And I don't just mean your “property life”.
If you want to:
…this skill will do it for you.
And that skill is…marketing.
Obviously you know what “marketing” is, but looking at a proper definition will help you understand how it applies to property. The Chartered Institute of Marketing defines marketing as:
“The management process for identifying, anticipating and satisfying customer requirements profitably.”
This is important. It means that marketing isn't “running adverts” or “coming up with a slogan” or “designing a brochure”…
It's finding out what people want, and giving it to them in a way that allows you to make a profit.
Simple, huh? Simple, but powerful.
By developing marketing skills, you'll be able to complete the three critical steps to securing a deal:
IMPORTANT SUBTLETY: You're always looking for people, not properties. Missing this point is where almost everyone goes wrong.
And lots more: those are some of the most frequent, but there are any number of reasons why a property might be causing someone a problem (and you can solve it)
You need to understand the other person's wants and needs, and use this understanding to find them then persuade them – but you don't need to be a property expert. I don't recommend it at all, but you could do all of this without knowing the first thing about mortgages, the legal process or how tenancies work.
There are endless marketing techniques you can use to find these people: I can think of at least 20, and we'll run through a few of them soon.
But far more important than any particular technique is the root understanding of what the other person wants, and how you can profit from giving it to them. Once you understand that, you can come up with countless methods of your own for actually achieving it.
For now though…all you need to understand is that by developing your marketing skills as they relate to property (and knowing a bit about property more broadly), you can find deals.
And as we've said, deals are scarce, which gives them value. In fact, in property, they're a currency more valuable than money.
And depending on what you want to achieve, there are several things you can do with it.
With me so far?
So that's the broad-strokes outline. Next, let's dig into the detail of how to find those deals…Continue