In this module of the Short Term Lets and Service Accommodation series, we’re going to be talking about where you can find your first property deal from.
So for me, there’s an abundance of ways you can find your first property deal, but I’m going to go over the main areas I think you should be focusing on. And if you focus on activity within those areas, you will find a deal.
The main thing around finding deals is nothing more than my favorite word, which is “MINDSET”. Okay? It’s the mindset that you show up with as to whether you’ll actually find deals or not because no one’s going to do the work for you, unfortunately. You’re going to have to do it yourself. I’m going to point you in the right direction, but ultimately you’re going to have to take the action.
So let’s have a look at where we can find our deals from.
So we’ve obviously got the main channels, which is Rightmove. We have Zoopla. And depending whether you’re looking to buy or whether you’re looking to rent, both these sites have exactly that. You can search locations, postcodes, and then it’s just filtering down into what you’re actually looking for.
We then have OpenRent. So this is if you’re wanting to target the rent-to-rent strategy. So OpenRent is basically a platform where landlords like myself can advertise on and then that platform will push it to the major channels such as Rightmove and Zoopla and give us more exposure for our properties if we’re looking for a tenant, not if we’re looking for short term rentals. So OpenRent, when you are messaging people on OpenRent or calling the numbers there, you’re speaking directly with the landlord or their internal company.
We’ve then got Gumtree. Now I think Gumtree, whilst you’re not going to get loads of deals from Gumtree, the deals that you get from Gumtree are extremely profitable, because one thing with Gumtree is the sellers on there or the landlords are hugely motivated. If they are advertising on Gumtree, they’re hugely motivated.
So we’ve got Rightmove. We’ve got Zoopla, we’ve got OpenRent, we’ve got Gumtree, and then we’ve got my favorite. And this is where I built my business. Thank you, Mark Zuckerberg, for creating a free platform for me (FACEBOOK) to build my multimillion pound business. It is very, very simple when you know how. So let’s dive into this a bit more. Okay?
So for me, it’s all about the number of conversations that you open. And I talk about this all the time with my students. Okay? We have to open a conversation with the right type of person. And this is nothing more than a volume game. So the more that we do of this, the more deals that comes through the funnel as we know, and the more deals we get out the bottom. So the more conversations you open on any of those channels, the more deals you will get.
Now, what do I mean by opening a conversation? Quite simply, opening a conversation. Is this available? Can I view your property? Can you tell me a bit more about your property? You start getting dialogue backwards and forwards, and you start to have conversations about the different properties that are fitting your area and what you’re looking for.
The data analysis side of things, and also how we look at the areas later on in the series, is going to show you exactly how to pick the right area. But for now, just know, once you’ve got that area, you then go and search, and your criteria will filter this down, and we have to open a volume of conversations. And then we have to get on viewings. And then we have to make offers.
I mean, if you don’t want to do all of that, I’m really, really sorry to say that you’re not going to build a business. It’s going to be very hard for you to build a property business if you don’t want to go on viewings and you don’t want to make any offers. It’s just nigh on impossible, okay, to scale it.
So we have to open conversations. Now with Facebook, where can you open conversations? They’re all over Facebook. Get creative, use the search bar, type in what you’re looking for. Three bed terrace property, four bed terrace property, two bed flat, whatever it might look for in this location, in that location. And all the posts will come up that are advertising that. Some are from estate agents. Some are direct to landlords. Some are from vendors advertising for sale. You name it. There’s loads of groups that have all these different types of people posting it. Landlord groups, development groups, buy, sell, just random-type groups. There’s so many different groups that you can go in, target, and find these types of people advertising these properties.
Then you open a conversation up, and this is where it happens. This is how the deal flow happens. It’s not rocket science, this. It is about activity levels. If you do enough activity, you will get your first deal.
Now, the deal that you’re looking for might not always come to be, like in my case, I wasn’t looking for a lease option deal as my first deal. I actually wasn’t sure what I was looking for. I was just going on viewings. I was going through all these channels. I saw properties for sale. I saw properties for rent, and I just thought I’d go see them. You know? So I just took the initiative and started viewing properties.
And then from that, I started having conversations. And then I got better at the conversations that I was having. I started to understand what the problems were that the person in front of me was telling me. So whether that was a vendor looking to sell a property or whether it was a landlord looking to rent a property, I was listening to what they were saying, what problems they were having, how I could potentially solve them with my services, based on what I’d taught myself, which was very limited at the time, but I still had a good base knowledge of all the different strategies and how they work and how I could apply them. And then all I had to do really was run the numbers once I’d analyzed them.
So for me, it’s about the volume. Volume of everything. The more activity you put into this, the more you’re going to get out of it. So get searching on all those channels. Start opening the conversations, get yourselves on viewings, and then see where that viewing takes you. If it leads you to a rent-to-rent deal, great. If it leads you to a lease option deal, fantastic. If it leads you to a BRI deal and you’ve got to go and then find some money off someone, great.
You find good deals, you will always find the money. I’ll say that again. If you find good deals, you will always find the money. Okay? So don’t be afraid and don’t go with an “I haven’t got any money” mindset. Change the mindset to, “How do I get the money? Where do I go find the money? I’ve got a great deal. How do I go and find the money to set it up? How do I find the money to get it operational? How do I find the money to buy it?” There’s so many different ways that we can look at that, but just know that you can achieve what you want to achieve if you put the work in.
On the next episode of this series, we’re going to be talking about marketing, my favorite topic, and how you can do it specifically to attract landlords. So make sure you subscribe, so when it’s live, you’ll get a little notification. And don’t forget to hit the like, or comment. And by the way, if you like TikTok, hit me up on that.