Welcome to another episode of the Property Sourcing Profits podcast. In today’s episode, your host David dives into the biggest mistakes new deal packagers make. Get inspired and listen to David's tips to success, learn how to become a professional property sourcer and discover the mistakes to avoid in order to start, grow and scale your property business.

David urges you not to give up and to keep on viewing properties to secure that deal that will get you started. As you gain experience and a knowledge of your goldmine area your conversions to securing deals will increase.

Finally, David explains the essential need for marketing in your sourcing business. Learn how to focus on what you can offer to increase investors wealth and how you too, can start to build your brand, spark engagement and attract JV partners by leveraging social media and building your credibility.

KEY TAKEAWAYS

1. People Give Up

• Don't give up too easily, persevere and increase your viewings to find the right deal.
• Normally you will secure a deal on average every 30 viewings, so get out there and see some houses. As you gain experience and a knowledge of your goldmine area your conversions to securing deals will increase.

1. Marketing

• Traditional marketing still works. Face to face marketing is essential. Live by the3-foott rule and tell anyone within 3ft of you what you do. Utalise this at property meetings and networking events to practice your elevator pitch and perfect your delivery.
• Create a business page and leverage social media with content marketing. Run Facebook ads and boost your posts to increase the reach of your message to those that are interested.
• Tell your story, tell people what you do. Your message becomes your brand and investors will want to work with you because of your vision and values
• Be consistent and post everyday, diarise your journey from day one. There’s nothing more compelling.

1. Over Complications

• Don’t over complicate things in your business, keep it simple and trust the process.
• Ensure you keep a routine and regulatory network with a simple and effective business card.
• Property sourcing is a regulated industry, but have no fear it’s easy to set up a business and even easier to run. You just have to get out there and do it.

BEST MOMENTS

“Your purpose is to increase the wealth of your investors”

“Property network meetings is where I found my business”

“Video is the number one way people will engage with you”

“Networking IS Marketing”

VALUABLE RESOURCES

Progressive Property Facebook Community

68100 - Buying, holding and trading property SIC code

68310 - Estate agent SIC code

 

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.

CONTACT METHOD

 

• David’s LinkedIn

• David’s Facebook