Trish McGirr explains how to negotiate property deals with landlords. Do detailed costing before you approach anyone, speak in terms that benefit the landlord, and bring credentials or a credible introducer if you're new. Build relationships with estate agents and landlords for ongoing deal flow.
This is maybe something that the world of hospitality can teach, the world of service, accommodation of exactly the overheads, everything that you need for your property. Like having two of everything. You know, it's something simple as having two of everything, maybe three of everything, depending on how often you want to flip these serviced accommodations. So, okay, we've done it, we've narrowed it down 700 to say seven. And we've gone from seven down to three. And you're ready. So you've done your research, you figured out the overheads, you've figured out the costing down to the minute detail. You're ready, you've got good questions. What's next?
I think the scariest thing for some people is to go into an estate agent and start to talk about. I want to, you know, so they all talk about corporate lets. Most people go, I've got corporate lets, I've got clients that are ready to book back that property. And I just want to, you know, whatever, whatever. Estate agent is a business person. Their responsibility is not to you, their responsibility is to their landlord. So. So you have to talk in a way that is to the benefit of the landlord. Again, I think one of the mistakes we make when we're novices at this and when we're new in any business is that we're busy talking about money. You know, I'm going to give the landlord more money, I'm going to give the agent more money. I'm going to, you know, it's going to be, you know the phrases I hear people use all the time. This is going to be maintenance free. La la la la. If you think an agent has never heard somebody say those words before, you're living under a rock.
I think the expression that comes to mind is you can't bullshit a bullshitter.
Totally, totally. So if you go in to see an agent, you go in and you go in with a sample of maybe one or two properties that are of specific interest to you. I would also recommend that when you go, you go in and you are very clear on what you're saying, the sort of client you have and you're upfront with the agent that it is your intention to put your corporate clients into that property. Now this is where it gets sticky because an agent will say, what other experience do you have? And this is where someone's bottom falls out and they think, well, I haven't got any. It's always really good to bring someone with you who has that credibility and experience to get you going and get over that. When you are Specific with an agent when you go in, with costings when you go in, showing that you are ready and willing and able to move on the deal now and you can sign off on that property, then you are much more likely to have an agent say, I will put that proposition in front of my landlord and those are the words you want to hear.
What if I've done the relevant training but I haven't got a friend or someone nearby that I could reach out to? What would you recommend?
Don't forget it's also talking to other landlords. So there are some things you can do and it's the same kind of scenario if you're in property networks. You want to be keeping your ears open for other landlords who've got properties that they're saying, I'm sick and tired of dealing with tenants. I'm fed up, I'm out of the game. Because your next deal could come from a referral of another landlord. It doesn't have to be through an agent. Above everything else, this is about relationship building. And all too often what we're trying to do is we're trying to think that just the money on the table is what will get people to say yes. It doesn't matter how much money you have in the bank if you don't come across as credible and trustworthy. Okay? So the first thing I would say is make sure that you are relationship building with the agent. So don't expect the agent to give you a deal the first time you meet. Because most agents, including when I was an agent, will see somebody once and that person will never be seen again. You are not going to give that person your deal. You're going to give the person the deal or pick up the phone and call them and say, I have a landlord here with a property that's sticking. But you will call that person who's invested in the, in the relationship with you. So please, please, please be able to do this. Use this as a long term strategy and put in the work to build relationships with your network.
I love this.
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