Most people have rash inducing hang ups on Estate Agents.
Did you know they’re human too? They need love like everyone else
Put yourself in their shoes: every man and his dog walking into the estate agencies expecting the best deals; now, just because they’ve recently watched property ladder and think they’re experts.
Just like the 5 date rule, you’ve got to earn intimacy.
There’s no doubt that other investors in your area are getting the best deals, first.
Cherry picking and choosing the ones they want, and the ones they reject for everyone else to fight over.
And they earned it.
And they have the BEST relationships and friendships with the best estate agents.
Once your foot is in the door, here are some techniques, right from the front line, on getting the best deals coming your way BEFORE they go in the window:
The Long Game:
The long game is not just a simple strategy but a specific, strategic technique to draw out negotiations for as long as possible, thus increasing the desire and urgency for the vendor to sell.
The longer the negotiation process; months or even years will ensure you’ve paid the least amount possible for the deal.
The longer the negotiation process, the more pain and frustration the vendor may have experienced, perhaps even having one or more deals fall through or sales falling out of bed at the 11th hour.
If these processes have not happened then there is no real reason for the vendor to sell (fast and cheap).
If you chase or rush the deal your emotions will kick in, your need or desire for the deal will increase, your time and financial investment will cause pain if you walk away, and you’ll overpay.
The vendor or estate agent will sense this rushing or need to get the deal and will manipulate your emotions against you.
You hold all the cards and power when the vendor needs you more and more pain they’ve experienced, the more they need you to do the deal.
This will allow you to offer away lower and your terms are far more likely to be accepted
Glooming:
Glooming is a technique where you or the market creates pain to the vendor, which drives a sales decision. No vendor will ever sell a property at a significant discount without a motivation.
They need to be motivated, distressed or desperate in order to sell a property to you at the price you, as a professional investor, would like to pay. And if they’re happy, willing to wait, feel that the market is strong and have no emotional driver, they won’t move on price.
However if the reality of the market, the media and the doom and gloom is shown to them; either by you or by the market, their pain and need to sell will increase.
Playing the long game creates this effect, as does showing evidence of price drops, slow markets, bad economy, lack of available mortgage
finance and a lack of other buyers or sales options.
