Sourcing property without using a 3rd party

 

 

If you are motivated and serious about property investment and have some time on your hands, you can source property directly without using a 3^rd party. This requires a good degree of self motivation and time. I know an investor who basically goes out into the area he is looking to buy a property and looks for property that is run down and knocks on the door to see if the owner is in and would consider selling the property, he says it’s a lot of leg work and purely a numbers game but strikes gold enough times to make it worth it. You might get some negative people that think its rude that you’ve knocked on the door but that’s rare he usually gets a polite response with a no plans to sell , or might be selling in the future or if he strikes lucky yes I was thinking about selling soon . Good record keeping is required as it might be a case you pick up information you can go back with, in the future, you might also be told that the person has a friend or relative who is ready to sell.  Also it worth getting simple leaflet made to leave with some of the prospects that show interest with an incentive if they come to you first when selling or recommend a friend.

 

The advantage of this direct type of sourcing is that you get to the vendor before they have been to estate agents, this means you can do a deal directly with the vendor before they have been signed up with an agent or Auction house, you might get lucky with a vendor who is suddenly desperate to sell quickly and pick up a real bargain also the vendor will save on agent fees so this can be considered when negotiating the price. Also agents tend to inflate the price to get the business or offer the bargain properties to friends, so you are getting to the fruit when it’s ripe for picking.

Another thing you can do if you are no confident in knocking on doors is getting a good leaflet made and picking properties that look run down and leave a leaflet, you can also leave leaflets in properties with for sale signs as the agent might be overpricing the property and fail to sell it and you might be given a call once the agreement with the agent is over. Or you can do as agents do blanket leaflet an area with an offer of a quick sale without agent fees, also put a bit on the leaflet about recommending a friend or relative who wants to sell will result in a commission or voucher etc.

To be continued