If you don't choose one of these models, you're probably gonna lose money in property.
So what are these two models, well they're two very different approaches, or so many people think but you'll likely need to if you like on how you do property.
The first is Do-It-Yourself and the other is Done-For-You. And the interesting thing with both is you can make money in both strategies. It doesn't matter which you choose, pick the one that best suits you.
The most important bit about this, is how you go about it and the key thing here is summed up in my simple saying,
"You can make money in property thousands of ways." but...
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It doesn't really matter what you do, the fact is if you choose a strategy, then know the rules that apply to that game.
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When you understand the rules that apply to whatever the game it is you choose, whatever the strategy, whatever the structure, whatever it is, if you know the rules of the game, you're less likely to make mistakes and mistakes are what really cost us.
Sure things might go wrong but either way, a Done-For-You or Do-It-Yourself model, they are both almost the same models.
As much as my company sits here saying our business is very much a Done-For-You model, let's face it I set the whole business up so that we can do everything for our investors, but our investors, still have to make decisions, they still have to take responsibility for those decisions. And even if you're doing a Do-It-Yourself model, you're still gonna need to find other people to help you. I mean let's face it, everyone will have a combination of both. The real question is how much is DIY and how much DFY?
What we do is we need to do is find professionals in each of the area. Now in some of those areas we are the professionals, but in other areas such as conveyancing, such as finance, we outsource that.
Building the property, we outsource that.
Developing or refurbish the property we outsource that.
Planning, we definitely outsource that to a planning consultant, so it doesn't matter what approach you do you're going to be doing it's virtually the same thing.
What most people see as a Do-It-Yourself is where you go and you do lots of work yourself and you make, you know, effectively, you learn each of these roles, not all of them because they're always going to be some of the stuff that you outsource. So the question becomes, not whether you choose this one or that one, and whether this one's better than that one, it's actually more about what you allocate to other people what you delegate to other people.
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All right. And one of the key functionalities of this delegation process is you delegate the task. You don't delegate the responsibility. So you want to maintain responsibility throughout the whole process.
So let's have a look at some of the things so if you're looking at what you need to delegate out and what you need to do yourself, obviously go look at what your skills are you look at what your interests are, you will look at your, your cash position in terms of can you afford to pay someone or do you need to learn it yourself, you know, where you learned from what education platform you use, are you gonna do courses, you're gonna go on to these weekend free, you know, free nights or free weekends or expensive weekends in some cases, okay, you know, this is where it is so let's have a look so we've got sourcing. Are you going to source properties yourself, you've got negotiate, you can negotiate. Are you going to use an agent.
Okay, you've got planning. Are you going to apply for planning to really know what you're doing there that's, you know, a tricky situation, you know refurbishing or buildings you really know you're going to contract that out, you know you've got the conveyancing the finance, you've got the you know the furnishings and flooring and all those sort of things are you going to handle, you've got the lettings finding actual tenant to even have the ability to get on the platform to trust you know these platforms that offer you know direct to landlord things, you know you've got management ongoing management to really understand the compliance.
And finally, and I think the most important thing. One of the things that should be actually done up front before you even look at a property is the strategy.
Okay, because strategies came when you set the strategy right know the rules of the game. When you allocate who's going to look after these different aspects of the business and understand within all these things there's different levels because there's far within finance there could be the mortgage, there could be bridging my finance, there could be hard to get them closer together so you may have some personal finance stuff. And so there's a whole range of intricacies, and that's where we get into, but understand, you know, these two strategies, you have to approach it like any other business.
And when you do that, and you approach it like a business in a professional manner. It's amazing how you can decrease the chances of losing money, increase your upside.
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When you do that, generally property works out pretty well. It's when you go headlong in to throwing all that responsibility on to somebody else. And you know, giving them the tasks to do everything and just going on totally hands off I don't want to deal with it, that you have no control now, and then you're at the whim of that person so what we suggest is make sure you maintain that responsibility you understand the decisions to be made. Alright guys, have a great day live pass remember, subscribe, comment, and I'm happy to answer any questions.
