Get the communication right and make £1000’s more

Have you ever wondered why there are some people we just ‘click’ with and others we don’t seem to get on with very well?

If the same is true of Estate Agents, sellers, suppliers, workmen, brokers, solicitors and tenants then how can we make that ‘click’ happen more often than not?

The key to communicating well with people is by keeping in rapport with them.  With some we have a natural rapport where we seem to be speaking the same language, whilst with others it really seems to be tough going.

First identify your own preferences and the way you like to be talked to.  Are you outgoing or reserved?  Are you primarily driven by the money you can make, the details of the deal, having fun and the potential for having fun, or by helping other people?

Do you talk fast or slow?  Do you enjoy meeting new people or would you prefer someone else to introduce you?

Everyone you meet will have different ways of communicating so identifying how they communicate can bring better results faster.

Estate Agents are predominantly sales people. They’re interested in getting their commission quickly.  They have less interest in detail and as long as you’re going to buy the property they don’t care how.  Help yourself by keeping the processes to yourself to begin with.

You need to maintain a confident approach with them to ensure they remain confident in you.  Too much detail of the different ways you could go about buying the property and they’ll be looking for a different buyer.

Brokers and Solicitors on the other hand prefer the detail.  It will help you in the long run and speed up the process if you have all the details to hand.

Motivated sellers don’t all have one preference, so you’ll need to identify them differently.

• Are they speaking quickly?  Then go slow on the details.
• Are they speaking more slowly and deliberately?  These sellers will need to know more of the details before they’ll do business with you.

The fast talkers tend to make up their minds fairly quickly, however they are far more likely to change their minds later on (or be influenced by a partner who needs the detail).  The slower speakers will not make a decision immediately but will need to deliberate on their own and do their own research.  If they make up their mind to go ahead, they’ll stick to it.

By judging a sellers preferences and being able to slow down or speed up your discussions to match their way of speaking and level of interest in the detail you will build up rapport very quickly.  This helps them to know, like and trust you, giving you an advantage when negotiating deals.

If you want to find out more about how you can attract and convert sellers come and hear Yvonne speak at a networking event near you www.YvonneEmeryCoaching.co.uk/events

Join a MINI Group near you at just £100 per month to YPN subscribers

• 3 hours of training, mentoring and coaching
• As good as 1-1 time with an expert working on your own portfolio

Call 0845 094 6628 for further information

www.YvonneEmeryCoaching.co.uk/MINIGroups

Are you part of the ‘What If?’ brigade?

You’re a Property Investor, or would like to be, and getting off the starting block seems to be taking a long time.

Be really honest with yourself (no-one needs to know) – do you ask yourself many questions and work through all the possible scenarios in your head even before they’ve had chance to happen?  What if……..?

If so, then you’re not alone.

You’ve probably noticed that some people just seem to get on with the investing and are always talking about their successes.

On the other hand, you still haven’t got started because there is too much research to do and a lot of questions to answer before you even start visiting the Estate Agents or advertising to distressed sellers.

Even if you’ve done some advertising or leaflet distribution wouldn’t it be great if someone just handed you a script that you could learn off by heart?  That would surely be the best way to deal with any calls that might come your way!

You’ll find that even experienced investors can’t give you a definitive script to follow because they just get on with it – it’s in their nature, and they are very comfortable meeting with people and having a conversation.  They’ll turn it to their advantage and begin to ask some questions, allowing them to make an offer, or negotiate an option deal.

What you can do is to practice ‘off line’ with a partner so that you get to ask all the questions you want, and develop the idea of a deal from the information you are given.  The more you speak to people who may have a property to sell, or who are in distressed circumstances, the better you will get at it.

How can you ‘just get on with it’ if that is not your natural instinct?

Remember that detail is needed at the back end of a deal, but not necessarily at the front.  The beginning is just that – an approach to someone whom you might be able to help, and who might just have the property you are looking for.

Being able to start the conversation helps to put the seller at ease and at least gives you the opportunity to find appropriate deals, and to get some practice in if there isn’t a deal to be made.

You need to search for information – you’ll be good at that.  Those who just wade in often forget to ask some of the important questions.  You will need to know

• What their mortgage is on the property
• If they have any arrears
• Have they any other loans secured against the property
• How quickly do they need to move
• What is their main reason for moving – speed or money
• What are their monthly mortgage payments
• The postcode of the property – to do research
• Where are they going to live if you buy their property

Don’t get into discussions of how you can help them at this stage, or talk through the mechanics of how you’ll buy the property.  Don’t be tempted to mention Options and what you might be able to do.

