How to Get Your Next Deal, Next Month!
For many YPN readers, the three months over the summer can be very slow in the property world as people generally take their foot off the accelerator to enjoy the season. However, this can be one of the best times for you to get your next deal, as Simon Zutshi explains. In this month’s article he offers some practical tips.
By Simon Zutshi
Doesn’t everyone go on holiday over the summer?
When I first started the property investors’ network (pin) back in 2003, we ran a network meeting once a month throughout the year. After a few years we decided to reduce this down to ten meetings per year as attendance was much lower in August and December – most people had other things on their mind during those particular months. Whilst there are still some investors around during the summer who would come to network meetings, we did not really feel it was worth holding the events at those times.
I have also noticed over the fourteen years I have been teaching others to become successful investors, that many stop advertising for motivated sellers at this time of year, particularly during August. This is largely because they believe less people are around to see their marketing and also because they may not be around themselves to take calls from anyone who may respond to their marketing.
This is not a good idea. Whilst many do indeed go away at some point during July, August or September, the property world does not suddenly grind to a halt. Estate agents are still open and targeted to sell a certain number of properties; more importantly motivated sellers still need to sell their homes. It seems there are less people around to buy, which is good because that means less competition. So in fact, you should step up your marketing activity in the summer because it is easier to stand out from the competition as most other investors do not put in as much effort at this time.
If you are away on holiday yourself and not able to take calls from motivated sellers, have a good system in place to capture enquiries. Maybe work with another local investor who you trust to deal with them whilst you are away. You could perhaps joint venture on these deals, and even come back from holiday to find that they have negotiated a great deal whilst you were away enjoying yourself. Working with other people can be a really smart thing to do, rather than trying to do everything on your own. Please take time to get to know potential joint venture partners first, build the relationship to ensure you really want to work with them and that your values are aligned to ensure a successful partnership.
As I mentioned earlier, estate agents are still tasked to sell a certain number of properties during the summer, but in reality they are probably not as busy as normal. They will have more time to spend with you – which can be a great opportunity to build your relationship and get into their little black book so that they call you whenever they get a great deal. They need to know you are a serious investor who will move quickly when they give you a good deal; just like motivated sellers, they too want speed and certainty. If you plan to visit the estate agent once a week, each week over the summer, you will be amazed at how much you can develop your relationship with them
Keep the momentum going
The other problem I have seen is that many investors not only slow down their investing activity but completely stop during the summer to take some time off. Now I am all for taking time off, it is very important and after all, that is one of the reasons we should be investing in the first place – to give us the time and freedom to do what we want. However, that should be after we have a portfolio that is generating the passive income we need to make those kinds of decisions. All too often, I see people doing nothing towards their property investing in August then finding it very difficult to get momentum going again in September, with the result that they don’t actually pick up again until October.
Whilst you might slow down in the summer, especially as the kids are off school, I would suggest doing something each day to move you forward, even if it is a small task, just to keep the momentum going. This is a principle from one of my favourite books, The Slight Edge by Jeff Olson. If you have not read it already, I highly recommend you do. The idea is that the small things you do on a consistent basis will give you the results you desire.
Over the past two years we have introduced something called the 21-day challenge, which we used to run exclusively for peopleon my twelve-month Property Mastermind Programme, but have now made available to pin academy members. In August, when there are no pin meetings, we have a 21-day period when hundreds of investors go through this online challenge at the same time providing each other with support and encouragement. The results are incredible, with most people reporting more progress than normal and some even closing a deal thanks to increased focus over this three-week period. The interesting thing is that none of these tasks are particularly difficult in themselves but when you take action each day, every day, it is amazing how much you can move forward. If you are a member of pin academy, look out for this and take advantage of the opportunity.
Although there are less physical property networking meetings over the summer, use the time you would normally spend going to these events, to increase your investing knowledge. Read property books, listen to webinars, take part in online training, and make sure you keep up to date with the latest investing strategies. Robert Kiyosaki Author of Rich Dad, Poor Dad has a great saying: “What you know will make you money. What you don’t know will cost you money.”
Spend quality time with family and friends
Having said all of the above, it is important to remember why you are investing in the first place. Most people want to give themselves more choice and freedom by creating passive income. You will need to take some action to set up the passive income streams as it won’t happen on its own, but there is alsoa balance between the short term sacrifice of putting in the necessary time and effort to get the results you want, without ignoring your family and friends completely.
I sometimes meet people who tell me they have not been on a proper holiday for a number of years. That can’t be good. We all need some time away, some rest to recover and recharge your batteries. It does not have to be an expensive holiday, perhaps just a week away camping if that is all you can afford. But you must take some time out for you and your family.
Making the most of the summer months
In summary, here are a few tips on how to make the most of the summer whilst still moving your property investing forward:
1. Make a commitment to keep the momentum going during the summer
2. Do at least one thing each day to move you forward
3. Be proactive and visit estate agents regularly to build the relationships
4. Keep advertising for motivated sellers
5. Put systems in place to take enquires
6. When away, joint venture with a local investor to handle these enquires
7. Keep educating yourself 8. Spend quality time with your family
How can we help you?
Over the summer we will be running a number of no-cost webinars on various property investing subjects so look out for emails from me and YPN about these.
Also for the first time ever, we will run one of my advanced three-day Mastermind Accelerator Workshops in August, on Thursday 4th, Friday 5th and Saturday 6th. We don’t normally run any pin meetings or training courses in August for the reason mentioned above, but have decided to run this advanced three-day workshop in the school holidays so that teachers and people who cannot normally attend these events in term time can participate and benefit. This is unlike any other three-day property event you may have previously attended. We teach you all the strategies from my twelve-month Property Mastermind Programme in three days of property immersion. It is a residential course with a full 100% money back guarantee, so there is no risk in attending our training.