Back to Basics

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A couple of deals have fallen out of bed this week. There was certainly no need for them not to go the distance but when it happens we have to look at the reasons why. It’s easy to point the finger in these particular cases as it stands out a mile that the mortgage brokers have simply not done their job properly. On direct questioning they state just how busy they have been and think it some excuse to slow down on customers when they have a full order book. However, as my client pointed out quite succinctly it’s not the ten they completed on that she cares about but her one that didn’t get sorted. There really is no substitute for a good team behind you especially when time is of the essence. It’s regrettable as we thought we had a good rapport building up with this particular firm but they have shown themselves to be poor managers so they’ll go down the pecking order for our recommendations. Similar sorts of things have happened before and it’s always advisable to have a bank of professionals in each area to fall back on.

Out of every negative comes a positive if you seek the right path and indeed a new company stepped into the breach that have so far shown themselves to be outstanding. They were able to prove that they could actually do what they said without any time delays and will now be getting the referrals that the other company would have got. It’s highly unlikely that we will be able resurrect the previous deals as they were developers opportunities with very tight time frames but we have to face facts that we simply can’t win them all. On the other side we have had a client back out with cold feet but we understand it’s a big step for a new investor so expect this to happen from time to time as a natural consequence of trying to help those who need it most. Once they have the bug it becomes hard to stop them, taking those first few action steps can be so daunting sometimes that the fear factor steps in, we take this in our stride.

Last weekend was an event in Cornwall totally unrelated to property but in the drive from Hampshire to the beautiful seafront location I was able to pick up a couple of properties that had been previously highlighted to me. The first one in Salisbury should make a handsome return for the joint venture partner who wants to invest for her son’s future. It’s in the process of being renovatedto a good standard so that’ll save hassle. It’s not a big place but being close to the train station in a regular letting road gives it the necessary value to make it worthwhile. She’s taken my recommendation to move on it and providing all goes smoothly she should see the benefits before Christmas. The second one in Chard a town I’ve never even visited before in Somerset needs a tidy sum spending on it. It’s a nice house though in a nice road and the valuation should come in at a favourable level to make it a good property to flip or keep so I’ve bagged it whilst the going was good.

I had intended to see one other in Penzance during the weekend but simply couldn’t make it time-wise. The client was in two minds over it as the area was too far from their chosen destination so I didn’t put myself out over it. Sometimes you have to value your own time over helping others, had I thought it would be suitable I would have made the effort, I’m glad I didn’t now as much better opportunity for them dropped into my inbox yesterday. Matching buyer and property is quite an art which is not always related to the figures of the deal, sometimes other things come into play such as children’s schools, proximity to work or transport links, convenience for shops even, the list goes on and on. Finding out everything that buying clients actually want and not just what they say they want is how we find the happy medium to put properties and investors together. Many ‘gurus’ work on the basis of figures alone but property investors can be a fickle bunch and it’s not always the case that they want something that stacks up the way they others see it.

Having an overall view of property we are much better placed to help those who need it especially if they are not experienced and are restricted on time. The early stages of property investing can be the most difficult and stressful when you go it alone. It’s always better to get back to basics and work with someone who can help and guide you, especially if they are not charging you, but work with you as we do. We’re hoping also to team up with our own bridging financier shortly which should give our clients yet another opportunity to succeed.

Always work with those who have your best interests at heart.

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