7 Secrets To Rent To Rent Deals Through Letting Agents
Do you know how to get Rent-to-Rent deals through letting agents?
Join me in this episode when I run through my seven secrets to achieving deals through agents....
In this weeks episode, I will cover one of the most frequently asked questions. I've learned a lot over the last two to three years, and I wanted to dedicate an entire episode to reveal whats worked well for me.
I know there is a lot of fear around approaching letting agents; however, we have to be aware that Letting Agents have the majority of the properties, and generally the best properties. They have a marketing machine, and they are trusted and established. I love being direct to the landlord, but it is just one deal unless it's a portfolio landlord. I have Letting Agents that have now provided me with several deals; one agent really can make your business.
Today I am going to share with you my top seven secrets to building relationships with letting agents.
You've got to get in the door
In the beginning, you shouldn't be too focused on the property itself. You want to focus on building rapport with the agent. Go to view a property, get to know them, learn about the staff within the agency.
Build Rapport
Don't just focus on the deal, even though it's tempting. The more relaxed you are, the better you will come across, and the more likely you will be to build a profitable, long-term relationship.
Find the decision-maker
There is little point to building a relationship with a member of staff that has no influence. What I always recommend is at the end of the viewing, ask the question "if I wanted to make an offer, who would be the best point of contact?"
Listen to this weeks episode to discover four further secrets to securing deals through letting agents.
In this episode, you will discover
My 7 secrets to securing deals through letting agents
Why direct to the vendor is not always the best option
Why you should focus on the deal as your first priority
How one agent can make your Rent-to-Rent business
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Podcast Transcript↓
[00:00:57] Simon here and welcome to another episode of the podcast, where we talk all things, property, creative cashflow, and of course, how to be financially independent today, not in 25 years and on today's show, I'm going to be sharing my stuff. Seven secrets to rent, to rent deals through letting agents. One of the most frequently asked questions I get, and I thought I would dedicate the whole episode to revealing what I've learned in this two to three years and how I can help you.
[00:01:35] That's what it's all about. That's why I started this podcast just to give value and try. And fast-track your journey because trust me. It is more complicated than you think, or than a lot of people would have you believe it's not easy. It's not get rich quick. But it can, in my opinion, be the fastest way of creating passive income with not no money, but low money.
[00:02:04] You don't need no massive deposits. So before I get into that last night, wow. If you missed it, I did a special masterclass in the creative cash flow Facebook group. The feedback. And the turnout was amazing. If you miss the, I revealed seven secrets to success in rent to rent full stop, really, really powerful and useful stuff.
[00:02:29] I'd never, ever shared that much value before. It was a 90 minute. Masterclass. So if you miss that, I'm going to put the link in the description of this podcast episode to the Facebook group, join the group and you will see the video at the top. I'm going to Mark it as an announcement for the next few days, then it may be removed.
[00:02:51] So make sure you do that right after you've heard this podcast episode, please. If you're brand new to the podcast, subscribe for all things property, we do a lot of rent to rent, rent, to hate HMO to SA how to reinvest that cash in assets, um, and my journey and other people's journey as well.
[00:03:15] We're going to be documented in that all here every single week. And yeah, before we get into the content, I just want to say. This week has been crazy in my business. We basically managed to fast track a few refurbs to house, these construction workers, which was amazing. We've only got one final refurb going on at the moment, which is great.
[00:03:43] Kind of like, I dunno if you guys experienced this, but we scale scale, scale, scale, scale, and then it's like, Oh damn, everything's really all unorganised. Let's just settle down and get on top of everything. And then once we feel more comfortable and we've got the systems in place, then we'll scale scale, scale, scale, scale, and we've actually got three property purchases going on at the moment, which is just surreal, to be honest with you.
[00:04:09] All through starting with 3000 pounds and using rent to rent, to grow passive income, and then reinvest that into assets. So you can do this. This is not just about, Oh, let's get a few rent to rent. Hey, it's gotta be a few rent to rents and then, you know, be financially independent. It's not that there's a short amid and a long-term plan here.
[00:04:36] And I go into that a little bit on last night's masterclass. So once again, hit the link in the bio. Please subscribe to the podcast. I appreciate the support and let's get into today's content. So one of the biggest questions I get asked, one of the biggest fears, one of the biggest pain points, I know a lot of you have is how to get deals through letting agents.
[00:05:02] Now let's face it. Letting agents have the majority of the properties. They have a lot of the best properties. They have a marketing machine, which means that they get in the new leads. They're trusted, they're established and they've got loads of deals, loads of properties. I always say I love being direct to landlord, but unless it's a portfolio landlord, it's just one deal.
[00:05:31] I've got a state agents or should I say letting agents that have given me multiple deals now? I think I just signed my seventh deal with one agent. So it just goes to show one agent. Can make your business. So today I'm going to show you the seven secrets to how to build with agents. So number one, first things first, you've got to get in the door at the beginning, you shouldn't be too focused on the property itself.
[00:06:02] What you want to do is you want to try and build rapport. You want to build a relationship, but the only way to do that is to get through the door. So go and view anything. You know, I mean go and view a property, get to know them, get around there, find out who's who and build that's the best way to build view some properties.
[00:06:25] Number two, you need to build rapport. So when you do get through the door, it's not all about the deal. It's really tempting to be so focused on you get in a deal cause you want it so much that that's your only consideration when actually the opposite is true. It's not until you back off metaphorically speaking.
[00:06:47] I mean, not physically, it's not until you back off and you're just there to enjoy the journey and enjoy the ride and you focus on them, what they want, that you will build rapport. It's like, have you ever had a conversation with someone and all they do, you know, you'll be like, Oh, you know, yeah. Managed to, um, You know, I have a nice meal last night.
