We continue to push the solicitors to wrap up the deal, but these things can drag on. Solicitors always find a way of slowing things down.
One key detail that was raised this week was making sure the option is assignable, meaning we could transfer the option to another party. In other words, we can trade it on. This is a must.
This deal was agreed relatively easy. Most deals drag on as sellers consider the proposal, sometimes invite other agents in to give a view, who then try to take over the deal, and so on. This is the reason its so important that you sell yourself to the landowner, firstly that they want to work with you, in that they like you, and secondly that you can deliver the deal and will do as you say you will.
So how do you sell yourself? Don’t come across as too slick, like a lot of estate agents do, but be genuine , trustworthy, honest. People do deals with people they like.
Many of our deals have been won as the owners wanted to do a deal with us. Even when we have an agent involved, we will go and meet the sellers and chat things over. I try and make sure that when they leave the meeting they want to do the deal with us.
With the talk last week of Option Agreements Vs Promotion Agreements, it begs the question why we don’t go for the larger deals. Go for the farmers field where we can turn a piece of land from a valuation of £10k – £15k per acre, into £1m per acre.
That’s ultimately the goal, going for the big deal. But before that we wanted to share the more basic deals.
You do learn a lot by just going out and giving it a go. Most spend their time trying to plan every last detail in any new indevior, as opposed to just going out and having a go, learning from the mistakes, and moving forward each day.
If you want to be a property developer, just go have a go. Don’t have the knowledge? Well find a partner that does. Don’t have the funds for planning? Well find a partner that does. Get resourceful and make it happen.
We started this newsletter just to share the basics, and demonstrate that’s anyone could do it with some basic knowledge. Finding a deal is just a numbers game, and once you get a bite, you sell yourself to the landowner so that they don’t consider doing a deal with anyone else.
So go give it a go!
