Unless you’ve been buying and letting (or selling) property for a long time, chances are you’ll be concerned about how to spot a property with the right potential. Some properties look too good to be true, and most are. Some need excessive amounts of work to bring up to a decent (and legal!) standard, and some might be the right property in the wrong area.
With that in mind, and working on the basis that you’re not a seasoned pro, how do you go about finding the right place? There has to a better way than spending hours trawling the portals surely…?
My answer to the problem is simple: get someone else to do it for you.
Lettings agents (and traditional estate agents) are in the know. They’re the professionals. They have the tools and the experience to be able to look at properties and assess their worth, both in current states and developed states. They can make a judgement on what is and isn’t going to achieve your target prices. The live and breathe the markets.
So why do we still stumble around the Rightmoves and Zooplas of the world, viewing properties that just don’t work? Probably because a lot of the agents don’t spend time helping clients like you to find a property. Probably because the agents are simply in it for sale with as little effort as possible. Spending time with you is spending money, as per the “time is money” adage! And if you’re in it for a relative bargain, they’re fee base gets reduced anyway, so they’re more interested in the £300/400/500,000 properties where they can make a nice commission!
A number of agents have developers and portfolio owners on speed dial in case a bargain is coming to market that they could sell before it even hits. This could be a useful tool, but you have to be in the right position to take advantage. And it’s a pecking order, so if you start turning down a few properties or simply aren’t ready for one, you’ll tumble down the list very quickly.
My advice is to ask a few agents whether they offer a service to help you find a property. It may be paid for, but it’s worth the investment. A small fee up front could significantly reduce the risk further down the line. Shop around, find a good fit for you, and be very clear with your requirements – remember it’s a sales game so you’re going to get upsold all over! Once you’ve found a shortlist of properties with potential, speak to a lettings agent and find out what market potential the properties have. That conversation could take 20-30 mins and save you from investing in the wrong property!
Here at ARC Property Management, we offer a market consultation service. We can help to find the right target properties for you, and give you an appraisal of potential to give you the best chance of success when you’re ready to pull the trigger. Get in touch to find out more!