[00:07:12] Oh. I had a lesson. I had to go. I had a good meal last night. Oh, we've got a new car. Oh, well we're getting a new car next week. Jeez. Do you see what I'm saying? That's not what people want. Build rapport through listening and through focusing on what they want, not what you want. Number three. And it's key.
[00:07:28] You've got to find the decision maker. There's no point building massive rapport with somebody that has no influence within the agency. So what I always recommend, you've got to do this carefully because if you do it in the wrong way, you'll lose rapport with the person you're speaking with. Say the viewer, or maybe the lettings negotiator, but they've got to go above them to sign off a company lair.
[00:07:59] So at the end of the view, and I would always say if I wanted to make an offer, who would be the best point of contact. And then by doing that, they tell you if it's them, that obviously you can speak to me or I'll to be fair, you need to speak to Marie in the office. So find the decision maker and then you need to build rapport with them.
[00:08:22] Number four, you've got to sell yourself, sell your business. And that's why it's so important to set up, to succeed from day one. I'm, you know, I'm a big believer in start now get perfect later. But in terms of the setup, you need to make sure you do the full 12 steps. And as I said, last night, you can get away with not doing step nine, 10, and 11, but step one through eight and step 12, you need to have sorted now because otherwise you're going to come and done.
[00:08:57] And if you'd like more information on my 12 steps, Once again, please join the creative cashflow group is available as a download right there. Number five, you've got to follow through. So once you've got in the door, you build rapport, you found the decision maker and you've presented yourself correctly.
[00:09:17] You've then got to follow through. It's no good paint in this picture that you're, you know, of high value and that you can help them. And then when it comes down to it, you fall through, you don't follow through you. Can't back it up. You're all talk, no walk. So this kind of comes down to the education side.
[00:09:43] You need to make sure that you're educated because if you're not educated, you're not going to have the confidence to back up the talk and to move assertively. So guys. Please make sure that you're feeling confident and educated and ready by the time you get to that point, because you don't want to build rapport with the biggest agent in your area, let them down.
[00:10:06] And they'll just blacklist you. That's it. That's the end of it. You don't get another chance. You do not get another chance. And by the way, this has happened for me. This has happened the beginning. I remember. You know, I couldn't follow through on this deal. I've really built rapport and you know, they kind of, I'm not, well, to be honest with you, I've never done a deal with them.
[00:10:28] How about that? So I'm sure if I went back to them now is probably new personnel, very high turnover agents. But nonetheless, that was one of the biggest agents in my area. And I messed up number six. No today does not mean no tomorrow. So don't take it personally. I've had situations where I've spoken to Rosie in the office.
[00:10:55] She says, no, we don't do company. Lets and then I phone the week after and Graham has said, Oh yeah, I've just come from I'm an agent of the road and we do company let's so yeah, I explain this to my boss. I'll explain this to the landlord. Let's do it. And that has been that's resulted in a deal. So. Don't take it personally, you know, there's sales gurus out there that recommend they're happy because what you want to do is you want to get to the point where, you know, the math, you know, you need 10 no’s for every one.
[00:11:32] Yes. There every time you get to know, you know, you're closer to the next deal. So be happy with the nose. Go for no, cause knows better than. Send me some information and never hear from them again. So try and get to the know and don't let it affect you when you do get to the note, because take it from me.
[00:11:54] 10 nos could be, um, what you need to get to your yes. And finally, last but not least number seven, persistence and patience pays. This means you've got to trust the process. And you've got to be patient like Rome. Wasn't built in a day. It's gonna take you some time to work this stuff out, to build the relationships, to understand what you do in to get your elevate a pitch.
[00:12:27] Right. And therefore you go, I'll be patient and don't be hard on yourself. Don't be hard on yourself because it's like buses, you know, one doesn't come for ages and then four come at once. Somebody might be four or five months in and they just think, do you know this isn't for me? And they could have got three deals the next month.
[00:12:45] So that'd be hard on yourself. Be patient are more, more, more important. Most importantly, be persistent. I've been like a dog with a bone at times. I'm just not taking no for an answer. I'm relentless to the point where certain agents are like, wow, you don't give up the. Or they're like, Oh, again, Simon, I'll tell you when anything changes.
[00:13:09] Cause I'm calling them every week. Because the interesting thing you'll find is that families they'll rent a property once every three, four, five, two years. The letting agent might not see that family again because they might just move on. Whereas me I'm calling them at the beginning. I was calling them every week, you know, try not to annoy them, but, um, I was calling them every week.
[00:13:38] So that's it seven secrets to rent, to rent deals through letting agents. And of course there's more, you know, one of the key thing with letting agents is understanding your agreements and how they're going to want to do it. And that can be a little bit of a minefield. That's not for this podcast, but those seven secrets trust me.
[00:14:00] They will help you get in the door, build rapport, find the decision maker, make sure you're ready to sell yourself. If you're not proud, if you're not confident of what you've done, what your brand is, what your website is, what your script is, then why the hell are they going to be number five, always make sure you follow through, stick to your word.
[00:14:20] If you've got to do a view in do it. If you make an offer, make sure you come back it up six. No today does not mean no tomorrow. And seven persistence and patience, pace. Hope that's useful. That's it from me next week. I'm going to be rolling out these seven secrets. If you like where I'm going with this content, please drop us a review on the podcast.
[00:14:43] I'd appreciate that. Just drop us a review. Let us know how you're finding it. Make sure you subscribe, share it on your socials. You know, help us grow this. Help us share. And spread the love, spread the word and that's it for me. Don't wait 25 years. Get creative.
[00:15:11] thanks for listening. For more information, check out simonsmithonline.com. See you next time.