Oh, and by the way, if you're not sure about where to go and what to do right now in this market right now, then be sure to call the team get down and have a chat with them even come in for a meeting if you want to come in or we can do. Zoom meeting whichever you know whatever works for you sit down, get your questions answered, and work through sourcing who's going to do that how am I going to approach that what's the strategy I want negotiations planning building, you know, look, you might not be building you might be buying existing product property, but then you might want to refurb it. You know, you may want to paint the walls, you may want to do some maintenance on it.
Yeah, so go through all that with the team and get real clarity about that. And obviously my team today, they can talk you through all that sort of stuff. That's what we set out to do.
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Hi guys, so you having problems lifting a property out you find that it's sticky on the market and you're just not sure why and you're at your wit's end as now how am I gonna get this slip. Well, actually it's very simple, and when you break it down to these simple steps, you're gonna find that actually your place gets led like that type. And if you're wondering how I know this, it's because I manage over 1200 50 properties in the UK, and we've been going for over 15 years living properties, so you know I don't know how many lessor is we'll probably do about 40 or 50, every single month. And so, the combined knowledge and experience of that is what we're talking about here. So if you think it's worthwhile. Keep listening. But look, bottom line is if a property is, unless it comes down to two things, only to one and two. Number one is, is your competent agent. Sorry, is your agent competent. Alright, so if they're not agent. They're not if they're not competent then you need to set them and get a new one. Most people are afraid to do that and the problem is most people sign this contract that says you've locked in for however long. Alright, so you got to really be careful about what you go into but are there are incompetent agents out there this agents who want to, it doesn't matter. These come in the big brands the little brands and mom and dad places all across the industry. All right. The reality is with that is if you have an incompetent agent, you have to set, how do we know they're incompetent. Well, it comes down to two things that I found the two major things okay. And this is a simple thing, there's two reasons for it. Number one is in combination. What does that mean it either means one, the marketing is crap. Okay, if you look at it and it just doesn't inspire you, it doesn't grab you. Okay, then the marketing is probably crap if they're using rubbish photos if they're using. You know terrible copy you know the actual words they use the ad, if they've got stuff wrong if they're taking too much time all this sort of stuff that is going to affect the ability to find a tenant. Okay. So number one, we're talking about in combination. The reason for that is marketing, and the second one is the feedback. Okay, so they may have the best marketing in the world. But if the feedback they're giving to you is what I call you know and it's a little signing outside which is stop being a victim and get out of bed, you know, embed is blaming excuse in denial, right, if they're making or, you know, blaming all the market, this, that or you know the place has small bedrooms all the stuff that they need the bedrooms are small for too long. So that's not an issue second news, you know, Brian excuse in denial. Unfortunately, our, our industry is endemic in it. Okay, and it comes down to poor training, actually it's not the people are necessarily bad. It's a training in the stressor under. Yeah, is is you know that's just endemic So the reality is with that is if you get the marketing right and they give me good feedback, it's probably not an in combination, it's probably something else there's only one other reason. So, and one is in combination, and the two is the rent. We haven't found a realistic market rent for that market for that property in that week. Okay, week and I'll explain that in a little bit later but what does rent mean so the rent you're going to receive so normally on a portal you've put it on that say let's say 500, pounds per month or per week or whatever it is. Okay. If there's no interest in that property is no one, you know, coming in and inquiring about it there's no viewings, there's nothing, then probably assuming you're a competent agent. The rent is too high. Now what is the rent the rent has two aspects to it as well. We have price, and we have terms, for the most part, we as an industry have put forward, read as being the be all and end all, it's this much correct. But what we can also do is we can negotiate or add in things like terms, terms can be things like incentives. It can be first month 50%. Yeah, it can be, you know, looking at, let's say. Now you can do the cleaning for, you know, once a month you can do you know adding cleaning once a month united Netflix you Nadeem, you know, I, and I'm not saying do those but I'm saying there's a whole range of things you can do like that you can put a new couch in your fridge and you, whatever it is. Okay, so price and terms go into making up the rent. Now, invariably, and this is a proven this many many times. If the agent is competent and you drop the rent successively. Okay, so small increments, that regular increments of dropping. Okay This keeps it fresh and allows the agent to go back to the people who have already shown shown interest to say hi, the rents now this, you know, and see if they'll put an offer in. Okay. Invariably, you get it like very quickly. Okay, and also certainly within