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Nine steps to the perfect investment property
Sourcing Service for Buy-To-Lets
Here are my Nine Steps to finding you your perfect investment property:
- I invite you to an initial FREE ‘no commitment’ consultation to establish your motivations for acquiring a buy-to-let property:
- Why do you want a buy-to-let property and why now?
- What do you want to achieve from your buy-to-let?
- How long do you intend to hold on to the property for?
- What is your exit strategy?
- Where is your comfort zone and how risk averse are you?
- Do you have a preference for the type of property you wish to invest in and are there any you definitely want to avoid?
- If you decide to go ahead, we both sign a service agreement detailing how we will work together. A retainer is then payable. Please note that at no point during the process are you committed to purchasing a property unless you are absolutely sure it is the right property for you.
- Sourcing process begins. I undertake:
- Daily contact and relationship building with ALL local agents, ensuring I find out about properties BEFORE they go to market.
- Daily monitoring of all property portals to find out how long properties have been on the market and spot the potential to ‘do a deal’.
- All first viewings. On average I carry out four viewings to short-list one property- which is quite time-consuming.
- Within two weeks (and often sooner) I will present you with a short list of properties which fit your criteria. All properties will have been viewed and assessed for suitability, with a comprehensive feedback report on each.
- Should none of the properties be suitable then the process will begin again, adapting the search based on your feedback.
- Should renovation work need doing on a short-listed property, estimates will be obtained and the costs included in the financial figures given to you.
- The process can be repeated as many times as you wish until the right property is found. This is for a maximum of two months from the initial consultation date. If after two months a property has not been sourced but you wish to continue with the search then a second retainer will be payable.
- Once a property has been sourced that you would like to purchase, I will negotiate with the agent to get you the best possible price.
- Wherever possible, viewing access will be negotiated so the property can be marketed for rental prior to completion. In some cases, a tenant can be lined up ready to move in on completion, creating cash-flow from day one.
Need a Mentor?
If you are new to the world of property and want a more structured approach to learning about the opportunities and pitfalls, why not join my Property Mentorship Programme.