These are motivated or distressed sellers – any more detail might just make them panic and certainly won’t instil confidence in them.

Keep it friendly – let them get to know and like you.

So if it isn’t really ‘You’ to just get on with it, if you’re part of that ‘What If’ brigade, then what should you do to get moving and springboard your investment strategies?

• Work with someone who does find that part easy and offer to do the work that doesn’t suit them (the paperwork)
• Get some practice by going through scenarios with a buddy – see Role Play – Phone Calls under Free Stuff on my website http://www.yvonneemerycoaching.co.uk/free-stuff/role-play-phone-calls/
• Write a list of all the questions you would like to ask to make sure you have enough information at your fingertips before you get started – there’s nothing wrong with this, you’ll just have to book in time to do the research or it may never get done
• Put yourself in the shoes of the distressed seller and realise that for most they won’t want to know the system you are going to use, so your questions and explanations don’t need to be technical.

If you want to get some practice and meet people near you whom you could team up with then let me know as there might be a MINI Group running near you – and if there isn’t we can always set one up.

Call me on 0845 094 6628 for further details or see my website

www.YvonneEmeryCoaching.co.uk/coachingmentoring/mini-groups

Happy Investing

Yvonne

Have you been to all the seminars yet?

Yvonne Emery has a totally unique approach to property investment using coaching techniques to make sure you actually succeed in your goals however you choose to approach them.  She has been investing since 1997 and has prospered through many different economic climates and systems of investing.  Now she challenges you to succeed in property investment with a personal approach and simple explanations of the systems available in today’s property world.

Have you been to all the seminars yet?

Are you someone who has already made that all important decision to invest in yourself and your education? You know that you want to make the most of the property prices at the moment, right? So what’s stopping you?

It’s a well known fact that about 90% of all those sitting with you and working with you at a seminar will go home and put the papers away and then not do a single thing about what they have just learned.  This is not only the property seminars, but all seminars, so why is that?

Have you listened, learned and understood?  Or have you just listened and taken some notes?

However experienced you are there is always more to learn and understand.  Every time I attend a networking event there is something to take away and take action on.  New initiatives or even old ideas regurgitated could create thousands of savings in tax or a fresh approach to structure deals – let’s face it the financing of deals is changing on a weekly basis at the moment.  Think about it – anyone who claims they know everything can only be right for 6 days max.

Don’t be part of the ‘YES BUT’ brigade – make sure you’re making things happen for you right now.  Keep your But’s behind you and the Yes’s in front.  If you are not acting and investing at the moment, then the chances are you just haven’t found the right investment formula to suit your personality.

You must work in a way to suit your personality because you can’t have failed to notice that we’re all different.  Take a look at those who have been successful with the BMV system and using leafleting as one of the main advertising modes – what are their similarities?  How are they different from you (if you’re not using leafleting of course).  How about those who are making real headway with options – what do you notice about them?

Perhaps you aren’t using these methods because you fear having your neighbours or friends laugh at you.

• If leafleting doesn’t feel right then build relationships with Estate Agents and use the traditional method of buying property.
• If you’re holding off making offers, or dare I say it, holding off from viewing properties, then you seriously need to ask yourself what is stopping you.
• If owner occupiers are pipping you to the post with your offers and paying the asking price, you may well be looking in an area that is very desirable for residential purchases.  In which case you will need to find another area near you (or even not so near you) that will fit your purchasing criteria.
• If you are using the lack of financing opportunities as an excuse… come on guys (and girls) get a grip.  There are so many opportunities to control properties without the need for a mortgage that this shouldn’t be an excuse any more.
• If you don’t know how to structure deals to the level that gives you confidence to get on with it, then get alongside others who do know.  Read all you can, attend all the seminars you can and most importantly of all get a great broker who knows what they’re doing. They’ll help give you the confidence to get all the background in place and to really make progress.

So, are you a jump in and do it kind of person? Or are you a researcher who likes to make sure all the I’s are dotted and the T’s crossed before you start anything?  Perhaps it would be better if you had a partner to accompany you and encourage you along the way? Or are you the director type who would rather someone did the hard work for you?

Whichever you are, you will find different groups who can answer your queries and help with your preferred method of investing.  If you’re uncertain as to which road to take then visit my website www.yvonneemerycoaching.co.uk.

Maybe one to one work could springboard your portfolio more quickly.  On the basis that each of you is different then your road to investing and the methods that suit your personality are different too.  Call me to see if I can help you to move forward.  I offer both one to one sessions and small group sessions (maximum 6 people) which would allow you to explore your own situation more specifically. You can own (or have an option to own) your next property by Christmas if you want to.

