Property Deal Selling 1-1 Coaching | Samuel Leed
Today, I thought I’d share the conversation I had with Gemma when we were on our one-on-one coaching session!
Gemma is a Samuel365 member, and she gets free 1-1 sessions with me for property investment training. Let’s find out what we talked about in our last conversation!
Samuel: Hey, Gemma! I thought I’d ask you how your property viewing sessions have been going and whether you had any questions. I know you have exceptional offers from a few investors but all of them are asking for NDA, is that right?
Gemma: So I’ve been sourcing properties. I saw a really great property in Gainsborough the other day, and thought that it would make a really nice HMO. I made the offer and it got accepted. I’ve had a lot of people contacting me asking about the property, what the street’s like, if there are any comparables. And I can’t keep answering 20+ people all the time without knowing if they really are interested or not because time is money.
Samuel: You’re right! You will find a lot of people wasting your time if you don’t take control of the situation. A lot of it is not about NDAs, it’s about how you handle that initial call and set the expectation. So let’s do a role-play; I’ll be you, and you’ll be the investor, okay?
Samuel: When you get an investor who’s interested in the property, you get an email from them; send the email back saying that send an email back if you want to reserve it, and then we’ll get on a call to talk about the next steps.
That’s the protocol to filter out the time wasters.
Then, you jump on the call with them if they really are interested. Let’s jump on the call, I’ll be the investor.
Samuel: Hey Gemma, the property looks great! What’s the address?
Gemma: Okay so I usually don’t hand out the address right away, that’s the next step.
Samuel: Okay, so you must be signing off the terms and conditions and starting off the fee. I need to know about the property so you said you’ve negotiated for 82,000 pounds, but what is the market value and what are the comparables to help me demonstrate that?
Gemma: Okay, so I’ve been in the area, I know the area well. The street is long. The comparables don’t show the actual reflection of the property is itself, but I do have similar properties and I’ll be happy to discuss with you.
Samuel: Okay, I understand all of that. But can you let me know the street?
Samuel: Okay, so this is where it gets difficult for you. the investors are ringing you up, and you’re giving out the information, you’re assisting them, and everything. That’s not how it’s supposed to be. This is how it’s supposed to be. Let’s flip the conversation around and switch roles.
Gemma: Hey you told me about the property, may I know the street address?
Samuel: Hey, I’m happy that you’re interested in the property, can I ask you a few questions before we go into the specifics?
Gemma: Alright, yes!
Samuel: Okay, so firstly, are you in a position where you’re ready to buy or are you just browsing at the moment?
Gemma: Yes, I’m ready to buy.
Samuel: Okay, excellent! I have the property secured, I have the agent breathing down my neck, so I’d be happy to give you all the details and particulars. But it needs to go in the next 24 hours. So you said you’re in the position to buy, do you have the funds in place?
Gemma: Yes, I have.
Samuel: Excellent! Would you be able to hand out the deposit for it?
Gemma: yes, I would be able to do that.
Samuel: Great! Are you in a situation to pay the finance fee today?
Gemma: I just found out about that today, I’d need some time to think about it.
Samuel: I totally understand that. But I’ve secured the property and have paid a really great price on it, and the agent is breathing down my neck to show the proof of funds for the deposits. I’ve got quite a few investors at the moment, I’ve got 70-80 investors willing to talk about the property. So if you’re in a position to pay the fee today, I’d be happy to give you the details and particulars of the property. Otherwise, we can touch up again with another property in a few weeks. So, if you’re willing to pay the fee today, I’d give you all the details!
Gemma: Samuel, that was brilliant!
Samuel: So this was the stage one of the conversation. I feel like this is where you’re getting stuck. Stage two is when they say yes to everything and you give them the details. You tell them that obviously you’ve seen the email, the property is in this area, etc. etc. what do you need to know further from me?
There will be people who would say that they need to see the property before paying. However, I wouldn’t send them the NDA until they’ve answered yes, yes, yes to all the questions, and showed me their money in the bank. Because otherwise, you’ll be sending the NDA to a hundred people and they would just be wasting your time.
You may also tell them that they can ask you what they want to know to make the decision. They can know the T’s and C’s, pay the 3,000 pounds fee, and then do all the due diligence they want to do in 14 days. If whatever you have told them is incorrect, they can have their money back. However, after 14 days if you change your mind due to no fault in property there won’t be any refunding.
Gemma: So the main question is, “Are you in a position to pay today?”
Samuel: You need to ask them if the property ticks all the boxes for them, would they be in the position to pay and secure it. You also don’t want to offend anybody. So you should add that if they can’t make the decision today, they may wait for a few weeks to make a deal for another property because this one has to go today.
Gemma: That was brilliant. I think this is very interesting for me because I’m still in the early days of the sourcing.
Samuel: I’m glad! You also need to train the investors on doing deals with you. If somebody tells you they’ll let you know tomorrow, you tell them that it’s alright but that you won’t be able to hold the property because it’s first come first serve basis. Let me know if you need any help and I’d be happy to help!
This was my conversation with my student, Gemma. I hope you also learned quite a bit from our conversation.
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