequence of questions, um, a sequence of serving, and I would serve the investor first, and then I would find property deals that match their criteria.
• 7:18
  SPEAKER_00: So essentially what I'm doing is I'm finding the investor first and then finding the deals that they look for.
• 7:25
  SPEAKER_00: So when you run marketing, you're going to get a lot of investors fill out your opt-in forms and come through your marketing system.
• 7:32
  SPEAKER_00: When you get on a call with them, I want you to serve them and I want you to ask lots of questions, find out what they're looking for, help them understand better if what they're actually looking for is viable.
• 7:43
  SPEAKER_00: And then fundamentally, you serve first and then you sell the services that you offer, which in this particular case is bespoke property sourcing.
• 7:53
  SPEAKER_00: I would then encourage the investors that you know we've got these opportunities up in this area.
• 7:59
  SPEAKER_00: I'd love to be able to work with you directly on these.
• 8:01
  SPEAKER_00: Um for that to happen.
• 8:03
  SPEAKER_00: We're going to charge you a small fee up front and then a more um appropriate fee once we find the property for you.
• 8:10
  SPEAKER_00: But that locks the investor in.
• 8:12
  SPEAKER_00: And when they're locked in with financial commitment, they've got skin in the game, they're not going to fail.
• 8:16
  SPEAKER_00: They're not going to buy, they're not going to bail out.
• 8:18
  SPEAKER_00: Okay.
• 8:19
  SPEAKER_00: This gives you two things.
• 8:20
  SPEAKER_00: It gives you an actual deal to target, so you can go out and find a specific deal that you're looking for.
• 8:26
  SPEAKER_00: Secondly, when you're speaking with agents, you're actually speaking with agents with confidence that you know that you can put somebody into that deal, providing it stacks up.
• 8:35
  SPEAKER_00: So it makes the whole process easier.
• 8:38
  SPEAKER_00: So what you've got to do, you have to focus on the marketing to target investors who want to do business in your particular area.
• 8:49
  SPEAKER_00: Newcastle for rent to rent, Hull for HMOs, London for Byrre Ferb, Southampton for a rent-to-rent service accommodation, Warranton for contractor properties.
• 8:59
  SPEAKER_00: Like, so here's what I would do if I were you.
• 9:01
  SPEAKER_00: You want to build a property sourcing business, the fastest way to get to£100,000.
• 9:04
  SPEAKER_00: Step one, identify your area.
• 9:07
  SPEAKER_00: Like really understand your area inside out.
• 9:09
  SPEAKER_00: Step two, identify the property strategy that you want to do business with in that area and stick to it.
• 9:14
  SPEAKER_00: Stick to one area, stick to one property strategy.
• 9:17
  SPEAKER_00: Step number three, build your marketing around promoting that area as the best area in the United Kingdom for the strategy that you're doing.
• 9:28
  SPEAKER_00: And then talk about the benefits, not the features.
• 9:31
  SPEAKER_00: So all of the marketing should be around, it should all be around why your area is the best area if you're an investor looking to invest in property and looking to get make money from property.
• 9:43
  SPEAKER_00: Run that as marketing.
• 9:45
  SPEAKER_00: Investors will come through that marketing, they'll land in your inbox, you then get on a phone call with them, serve them, sell to them, get paid.
• 9:53
  SPEAKER_00: That's exactly what I would do if I was starting again right now, and I can almost guarantee I'd be making£100,000 within a matter of six months.
• 10:01
  SPEAKER_00: I can almost guarantee it.
• 10:03
  SPEAKER_00: Because if you think about it, every deal you sell is worth£5,000 to£10,000 to you.
• 10:07
  SPEAKER_00: You've only got to sell 10 or 20 deals and you've made£100K.
• 10:13
  SPEAKER_00: Can you find 10 or 20 investors over the next 12 months that want to buy deals in your area?
• 10:18
  SPEAKER_00: Of course you can if you put the systems in place.
• 10:20
  SPEAKER_00: Remember, the success is in the system.
• 10:24
  SPEAKER_00: Simple.
• 10:25
  SPEAKER_00: Hope you found today useful.
• 10:26
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• 10:29
  SPEAKER_00: Like it, follow it, and I'll see you tomorrow morning.
• 10:35
  SPEAKER_00: That's it for today, folks.
• 10:37
  SPEAKER_00: Thanks for tuning in to the Profit Entrepreneurs podcast.
• 10:39
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• 10:42
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• 10:49
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• 10:54
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• 11:02
  SPEAKER_00: Remember, property is all about building systems.
• 11:05
  SPEAKER_00: Create a system, creative system.
• 11:09
  SPEAKER_00: Go out and make the business.