Email: Yvonne@YvonneEmeryCoaching.co.uk and quote YPN in your subject title.

Happy Investing
Yvonne

Are you Geographically Challenged?

Are you set on building your property portfolio near where you live or are you happy to chase the bargains wherever they are?

The main reasons investors give for staying close to home is that they can control the property more easily, deal with issues more quickly and save money by not using a Management Agent.  If you happen to live in an area where there are lots of bargains then this strategy works well.

However, if you happen to live in a very desirable area and you find that house prices are generally high or even increasing then finding property below market value can be a real challenge.

So what are your options?  You could either find an area within a reasonable travelling distance that fits your buying criteria, or find another area of the UK and buy there instead.  This will cause many investors to worry about how they are going to be in control of their properties.

Do you actually know how to plumb in a bathroom, or fix the electrics? Can you fix a washing machine or take time to redecorate?

If the answer to any of these is YES then you could be at a disadvantage. For those who have these skills, the desire to fix the situation ourselves is strong.  It’s true that no-one will do it better than you, but if you are able to pass this on to other people then you are beginning to leverage your property business, not to mention your time.

For those without these skills then the argument for having property nearby is weaker. There are two elements to an area being local – proximity and knowledge.

The only way to change your proximity to good buying areas is to move. However there are many ways to increase your knowledge of another area without having to move house.

If the better bargains are further away than you’d like then you will have to make a mental decision to find the strategy that works and the area it works best in. You will need to build up your local knowledge and key contacts in a different area.

Right Move can show you the cheapest areas near your postcode. www.rightmove.co.uk – check within a radius of up to 40 miles.  Use www.upmystreet.com to find out more about an area.  Do you know people in areas where finding bargains is easier?

Enlist the help of the Letting Agents – this has been key to my success in buying and renovating from a distance – what I call a ‘virtual renovation’.

• Find a really good Lettings Agent who will hold a set of keys for you.
  • The Agent has a vested interest in the work being done properly and they get first shot at renting it out.
• Tradesmen collect the keys from the Agent.
  • They are often recommended by the Agents and so they also have a reason to do a good job so they will be recommended again.

If I need to buy a replacement kitchen or bathroom, I select it from my local branch and have it picked off the shelf at a branch near the property.

If you happen to live in an area where property prices and renting potential are brilliant and you can’t possibly buy them all yourself then you need to learn to package the deals to create more income for yourself.

Are you near a networking event, or are you a bit out in the sticks? If no-one has set up a networking event near you, then how about trying one of my MINI Groups which I’m bringing to a town near you.

For a minimum of 3 people and a maximum of 6 in your area who want to meet monthly and have training, mentoring and coaching then these MINI Groups could help you build your portfolio and passive income more effectively.

Visit www.YvonneEmeryCoaching.co.uk/MINIGroups for further information or call 0845 094 6628 to let me know where you live and we’ll get a group set up.

Happy Investing
Yvonne

PERSEVERANCE IS THE RECIPE FOR SUCCESS

Each week I hear stories of how people have been burned or hurt as a result of their investments. Thankfully many have picked up the pieces eventually and soldiered on. If you asked each one of us mentors whether or not we had invested in some disasters or near disasters, we’d all have to say yes.

The difference between overall success and taking the easy road of holding back or giving up is PERSEVERANCE.

We don’t usually compare property investments to sporting achievements, but the principles and the discipline should be the same.

There are some fine examples of achievement in sports, such as Sir Steve Redgrave, Dame Kelly Holmes, Lance Armstrong and Dame Ellen McArthur amongst others. They reached the top of their sports through sheer determination, daily discipline, and perseverance despite injury and illness. What we don’t see are the hundreds of other sportsmen and women who train hard on a daily basis. They have a goal in mind, and they know that in order to achieve their best levels they have to keep practising a bit at a time in order for their achievements to grow to the next level.

Now is our chance to get into the mindset of the training athlete if we are to create the difference between last year and 2010. Can it really be as simple as a commitment each day to forward our bid for freedom?

Jeff Olson in his book “The Slight Edge” shows how the DISCIPLINE of doing even one small thing each day towards your goal compounds over time, but that also the practice of not doing one small thing each day towards your goal can in fact compound your lack of achievement.

Are you prepared to take the risk this year of not persevering each day, come rain or shine to move forward in your bid for freedom?

A race horse is blinkered to keep him from distractions, a 100m runner is focussed on the finish line, what are you going to train your eyes on in order to succeed?

Distractions lead to disaster, so move them out of your line of sight.

If you’re not sure what to focus on then this could be the cause of delay in your success.

