Deal Profile to give to agents

[danwatto]

Hi All,

I saw a Steve McKnight interview where he talks about a "deal profile" to give to a whole bunch of agents, which gets the agents to do the searching. Kind of using them like a team of free (but biased) buyers agents. Just using that as an example.. I've read about others doing something similar, registering with agents etc..

Seems like an ok strategy to leverage time, if you've already picked the areas and the exact requirements needed for what you want.

I'm wondering if anyone here has experience doing this or similar techniques to find purchases, and able to comment on your success or any tips?

Does anyone have any template or example of a deal profile or "requirements checklist" they give to agents?

My situation is I'm looking to purchase a few more IPs but pretty short of time, and I'm keen to try out this strategy.

 

[knightm]

Hi All,

I saw a Steve McKnight interview where he talks about a "deal profile" to give to a whole bunch of agents, which gets the agents to do the searching. Kind of using them like a team of free (but biased) buyers agents. Just using that as an example.. I've read about others doing something similar, registering with agents etc..

Seems like an ok strategy to leverage time, if you've already picked the areas and the exact requirements needed for what you want.

I'm wondering if anyone here has experience doing this or similar techniques to find purchases, and able to comment on your success or any tips?

Does anyone have any template or example of a deal profile or "requirements checklist" they give to agents?

My situation is I'm looking to purchase a few more IPs but pretty short of time, and I'm keen to try out this strategy.

It can work but it won't with all agents. For many what they want to sell you is what they have on their books this week. Not all even understand what makes a good investment. Look at it from their perspective if you want to raise the success rates. I would keep it general, and to property features, no financial modelling (u can try but I have had agents ask me "what is yield" or "how do I work the yield out?")

I would just say - for example: Freestanding homes on 4-800sqmt blocks in X or X suburb from 300k-400k. then you get to do the filtering.

 

[danwatto]

Yeah funny you mention that, after recent experiences with this I think you're right. I'm only passing it to agents I either meet at opens, or if I call them about a listing and they tell me they sold it but some don't want to think about the calculation.

But what I'm finding is the older and/or smarter agents are fine to send on yield, but the younger ones just want budget + location. Maybe older ones been doing it so long they can calculate rough yield in their head.

Benefit if they DO send based on yield, sometimes they can send something outside the areas I was looking that I didn't consider.

It's a bit hard at the moment to do this for me though, as I'm not shopping in my local area I can't jump on things so quick. Will keep trying though.