The ideal long term strategy is to create a steady stream of motivated sellers knocking on your door. In short, you will be well placed to assess each deal and cherry pick the most profitable ones. This would be every property developers dream but with careful and strategic planning, you can achieve this by employing simple, cost effective marketing techniques.
Estate Agents
Register your requirements with all the estate agents in your area. Let them know exactly what you’re looking for.
Letting Agents
You may not wish to or be ready to let your property simply because you have not reached that stage however, letting agents may let you have details of the landlords on their database who may be offloading properties for various reasons. With their assistance and a little relationship building you could be considered before the estate agents.
Adverts
Placing small punchy ads in local newspapers is a great idea to effectively target specific locations that meet your criteria.
Leaflets/Sales letters distribution
Leaflets or introductory letter distribution is an extremely effective way to target your specific audience in locations that meet your criterion. The accessibility of digital printing has brought the cost of printing down to the point where this marketing process becomes achievable and very cost effective.
Property Newspapers and Magazines
Nearly all cities, towns and villages operate or receive a property guide promoting buying, selling or letting sections. Subscribing to these publications will allow you to monitor the housing market. Pay particular attention to a property that may have been reduced for a quick sale or properties that are advertising for a buyer through multiple agents, both are a strong indicators of a desperate seller.
Auctions
When opportunities present themselves visit property auctions and allow yourself to become familiar with the procedure of bidding. Auction rooms are interesting and often daunting places to visit, however, you may find that out of 200 to 300 strong audience – only a handful of people will actually bid on a property.
Buying at auctions can present a whole load of restrictions which can dramatically reduce the time in making calculated decisions on investments. You have the time between the advertising of a property to the auction date to do the following; get a survey, analyse the legal paperwork, research the location, arrange the non refundable deposit, arrange the insurance, calculate the refurbishment costs, submit pre-auction bids, get comparables etc. Pretty much everything you would need to do between a viewing to exchange of contracts on a regular purchase within a 21 to 28 days restriction. Also, any costs incurred for all the preparation can be wasted if your bid becomes unsuccessful on the day. However, if your bid does become successful then you are fully committed to buying the property unconditionally. Failing to complete on time may incur severe financial penalties with a possible loss of deposit.
Friends and Relatives
Ensure all your family, friends and relatives are aware of your property developing as this close and trusted relationship can easily promote a below market value price.
Websites
Take time to create a simple website to promote your search for properties at ‘Trade Prices’. If help is required at this point in creating a professional and modern website styled for ease of use then email me at info@publicangel.com
PublicAngel.com can help you find BMV properties
Within my own website, I have created a section where you can register your interest as a property developer and I will assist you by forwarding properties that are available below market value in your area.
Click http://www.publicangel.com/cash-sale/investors.php
Land Registry
If you should find a distressed property or a house in a poor state of repair, take note of the address and obtain the owners details via the Land Registry. Once you have received the details post them a letter showing interest in wishing to purchase the property.
Solicitors
Alternatively, once you have obtained the property information from the Land Registry you may wish to request your solicitor to write a letter on your behalf. A letter from a solicitor will bear more weight with a potential seller and may precipitate a sale.
Networking
Without doubt, one of the most effective ways to acquire a higher profile and build relationships with people who will help you cultivate your career as a property developer is networking. Network at every opportunity. Be present at every available property network club, property exhibitions, seminars etc. Make the effort to be seen at development open days, auctions and local council meetings. This course of action will raise your profile and introduce you to an important learning curve with regards to what other like–minded investors are doing. Significant connections are to be made through networking.
If you found this article useful then you need to download the free Property Investing guide.
It's full of great information about investing in property. To get your free copy simply, register with this forum Click Here then download your free copy Click Here
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment