The follow-up is something I have been familiar with for many years. I just haven’t done it properly until recently.
Despite being involved with property for 19 years, I am still learning everyday. Just to be transparent, I’ve got a lot to learn!
This is because I was an average landlord for far too long! Things are starting to change. I am open minded and am learning from my network and books I am reading.
How not to do the follow-up
In 2018, I started to get back into property. This was after a little 12-year break.
At this time, I was looking to get a win under my belt and get a house BMV. I managed to get the next couple of properties at BMV but continued to be average in my approach.
An example is rental No. 4. This is my favourite house to date. And it was secured for £40k BMV. A big win for me and my little portfolio at this time.
Up to getting this property over the line, I was bidding for several properties.
I would bid say £20k under the asking price. They got rejected as expected. Then I would ask the Estate Agent to update me of any developments.
It never happened. They never updated me on any of the properties I bid for. This demonstrates that the follow-up is your responsibility.
Rental No. 4 was slightly different in the end. I was dealing with a company who were acting on behalf of a national builder. They were in regular contact with me.
The very low bid went in. They would call me every few days and I managed to get it over the line.
How to follow-up
To start acting like a professional property investor, I would recommend getting around other investors.
Regular networking is definitely helping me. This and some property training.
Finally, I feel I know what to do to become a successful property investor. Not an average part-time landlord.
One of the little gems I have been taught is the importance of the follow up. We have been taught to use a concertina file. Have a section for each day of the month.
You bid for house 1 on the 1st of Jan. They reject the offer. You put the details into the section for the 1st day of the month.
The next month, you follow up on the 1st. You get in touch with the vendor (if you have their contact details) or the estate agent. You send them a message asking them about the property.
You might bid for house 2 on the 2nd of Jan. They reject the offer. You put the details into the section for the 2nd day of the month. You get the picture …
Personally, I don’t use the concertina file. I prefer a spreadsheet. If I was full time property investing (New office), I would probably use the file system. But the spreadsheet suits me because I can use the follow up system wherever I am e.g. at work …
For any spreadsheets I use property wise, get in touch.
What do to do
If you’ve read a few property books, you will have heard many common sayings. Like: ‘your network, is your net worth.’
Your network is very important. My last 2 property deals have come from my network. A friend of mine is reducing his portfolio and we done a deal we were both happy with. A win win … another little common saying.
If you are new to property, get around other investors. That’s the best piece of advice I can give to any investor. Even if you have been investing for a while, ensure you are still networking and getting around other investors.
Start with solid foundations and learn from the experts from day 1. Educate yourself and be open minded.
You will learn loads of valuable information that will help you in your journey. Like the importance of the follow up.
Book of the week: Tej Talks, BY Tej Singh. A very easy read! Tej talks you through his guide with humour and the conversational style makes it easy to digest. He has inspired me to look more at Buy Refurb refinance (BRR).
For a hard copy visit the excellent Imagined Things Bookshop: Imagined Things.