Upfront and honest policy
Hello,
One of my biggest bugbears about property buying clubs is the level of sales versus the level of education. Certainly most of the clubs I have dealt with and that my clients have experience from are well and truly driven by sales. Now I am definitely not adverse to sales but my philosophy has always been one of educative sales this simply involves making sure that a client fully understands what they are doing before they make a decision to purchase.
I call this my upfront & honest policy.
I want my clients to know not only the good about a property but also the bad, even the really bad. Armed with this information they can make a fully informed decision. More than this if they don’t understand anything I will take the time to educate them. The reason behind this is twofold, firstly it empowers them to take full responsibility for their decisions so that can never come back to me and blame or point a finger for a bad investment. Secondly and following on it allows me to sleep well each night knowing that I don’t have the weight of each clients decisions on my back.
Certainly I am happy to give my opinions which some people may consider advice but I maintain that advice would be choosing a particular course of action on their behalf. I never do this I simply take them through the pros & cons of each course of action and then leave them to make their own decision.
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My view is that I plan to sell each client 10 properties over the course of our relationship, now some will buy more and some less but on the whole I see each new client as 10 sales. On each property I make around £4000 in finder’s fees which means that each client earns me about £40,000. This is a neat little sum to do something that I am absolutely passionate about.
The important thing is not the money, it’s that if I have that sort of money coming in I can afford to spend some time teaching each client about what they are doing, the strategy, the processes, and the emotional changes that must take place in order to build a portfolio. This is what portfolio strategy and management is all about.
Now practically how this works is that the first couple you will buy you will ask many questions, hundreds of questions I spend probably 5 hours per property on the first property, that is a huge investment of time on my part but what I know is that when the second property comes along I only have to spend 3 hours and the time decreases considerably with each property, in fact by the time you have your third through tenth we are probably spending about 5-10 minutes on the phone with me for each sale and the rest of the time is spent in more time in casual settings and conversation. After all building a portfolio should give you more life.
Live with passion,
Brett Wood
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