Cost-effective ways to generate more leads for your property business
Having a steady flow of leads is a key aspect of running a successful property business. Without them, you are going to be scratching your head wondering where the next deal may come from.
Below we have outlined some cost-effective ideas to set up a lead generating system for your property business.
As obvious as it may seem, There are Investors who are convinced that property deals must be secured "Off- Market" for it to be a deal, which is not the case. Estate agents have thousands of properties come through their books every year, Out of the thousand's how many do you think are worthy deals? Not only that but they are absolutely free to work with. There is no secret formula to getting deals from agents other than being professional and consistent. We would advise making calls at least once a fortnight to agents in your chosen area for updates on any new instructions they have coming to the market. Like most professionals, agents love working with people who are transparent and very clear about what they want to achieve. So knowing your investment strategy and area like the back of your hand is an absolute must.
Spending an hour a week looking through auction databases are definitely a must if you want to find potential deals. More specifically, looking through past unsold lots are even more effective. Most of the homeowner's information can be found with most auctions houses saving you £3 a pop on Land Registry, The information can usually be found in the Legal pack under "Title Register". Our Auction letters have one of the best response rates from all our marketing methods. Why? There is usually one out of 2 reason's people sell their properties at Auction. Either they have tried the open market and failed... Or need to sell quickly. Regardless these are generally motivated people who need solutions to their problems fast! If you would like a template of our direct to vendor auction letters, feel free to get in touch.
Property leads, from Facebook? Yes, that's correct and again it's absolutely free. Although this method may not get you instant results, it's definitely worth having in your arsenal. Groups such a the Local buy and sell, as well as "Properties for rent" Groups will all have one thing in common... People who are thinking of selling their home or people who know somebody who is. Making a friendly post as your local property investor interested in properties for sale is a sure way to get some interest.
Unlike Rightmove, Zoopla has a hidden gem which indicates properties that are currently Off-Market, But at the right price would be open to selling. This is called "TemptMe" As investors, of course, we are more often than not going to offer way below what a homeowner would consider the right price. However what if the right price is actually below its current market value? There are some instances where properties may be currently in negative equity opening up a potential talk of a Lease option or Assisted sale. The trick is to find the properties purchase price and compare it to what its current average value is. Another cost-free but time-consuming way to find potential deals.
Mandatory HMO License Register
It's possible to receive a list of the licensed HMO landlords in your chosen area from the council by requesting it under "Section 232 (1) (a) of the Act as prescribed by the Licensing and Management of Houses in Multiple Occupation and Other Houses (Miscellaneous Provisions) (England) Regulation 2006)"
The council have an obligation to give up this information, which can be 5-6 Months worth of targets for your marketing. There is one downside, however. That being your chosen register has probably been bombarded with keen investor's already following the same strategy. If you do decide to choose this approach working from the bottom of the list up may be the smartest approach as this section is least likely to have been flooded with investors.
Similar to EA agents, Probate and estates solicitors will have dozens of properties pass through their books every couple of months. It will not be as simple as calling a solicitors office like an Estate agency though for obvious reasons. We would advise you look through your local gazette for public notices and pinpoint a solicitors practise that has come up more than once in your chosen area, Usually, they will have the correspondents email address and full name giving you a better foundation to start building a relationship.