• Make sure you buddy up with someone and become accountable to them.
• Take your goal and break it down into monthly targets.
• Then break these down again into daily tasks.
• Each day make sure those tasks are achieved.
• The perseverance and discipline of the athletes should provide a pattern for investing.
• The compound result of sticking to any regime is felt over a period of time.
• A habit takes several weeks to form.
• Within a month you will see and feel the results of working as though you are an Olympic athlete.

Imagine the results when applied to your investment strategy.

If you haven’t decided on your strategy then log onto www.YvonneEmeryCoaching.co.uk and follow the You Tube series on how to create your own strategy.

Make sure you’re all set to go for a very prosperous, successful and disciplined 2010.

Happy investing

Yvonne

Just Do It! February 2010

How to choose the right investment strategy for YOU.

Let’s get right down to business this time and make some constructive decisions.  Lots of questions, but what comes out of this is a way forward that you know you will take.

This month we are going to explore how you can choose a strategy that works for you and make it happen.

What are you trying to achieve?

•    Enough income to replace your current income
•    An extra £1,000 per month would be great
•    Cash-flow of £200 gross from each property
•    Cash-flow of £500 plus from each property
•    Easy property that doesn’t need any work
•    Property that needs general tidy up
•    Property that needs complete renovation – kitchen, bathroom etc.
•    Pension replacement income
•    A different lifestyle – income to allow you a few luxuries
•    The option to retire early

You’ll think of many more, and I’m asking so that you will then have a solid reason for making the investments, and have a clearer view of the type of property that will help you achieve this.

If you were going to make a difference to your life over the next 6 to 12 months what would help you do that?  Would an extra £1,000 per month on top of your wages help?  Perhaps it doesn’t matter about the income, as long as you change your job.  Do the kids want to pursue expensive hobbies which cost £100 per month, or more?  Would you like to be able to fund that Gym membership?

Why are you trying to achieve this?

If you can’t answer this simple question – ‘why?’ then the goal is probably not motivating enough for you.  The main reason we don’t ‘Just Do It’ is that we are not challenged or interested enough in what we are trying to achieve.  We constantly try to block our own progress either because of a fear of failure or a fear of success.  Yes, would you believe that a significant proportion of us stop that success subconsciously.

What is your financial situation? – be honest with yourself.

•    Significant equity in your own home
•    No equity in your own home
•    Savings of £50k or more
•    Savings – max £20k
•    Somewhere in between
•    Absolutely no money to invest
•    Able to get a mortgage based on income over £25k
•    Self-certificated income so mortgage is more of a challenge
•    No savings, no possibility of a mortgage

The biggest difference for people in the strategy they choose to pursue is their current financial situation.  Whichever situation you are in then you will need other people to help you and finding them can be your greatest achievement to date.

Time and Experience

•    Are you time rich and cash poor?
•    Are you cash rich and time poor?
•    Do you have lots of experience?
•    Are you just starting out?
•    Are you working full time?
•    How flexible is your working week?
•    Are you able to keep an eye on the deal provider’s messages?
•    Do you know how to do the due diligence quickly?

Have you been investing in property for years and now you’ve run out of funds, or are you just starting out and need other people’s trained eye to find you the property you require?

Find people you can team up with, even if it’s to encourage you to keep going.  You will find all the knowledge you need on this site and there are many others to look at if you are researching a particular strategy.

If you don’t know, or you don’t have time – find someone who does.

We’re not very good at delegating generally, but the better you can get at this then the more you will be able to leverage other people’s time, experience and money (and we’re all after ways to use other people’s money).

Personality

Personality plays a big factor in the way we choose to invest and even the way we dream our goals.  You need to get familiar with your own personality, make friends with it and realise your strengths and limitations.

Come and hear me speak at one of the networking events to find out more specifically about your personality and how it affects the way you choose to invest. www.YvonneEmeryCoaching.co.uk/events

The more reserved you are the more likely you are to choose an anonymous way of investing – getting others to do the deal making and negotiating with motivated sellers.  This might cost more money but will save you the stress of following up leads generated by flyers.  You might be enticed by the easiness of communicating by flyer and web advertising, but you will find yourself hesitating because you have no way of dealing with the calls this might generate.

Those who have more extrovert personalities, will be great at having the conversation with the motivated seller, putting them at ease and building rapport, but you might struggle with the dedication required for leafleting your area.  You might also be happy to chat but worry about having enough information to be able to explain the detail to the seller.

In reality we all need other people to have input into our system, whichever we choose, so that we can use our skills to best advantage and fill the gaps with other people’s input.

What are the strategies that suit you?

