#26 Direct to Vendor Visit

Property Sourcing Profits Podcast

Want to land on a deal as smooth as possible?

Today on Property Sourcing Profits podcast, we learn directly from the expert, Kevin McDonnell. Kevin is a Serial Entrepreneur, Author, Property Investor and Public Speaker and is regarded as the foremost expert in the UK when it comes to creative property investment strategies.

Our host David, together with Kevin, enacts a vendor-seller purchase – from the phone calls to the in-house meeting to actually landing the deal. The episode is divided into these 3 parts. After every section, they give great tips you can use in your future sales.

You’ll encounter different kinds of clients, so this episode could be a starter for you to actually build a rapport with them and help them sell their property. Make sure to take down notes so you can focus on getting big property deals in the future.

KEY TAKEAWAYS

• Ask everything about the house you’re selling from how it looks like to the time how long you’ve got it to the contract terms to its features. Prepare your critical questions before the call so you won’t miss anything. You’ll be needing this to know how you’ll structure and price the property.
• Build rapport and show you really want to help the client. Always call the client by his name when communicating and ask nicely. Observe how he responds to your questions during the call so you’ll be ready to deal with his character face-to-face.
• During the in-house meeting, make sure that you didn’t miss anything. Know the client’s motives and urgencies.
  • To build rapport, try to find items (e.g. photographs) that could be the start of the conversation and loosen up the atmosphere a bit.
• For sure, the client would want his property to be sold at a higher price. It’s your job now to make him understand and settle on a reasonable price.
• When you’ve agreed with an amount, make sure you update them with the schedule while sorting out the search for a buyer and other processes.

BEST MOMENTS

• “Obviously, he still thinks the house is beautiful, and I didn’t I focused on me saying the house wasn’t. I focused on how every type of person has their own preference for what they like in the house… so I’m not making him dislike me for saying the house isn’t nice. I’m making him understand that people are different.”

VALUABLE RESOURCES

• Progressive Property Facebook Community
• Better Homes and Gardens Real Estate Star Homes

ABOUT THE HOST

David is a property expert with over 25 years’ experience and his own portfolio of 26 units. His current rent roll is in excess of £10k per month. He is also a partner in a Deal Sourcing and Packaging business in the North West of England and has sourced over 250 properties for investors since 2004.

In recent years he has, by necessity, had to develop an expertise in LHA strategies. This area is increasingly becoming a niche for him and he enjoys empowering other landlords by sharing the knowledge he has gained.

The ultimate purpose when sourcing properties in this sector for investors is to minimise risk while maximising profit. He has had to find answers to the challenges of Tenant Find, Management, ensuring rents are paid and the transition to Universal Credit. These are strategies he uses in his own business and also on behalf of investors. His investor clients regularly achieve annual gross yields of over 20% with high occupancy rates and voids resolved, sometimes within hours.

ABOUT THE GUEST

Kevin McDonnell is a Serial Entrepreneur, Author, Property Investor and Public Speaker and is regarded as the foremost expert in the UK when it comes to creative property investment strategies. He is the Author of “No Money Down Property Investing” and “The 7 Biggest Mistakes when starting out in property & how to avoid them”.

CONTACT METHOD

• David’s LinkedIn
• David’s Facebook

Kevin McDonnell

• Email
• https://kevinmcdonnell.co.uk/