Business
In this huge time of change, there is lots of confusion in the property market and the question David is asking is ‘Can you value a property accurately without visiting it? With extensive expertise and experience as a deal packager David has a proven model but in with the challenges we now all face he explores how you can do a viewing virtually? and how a valuation can be successfully achieved virtually? Face to face business has stopped but this doesn’t mean you need to stop as a deal packager if you adapt and move in a different direction and this episode explains in detail how you can achieve this. KEY TAKEAWAYS When sale and rent back was possible national property acquisition companies used photos from the vendor and local runners to provide information and always bought with a mortgage so there was a bank valuation. All of these things together photos, mortgage valuer, local input along with a healthy discount meant there was no risk involved. Today a video walkthrough completed by the vendor of any property is possible and use of the land registry to track sold prices in the locality and google research can provide enough information for a valuation. House purchases whether residential or as an investment are still the biggest thing you are ever going to buy. I would never sell a house to an investor that they haven’t seen at some point. Although they are buying the arithmetic and the return on their capital they are still large purchases. I’m going to try to do virtual viewings and virtual valuations initially with investors who I know are going to be looking for mortgages so I’m followed and back up by the bank’s valuer, virtually speaking. This could completely change how we as deal packers operate. We can do everything online so there is no reason why you can’t continue. BEST MOMENTS ‘I’ve previously been an advocate for always having a look, visiting the property’ ‘We knew the vendor wasn’t going to show us the bits they didn’t want us to see’ ‘I don’t think we are going to have a massive slump in the market’ ‘We should factor in a pause in the market, this could be ‘V’ shaped with a downward turn now followed by a steep increase’ VALUABLE RESOURCES Property Sourcing Profits Podcast https://www.progressiveproperty.co.uk/ https://unlimited-success.co.uk/ https://www.facebook.com/groups/progressivepropertycommunity/ ABOUT THE HOST David is a property expert with over 25 years’ experience and his own portfolio of 26 units. His current rent roll is in excess of £10k per month. He is also a partner in a Deal Sourcing and Packaging business in the North West of England and has sourced over 250 properties for investors since 2004. In recent years he has, by necessity, had to develop an expertise in LHA strategies. This area is increasingly becoming a niche for him, and he enjoys empowering other landlords by sharing the knowledge he has gained. The ultimate purpose when sourcing properties in this sector for investors is to minimise risk while maximising profit. He has had to find answers to the challenges of Tenant Find, Management, ensuring rents are paid and the transition to Universal Credit. These are strategies he uses in his own business and also on behalf of investors. His investor clients regularly achieve annual gross yields of over 20% with high occupancy rates and voids resolved, sometimes within hours. CONTACT METHOD https://www.linkedin.com/in/david-siegler-7b126316/ https://www.facebook.com/DavidSieglerInvestments/