•    Buying deals provided by Below Market Value sourcing companies
•    Leafleting to find your own leads for distressed/motivated sellers
•    Picking one area and one type of property and repeating a system
•    Buying deals across the UK as long as the cash-flow is good
•    Buy, renovate and sell (works best in a growing market)
•    Buy low and re-mortgage to release the cash
•    Buy no money down
•    Purchase Options, Lease Options, Sandwich Options (no mortgage required)
•    Joint ventures

You can find information on all of these on the mentor sections of Just Do Property.

Most people wouldn’t get out of bed for an extra £200 per month.

Remember that for each property that cash-flows at £200 per month, that’s £2,400 per annum and £24,000 over 10 years.

£200 is not just for Christmas, but it’s for the rest of your life.

When will you start?

I have introduced my MINI Groups for 3 to 6 people to set strategies and buy property regularly.  Just £100 per person for a 3 hour session in a town near you.  Call 0845 094 6628 to learn more.

Happy investing
Yvonne

If you would like to discuss personal coaching/mentoring with Yvonne then as a Just Do It member you can get 20% off.  Phone Yvonne: 0845 094 6628 she can help you leap over your barriers.

Just Do It! December 2009

The philosophy of getting to the heart of the property world sits at the centre of Just Do Property and I will endeavour to help you each month to get straight to the main issues you face as an investor – whether you are just starting or whether you have been investing for some time.

Try asking yourself the following questions:

• What do I want to achieve?
• By when do I want to achieve this?
• Why do I want this now?
• How am I going to achieve this? – break each part down into   small pieces
• What other information do I need to have or be clear on to make this target easier to reach?

The more specific you are about each element of your goal the more likely you are to keep on track and be successful.

We tend to overestimate what we can achieve in a short period of time, and to underestimate what we can do over the period of a year or so.  This is because it feels like a big mountain to climb when you start out.

Let’s face it we’re all different and so you might like all the details, and then some more details depending on the answers before you make your decision.  In contrast you might not be interested in the detail, just the cash-flow, which means you’ll take a good deal because it looks good and then work out what to do with it.

If you do like the detail then in order to make the most of buying deals that other people have sourced for you then you need to have:

a)    A very specific crib sheet of how to do your due diligence fast (it doesn’t need to take more than 20 minutes when you know what you’re doing).

b)    You need to have a clear understanding of what your break-even point is.  Do you absolutely need to have £200 gross per month or would £150 be enough.

c)    Where exactly are you going to buy, and what is the furthest away from your home are you are prepared to buy?

There will be many more questions you want answered so that you are ready to agree to a deal quickly.  Make sure your list is as comprehensive as possible, and where possible give this list to the deal providers that are looking for property for you – this is usually available where a membership fee is required to have access to the properties.

If you’re much more of a jump in and do it person then why not consider partnering up with someone who is going to check the details for you.  This may slow the process down a little, but will avoid costly mistakes in the long run.

It’s great that you are prepared to take the next deal, but it never hurts to make sure that you have thought through your criteria before you start.  The more detail you have about the type of houses, cash-flow or equity that you require from a property purchase the stronger your portfolio will be.

What are the biggest issues that you face when thinking about buying that next property or negotiating your first lease option?

• I don’t understand the finance systems.
• Where am I going to get the deposit from?
• Should I take the deal if it’s less than 25% BMV?
• I live in an expensive area but I’m not confident of managing properties in another area.

There are so many ways of buying property these days that it can be overwhelming.  One system will feel like it’s in your comfort zone, but this isn’t necessarily the quickest or best way to accumulate the portfolio you really want.

Start with those comfortable purchases (probably the 2 and 3 bed houses or flats) and then move on to those which will support the income you want more quickly (multi-lets and even HMO’s).

Finance training is available so book yourself on a course that will show you how the systems work so that you can be satisfied you understand fully what is going on, the documentation needed and how you are going to use that system.

One of the biggest tips is that you don’t have to do everything yourself.  If you would be more confident working with someone who would help with the figures then buddy up with them.  You will probably be able to help them by finding great deals.  Share the workload, not only does this make it easier for you to build your portfolio, it makes it more fun too.

Whatever it is that’s stopping you or holding you back then check out the Just Do It mentors sections – get on the right training courses – or get someone to show you the way you like to learn so that you can take giant leaps forward.

You only have to do a little a day towards your goals to achieve more than you ever expected you would.

Happy investing
Yvonne

If you would like to discuss personal coaching/mentoring with Yvonne then as a Just Do It member you can get 20% off.  Phone Yvonne: 0845 094 6628 she can help you leap over your barriers.