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I'm sourcing a property for an investor and just trying to figure out how other deal packagers proceed when sourcing deals via estate agents.
Scenario 1: View the property via the estate agent in your name and bid for the property in your name. When the process is with the solicitor, then change the name of the buyer from your name to the investors name.
Scenario 2: View the property via the estate agent in the investors name and bid for the property in the investors name.
Your comments are appreciated.
Scenario 2 is fine.
Scenario 1 is lying and if I was the agent I'd tell you to promptly Foxtrot Oscar.
P.S. Deal Packaging isn't a real thing, you're a negotiator.
How does that work if you use the estate agent all the time and they recognise you from previous viewings however your using a different name?
Tell them the truth.
"I represent an Investor called Joe Bloggs who would like to offer £200000"
Then next time:
"I'm representing a different investor today as I have a number of different clients, Mr Smith would like to offer xxxxx on this property".
First rule of business is if you need to lie you're in the wrong business.
As John has said, be truthful. Building rapport and trust is a very important part of any relationship, so just be honest and upfront and say you work on behalf of investors.I think it is worth noting here that you are introducing a buyer to a seller, so you are acting in the capacity of an estate agent yourself! This highlights why you should be a member of an independent redress scheme.A lot of your success will depend on how you can educate estate agents to work with you, and also actually delivering a person that completes a transaction. I think you would actually find it a lot easier to go direct to a developer and negotiate discounts direct from them on new build. If you can get say four investors to agree to buy in a certain development, you can go direct to the developer and say you have a little buying group, and you want a discount to buy four units. Each person will buy the property in their own name - you just make the introduction and negotiate the deal.
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, some great tips.