Show Me The Money!

How ‘Sitting by Nellie’ could speed up your progress.

Imagine that you go skiing and you are given the best fitting boots, the exact length skis and clothes that guarantee you keep warm.  You’ve never skied before so you start at the top of the slope and point downwards because that’s what you’ve seen on TV.  Very soon you’re going to end up falling hard as you have the practicalities sorted out, but not the know-how.

Yet, this is what we often expect of ourselves with property investing.  We hear the latest idea which sounds fantastic, but the reality is that it pushes you out of your comfort zone and there are elements that you wish you could just see happening first so that you got an idea of how to do it yourself.

The prime example of this is talking to motivated sellers – you just go and talk to them and see what happens.  Right?  Wrong!  You need to be prepared and know the sort of questions to ask.  Make yourself a list in advance; Go with someone who’s more experienced; Give yourself breathing space before you make your offer; Ask for help if you need it.  These conversations with motivated sellers (and less motivated ones) take time to get used to, and are easier for some than others.

Many of us at work are promoted to the next level and are left to flounder because we’re supposed to guess how to do the job.  We’re expected to know instinctively how to manage a team even if we’ve never done it before.  We’re supposed to understand the processes even if there are no documents to follow.  If there’s no handover period then what are your chances?  Pretty low really and yet that is how businesses tend to operate.

Are you very practical but prefer to see and copy? This process is called ‘sitting by Nellie’. We observe and copy and as a result there is a much higher level of success than where we have to imagine for ourselves how to do something.   Think back to when you had art lessons.  The teacher demonstrated and you copied – the outcome was far better than if you had just had a go on your own.  A lesson on perspective meant that you could suddenly draw the road that went off into the distance and looked as it would if you could see a real street.  What a difference this made because someone had shown you what to do.

If you don’t have access to a mentor or someone you can shadow then perhaps you need to start networking more.  There are plenty of people in the same boat.  If you could team up with them then between you the full picture can be gleaned from the sellers, you can both have input into how the figures would work out and it also gives double the chance for the seller to connect to one of you.

If you are fortunate enough to know someone who will show you the ropes and help you get started by following them on their visits then you are much more likely to do well and to see successful outcomes to your visits to motivated sellers.

If you don’t know anyone then you will need to go on a course where you can try these things out in safety or see examples of them on DVD’s.

  • If you are happy practicing in your own home or with a buddy then try downloading the examples from my FREE STUFF – then select FREE STUFF and Role Play with motivated sellers.  There are 6 examples for you to try.
  • If you want to follow someone who is meeting sellers then how about you setting up the appointments and asking another investor to go with you.  If you take the initiative then it’s easier for someone to help you.
  • Make sure you take your crib sheet with you of the sort of questions you need to ask.  E-mail for a basic list of useful questions.
  • If you would prefer to practice before you do it, an d see first-hand what happens when you start talking to a potential seller then come to the Negotiating Techniques Day in Birmingham on Saturday 10th July.  You’ll learn how to make conversations easy, do the maths and make great offers so that your confidence will help you achieve greater results.

Are you screaming that you want your autonomy and prefer to do it your own way – great, then you should use that enthusiasm and creativity and get on with it.  For the majority however this is not true.

When you learn most things it is by observation as well as practical doing.  Equip yourself with the know-how and you’ll be skiing down that slope like a pro before long.

Remember always that this is a numbers game.  How many properties have you visited?  How many sellers have you spoken to? How many were motivated?  If the answer to this first question is less than 20 then it’s not surprising that the bargains aren’t popping up for you.  One of my MINI Group members had visited 21 properties within 3 days of learning the techniques and the questions to ask.  They’ve now visited over 30 and some of the discussions are getting close to a deal.  Interestingly they still haven’t visited half of the available properties within the area they are looking.  If you’re not prepared to put in the leg work then you’re going to have to wait for those deals to appear.

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
  • Maximum 6 people and minimum of 3
  • Do you have some friends who’d like to pal up to make up a MINI Group?

Call 01733 689567 for further information