10 Minute ReadFinding the right property deals is getting harder, you have to negotiate relentlessly, hustle endlessy.
Today I’ll show you a framework of how to look at property deals on sites like Rightmove & Zoopla to make your property deal hunting, more productive and more efficient.
They’re one of many ways to find property, it’s not the only way and it’s also not the way to find the best deals as they’re all on-market and possibly competitive if investors or owner occupiers bid up the price but if you look carefully, there are always diamonds in the rough.
We’ll cover a few areas in this video with a framework that I call….
“The Diligence Deal Engine”
This framework explores 6 rightmove hacks to make sure you’re using it the right way to find discounted deals.
- – Search
- – Scrolling
- – Sneaky Tip
- – Sale Price
- – Sold Prices
And this will hopefully give you the confidence that either you’re already doing the right things when scrolling on right move, or give you the confidence to get out there and start using rightmove to find great property deals.
This video is primarily about finding flips and buy to let properties but you can use the same framework for HMO’s, serviced accommodation and other types of deals.
Search
So first, lets look at how and what you should be searching on rightmove. We’ll look at what you should be searching in the rightmove settings to make sure you’re finding the right properties. Check out the video above to see how.
Scrolling
Scrolling right is a fine art and ancient skill that you should learn, especially when using rightmove. When you’re looking through hundreds of listings you need to know which ones you should be spending your time clicking on and which ones aren’t worth looking at.
The key here that many expert investors look for is the state of a property, by finding a property that needs a light refurbishment means you can find room to negotiate a good deal with the agent and vendor, but also you can realise a bit of value and equity by doing the property up, whether that’s a flip and your primary aim, or a buy to let it’s a good secondary aim. Lesson #1 is look for properties with floral carpets and avocado baths. Lesson #2 is look for properties that only have photos of the outside
Sneaky Tip
Rightmove have updated their website, it looks quite nice. On some listings you’ll notice that some have postcodes, the others don’t. If you can get hold of the postcode and the door number then you’ll be able to do your due diligence better on the property and local area to understand what the right price is. All you have to do is go onto a listing, check street view, and also go down to property prices and click on this link – here you’ll find the postcode if it’s not in the main listing.
Sale Price
Now we’ve found a property, look at the postcode and local area. Undertstanding the difference between asking price and market value is key. You might speak to agents and end up getting an offer accepted for less than the asking price. This doesn’t mean it’s below market value…
Sold Price
By looking at sold comparables in the area within 0.5 miles for similar conditions of properties, you can take off any refurb costs, add 15 to 20% for profit and then make offers on properties that way, knowing that if an offer is accepted, it’s truely below market value.
