Waiting until everything is perfect is a trait that many people have.  In theory this sounds like a good trait in that you want things to be just right, however in practice this is a fatal flaw. 

The reason this is a fatal flaw is because you could do 50 property deals and not one of them fall into the category of being perfect in every single way. 

What is more important than finding the perfect property deal is just making sure it ticks a few key boxes such as the right amount of rental yield and buying it enough below market value,  and that you have your exit strategies in place and then you should really consider just taking the plunge and doing the deal. 

If you  are new to it all and you don’t have a property mentor and you still want to run the potential deal past people that are more experienced than you then I would recommend you join a top property investing forum and post details of the deal there and get advice from more experienced investors.  However, I would not post any specific details such as the area etc, instead just post the general details but make sure that nobody will be able to pin point where to deal is.  The reason I said this is that there are many very helpful property investors on these forums, but there are also, often a few unscrupulous people lurking in the back ground who will read what you have written and if they think it is a good deal, then will locate the person themselves and try and gazump you. 

One of the reasons that finding the perfect property deal is so hard is because for most people with this mindset, it is not just the property deal itself that needs to be perfect, it is also the finance, the builders, the mortgage broker, the solicitor, the plumber, everything needs to be perfect, this is what makes this goals of find the perfect deal so impossible.  There will normally be something that  isn’t 100% perfect with a deal and the truth is it will probably take you years of investing before you find what you consider to be the perfect property power team so trying to find it at the outset before you even start property investing or developing is going to drive you crazy.

You basically you have to strive to get as many things right as you can and you have to have, have certain things that are not compromiseable, but after that you need to do the best you can and get the best you can but be practical and logical in your approach and as long as the key things have their boxes ticked then go for it and learn and adjust as you go.

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Okay, this is something I mention a bit about in the free property book I give away on the main section of our property investing site, but ethics and property investors haven’t historically always gone together.

In general property professionals have a bad reputation.  It doesn’t matter if you are an estate agent, property investor, property developer or even a builder, plumber or an electrician.  Historically the image of property professionals has been severely tainted by the few (or sometimes many) rogues.

The knowledge you gain and the power you have as a property professional is immense.  You are dealing with peoples lives.  Because of their financial difficulties people have mental breakdowns, commit suicide and even worse! (Worse than suicide? Yes, sometimes they take other people with them).

People are sometimes in very vulnerable situations when they come to you.  Some of them will accept ridiculously low prices for their property.  Is it right to milk a situation because you can, and because you have caught someone who is vulnerable or desperate.  I don’t think so.

Yet, you sometimes will find yourself with the power to do just that, and some property professionals (or at least that is what they call themselves – I have other words for them, but they are a little to strong to write here), will squeeze the life out of a desperate family, just to make a few thousand extra pounds.

I can’t tell you how to run you property business.  However from experience I can tell you that you might have some success squeezing the life out of people but to be really successful long term you need to concentrate on creating WIN WIN situations.

Create situations where both you and the client win.

This is how to be successful at this long term.  And this is how to stand out from the crowd and get more of your BMV offers accepted.  Really try and look at things from the perspective of the buyer and try to put a proposal to him in a way that he can see how he wins.

Do remember you are not running a charity, you are running a business and obviously the more money you can get out of a property the better for your business in the here and now.  I won’t even go into Karma.  But let’s just say that in the long run from a business perspective it pays to be ethical and that might mean sometimes telling some people that their property is worth more than they think and that they could get more money for it on the open market.

A Radical thought?

Yes, maybe. But I am just letting you know how I do things in life in general; you can take the advice or leave it.  But it works well for me!

Treat people as individuals.  Personally I wouldn’t tell everyone that they could get more on the open market; I am not a saint trying to give money away.  But what about a desperate family with young kids who are about to sell you their family home for 40% below what it is worth, and put themselves through untold hardship because they want money now and think this is the only way to get it.

In this situation I personally might focus more on trying to educate this family as to their options.

In this situation the option to sell the property to me but to continue to live in it as tenants might be a good option for them.  Plus the potential to possibly buy it back off me in the future.  I would structure the deal in such a way that I am still making a good profit but also so that they are getting an incredible deal and money now when they need it.

Again – create the WIN WIN situation.  This is good business sense because they will tell others how you helped them and the word will get around the local community – and beyond.  And who do you think their friends and family are going to call first if they ever find themselves in a situation where they need to sell quickly.

WELL, IT SURE AIN’T THE GHOST BUSTERS!

Yes, you! Good business all round.

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