six weeks, pretty much, there's not a property in the UK that I can't let, assuming that it's in a legible condition. Okay, habitable or whatever you want to call them, but you know I've proven this time and time again, the number of staff over the years that have questioned me or landlords have questioned me and said, you know, Brett no no no you don't understand. It's like, No, I do understand because I've got massive stats massive history behind me. Okay, listen a little bit deeper. So, how do we deal with the agents because let's say we've got a competent agent, and our rent is there or there abouts right. Okay, how can we help things along. Well I can tell you this, the squeaky wheel gets the oil. All right. Now what does that mean is that if I'm calling that agent every single day. All right, I'm the squeaky wheel, because most landlords won't call some landlords Why call for three weeks so you better believe if you're calling them on a regular basis and you're following them up, seeing how they went and staying on top of them, and keeping on top of them. Okay. Then they want to get rid of you as soon as possible because you're taking their time out, whereas the landlord who never calls and it just says, here's a property right I'm off going live my life. Yeah, they're not necessarily the squeaky wheel so they're going to get forgotten their property is going to get forgotten. So you want to be the squeaky wheel. Now, there are some conditions on this, because you can turn into being a prick, which is, Hey, why are you doing this. Why are you like I'm desperate for this and you become this real pain in the ass so there's a, you've got to balance this with being the squeaky wheel with keeping and maintaining a relationship with that person. So you want to put yourself squarely on their side, helping them out, but not letting them get away with the blame excuse denial stuff. Okay. and when you do that, that gives you in a position to in the best position to get your property, the first leg. Okay, so make sure you've balanced relationship with being a squeaky wheel, don't be the absentee landlord or agent that never speaks to them and just lets the agent Get on with it. That is the worst thing you can possibly do because they will forget you, they will be focused on what's in front of them there. It's like social media now you know as soon as you swipe that post it's gone. Yeah, so you want to be putting your post up to the top up to the top up to the top up to the top. Okay, a little bit more data right. I mentioned before, it's a week by week market. Alright, and this is really fundamental and key because I can't tell you how much this comes into it. All right. So, it's a week by week market, if a local market so you got a two bedroom in whatever flat whatever area, there's two of those left in the area per week. Yeah, there's the demand for two properties to the left, let's say in one week 10 come on to the market, guess what, that's gonna take five weeks to get all those properties left. Now let's say for a minute, that your property in the first week, the second week. The third week. And then what happens so now first thing the six gone. There's four left. And then all of a sudden, what happens is five more come to the market, and you've now got nine or you're now competing against those nine. It's not all because I've been there the longest, I'll be the next one, a guy. Ah, it's a week by week market. So in the first week there was 10 second week there was a week that was six, and then four and then two but actually, in week three week four. Yeah. Five more come the market is now nine to compete against, and that is why I say, position your rent, high and then reduce your rent with small but often so 25 pounds 25 pounds 25 pounds. If you do that every week. You're going to very quickly getting to where the right and realistic market rent is and remember your comprehension is all about the rent, and when you find the right rent. Your place is gone. And that really is the simplicity of that. Okay. and really, there's not a lot more to it. This is how I train my guys okay to think and act, and when they do this, we get them less. The problem is, a lot of times, is that we hold on to incompetent agents, we listen to their blind excuse denial. Okay, or we don't as landlords, want to drop the rent because our expectations are. I want 900, but the markets saying it's happy to pay 700, but you're gonna stick there I want 900, I'm right. You got the choice of being right or happy. And I will tell you. Happiness is having a tenant in that property, paying your rent, being right doesn't lead to happiness. So, guys, be happy and drop that red frequently often sec agents that aren't appropriate. And you know what, you will get your place late you'll have the minimum amount of stress and worry and things will come together and work for you guys have a great day live with passion. And remember, life, comments, anything you want just come down there if you need to chat with the team, by all means contact easy track coda UK, and they'll be happy to answer any questions for you, and really get down into the detail I mean there's not much more detail and go into about how we can get your place lit within that six weeks and when I said in six weeks, it may be one week it might be two weeks, maybe three days, we may be able to prove it. Or it could be up to six weeks. Okay. But that is the framework, the success framework that you need to let the property, so it should never be sitting there going, No matter would say, I don't know what to do. Yeah, you may have to get creative. For the, you know, some of the incentives if you want to go down that route, or you may just have to drop the red. Yeah, simple as that, is that simple and it works. Alright guys, See you later. Bye.