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  • Property Training/Mentoring

    Training and mentoring takeaways

    Hello Jonathan. I actually looked at going on to your mentoring program when I was looking around your name had poped up a few times.

    Jonathan runs a Mentoring programme?????

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    Yes he does indeed, check his website out. He seems very genuine though as he has stopped taking on new clients as he wants to provide a high level service to his current clients. That's good indicator someone is legit.

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    In the past mentoring on a rather  ad hoc  one to one basis yes  -

    but a sophisticated structured mentoring programme no



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    Jonathan Clarke. http://www.buytoletmk.com

    Hi Adam

    Thank you for considering my mentoring programme. Alas our paths did not cross

    One has to be careful though with the true meaning of  the revered and often elusive `discount` 

    A discount has to be measured really against a verifiable  price of a control sample or a comparable

    Very difficult the more the unique a property is . Very easy if there is a row of similar 50 terraces

    Some will be happy to pay  asking price and get a better deal than someone who gets 20% off an asking price

    The asking price is just for show . It means very little in reality 

    It could be undervalued or over valued . The reasons for this are multifold

    eg overvalued  because of vendor expectation, or maybe undervalued to generate interest

    There is a house near me with 13 offers in  - all over asking price

    If I got it for asking price it would be a brilliant deal probably a discount of 25% BMV

    In  a depressed market 5 -10% yes may be easy to achieve at an agent

     but in a strong rising market next to impossible

    So the test for  your 98K property is - was it really worth 98K in the first place. Maybe - maybe not

    So you need to compare it with something

    If bought for 72K and then re sold the next day for 98K then yes it would true you  obtained a very  good discount

    If though you can sell it for only say 80K the next day  then the discount is not a true 26% BMV

    So to test your case study you would need to share with others the actual property in question

    Then DD can be done by experienced people familiar with that area

    I understand of course if you may not want to share the address but  without that the discount cannot be tested

    Not sure why it was 98K one minute but then 90K ?

    The lower the value property the more distorted a discount looks  of course

    so 28K for a 35K property is 20% below but condition becomes everything then .

    7K is easily eaten up in a possible refurb rendering the discount relatively meaningless

    A 400K property though obtained for 320K is also 20% below  and 7K spent is a drop in the ocean

    That 20% discount has much more true  value than the previous one

    In the new year you see tons of discounts  - half price sales in clothes shops are common place .

    T shirt. Was  £10 now £5

    I`ve yet though  to see an estate agent have a half price sale

     4  bed detached . Was 400K - now 200K

    Test the true discount is the moral of the story


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    Jonathan Clarke. http://www.buytoletmk.com


    I hear JC had to give up the training and mentoring so he could concentrate more time on his takeaways!

    Fish n' chips requiring the most time, apparently  ;->

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    That was a beautiful read. Expected nothing less. It shows you are a true expert in your field!

     The address is 32 Brighton terrace, Darwen. The deal has gone so I don't mind sharing the address.

    The property for 35k actually sold for 33k in the end. The house was recently refurbished and all ready tenanted at 300 pcm with a long term tenat in there. Which was actually lower than the market price. Depending on the AST that can be increased by the new owner

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    Thank you for the response and added detail. 

    ​In the first instance, I would be interested to learn what you were taught about setting up and operating a compliant business?  Are you aware that, by introducing a buyer to a seller, you are acting as an estate agent, and that is a highly regulated activity?

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    Yes you have to be compliant under anti money laundering and ombudsman. For now I am doing it through my mentors licenses to be compliant. He is registered with the ombudsman, GDPR compliant and registered with anti money laundering scheme

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    Hi Adam,

    Who is your mentor?

    And can you explain the details of their mentorship program?

    It would be interesting to compare with others on the market.

    Thanks!

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