Hi Everyone,
My first post, so be gentle
I find that my biggest problem is actually talking to the Real Estate Agents. They always seem like they are the best thing since sliced cheese, and I find it quite difficult to talk to them. (This is actually quite opposite to what I am like normally, i.e. I love being the centre of attention and love to stand up and do public speeches in front of large crowds…)
After having done this (i.e. Talked to Agents) on a number of occasions now, I actually have to try to build up the courage for yet another onslaught of agents bull.
I suppose that I am still new to investment properties, and as I am still learning I feel like I don’t have the confidence as yet. Most people will say, just keep doing it to build up your confidence, but it is still hard
…Does anyone have an opinion, or advice on how I can overcome this problem???
Thanks.
PaulG’day Mr Jones![
]I too am fairly new to this game. I have a couple of properties and I am currently looking for another one.
The day before yesterday my wife and I put an offer on a house for sale. I’ve put in offers for different properties on about 6 occasions. I’ve done a lot of research and I know a lot more than agents think (they think I’m Naive because I am so young) It’s just that when it actually comes time to deal with the agent with regards to writing up offers or the like, my mind goes slightly blank. When I put in subjective clauses normally the agent will challenge me as they aren’t commonly used clauses. It is then that I don’t want to be too ambiguous because I’m not 100% sure that I’m right.
In a nutshell I am learning as much as I can about investing in real estste and particular how to deal with agents. I find the more offers I write up, the more confident I get. When I show confidence the agent often stops “BS”ing me.
Hope this helps, there are a few books on agents that you can read. Craig turnbull has an great point in “It’s easy to be a property millionaire”
Always set your goals further than you can reach
– Then stretch that little bit furtherG’day Paul – I am also fairly shy and find it hard to approach people, but I am reminded of something that was taught to me during sales training.
That is ‘Knowledge Gives Belief’ (KGB). And if you believe in something, you will be much more confident and will be able to speak from a position of knowledge.
A year ago I would not have been able to talk to an estate agent about things, but now I can.
What’s changed in the last year for me? I’m a little wealthier, but it’s only up 10%, so it’s not qualitatively significant. I’ve started reading about IP, searching the web and downloading government ‘Rental Reports’.
I’ve also been doing some sums and playing with spreadsheets on loan reypayments and rental income, etc. Also setting some limits on how much I could borrow and asking lots of ‘what if’ questions so I can be satisfied if things went wrong, I’d manage OK.
My method has been to look at promising areas online (isn’t the web a wonderful thing!) and then visit some of these places. I then look at suitable properties and get a feel for the neighbourhood and what it offers tenants.
Before talking to estate agents, I would have a specific list of things I want to find out from them. You’ll find some are approachable and enthusiastic, while others are less so.
The enthusiastic ones could be such because they have a passion for property (have investments themselves) or they could see you as a novice ripe for ripping off! How can one tell the difference?! I don’t know.
But if you do the research yourself, use many information sources, and don’t rely solely on what they say, I think you’re probably safer.
I’d only use what they say to reinforce or debunk tentative conclusions drawn from your own prior research and follow up any leads they give you.Having done your own research, you will come across as more confident, the estate agent will see that you are serious, and be more helpful.
I have also found out that though offices may be open on weekends, agents may not be present, and if they are they might not be as willing to have a chat (especially near closing time!).
Hi Paul,
Before I started looking for my first property I had the same concerns about talking to agents that you had. Since then I have learnt a couple of things…
Firstly, I have found that there is a difference between agents in the city and the country. We have just bought our PPOR in Sydney and have found the agents a lot tougher to deal with. However I am purchasing an investment property in Kurri Kurri, NSW at the moment and have found it easy to become friends with the agents. They are more simple country folk, who know their stuff, and are under less pressure to make money as in the city.The other thing I do is make a list of things I want to find out from the agents. If you make a good impression the agents are more willing to listen to you. Ask them about yields, vacancy rates, population growth, price growth, etc… get them talking about what they are passionate about.
Anyway that’s my approach…good luck!
-NickHey Tom,
I find that I treat agents with respect but I expect them to work for my interests.
I must admit with some agents I call a spade a spade and tell them what I think of there tactics and approaches. It is always fun to go to a new agent acting like you know absolutely nothing to see how they treat you. From there you can see how they really work.
Whenever I talk to them I always keep in the back of my mind that they are salespeople. They only make money if they sell therefore they will tell me what I want to hear to make me buy. On the flip side if you know that and remember that then at least you know where you stand.The only way I have become more confident is to realise I have the money and I am in control of what I buy. To that end I tell them what I want and how I want it and see what they deliver. I have found with the one agent that I have devloped a good relationship with I do buy cakes for the office (occasionally) and when a deal goes through I buy her flowers or a gift in appreciation. It is a small token and small cost to get me the best properties early.
Enjoy
AD [:0)]“Carpe diem, quam minimum credula postero.”
Lat., “Seize the day, put no trust in tomorrow.”
-Horace, OdesHi Paul,
Not a long time ago I’ve read a book called “The Sales Dog” by one of the friends of Robert Kyosaki. I’ve found the book to be a great source of behaviorial patterns of sales people in general. The book puts a funny prospective to it.
Every time I go and meet a real estate agent I subconsiously give them a tag. Some agents are like pitbulls. They look at you as you are their dinner. They always have an answer for everything
and tell about their great experiences and that that crack in the wall that appear all around the house sometimes half an inch wide, is nothing to worry about.
Anyway, if you treat this experience with a bit of humor it helps to deal with their crowd.Had to put my 2c worth.
Boris
“A good accountant is the one that on question how much is 2×2 answers how much do you want it to be?”
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