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Hi this might be a really stupid question but you’ve got to start somewhere right? I’m in the very early stages of investing in property, I have spoken to a mortgage broker who says I will beable to get a BTL mortgage however advises I wait a few more months and save some more so my options are bigger on what I can buy (this is fine by me as it means I can invest more time into learning about property investing). I keep reading how important and crucial it is to build rapport with estate agents but don’t exactly know how to do this, is it as simple as explaining what your strategy is and your budget?
Thank you to anyone that can help me on this.
Hi Jake and welcome.Property is a "people" business and it is important to build rapport with a wide variety of individuals, not just estate agents.Building report is something that takes time and effort and there are no short cuts.It is a case of several interactions with a person where you show interest in what they are doing, and then let them know what you are trying to achieve and asking if they can assist you in moving forwards.A friend of mine goes everywhere with his dog. The dog is a great ice-breaker and people love to chat about the dog and it also makes him memorable.Another friend of mine visits sales offices and estate agents with a tin of biscuits and sits down and chats for 10 minutes.The main thing when building rapport is to invest a bit of time in it. Follow up a meeting with a phone call or email. Show that you are professional and serious.The second part is following through on what you say you can do. So do not say you are a cash buyer if you are using mortgage finance (for instance).Be truthful about your situation.Show people that you respect them and their knowledge and they will gladly share it with you.There is no real formula to building rapport - other than investing time in building up the relationship.Hope that helps a bit?
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Thanks Vanessa, this has been a great help I think I’ve been over thinking the whole situation because I must admit I’m not the most confident person. However I realise I need to beat this Since building relationship with people is such a huge part of property investing so this advice will be put to great use, thanks again.
Rapport building is a tricky art . It takes time and energy
You have to have good interpersonal skills even if they dont
Try too hard and rapport building come across as being sycophantic
Ultimately agents want a sale so will smile and appease you when you call
But put yourself in their shoes
If they sound rushed dont waffle - say what you got to say then get off the line
If they sound desperate give them hope and express an interest
If you call them too often though and dont view or buy they will get annoyed and you become a pain
Call them too infrequently then you drop off their radar
Wait until you got your action plan and all your finances in place then start
Be responsive to their calls and jump when you need to jump
Find out which football team they support and know their latest result when you phone them
Jonathan Clarke. http://www.buytoletmk.com
I was reminded by an EA representative of a large chain recently that as it's the seller that pays their commission, ultimately unless it ends up in a sale they won't be spending too much time chewing the cud and want to get down to the nitty gritty, ie. the sale, asap.
If you're only buying one property I wouldn't worry too much about rapport. Just be on RM/Zoopla etc. all the time when you're ready. You'll probably be forgotten before the sale has even completed as it's always on to the next.