Understanding Estate Agents: A Property Investor’s Guide 101

Serious property investors don’t go to estate agents do they? Or do they?

You’re about to embark on an exciting property investment journey. As you prepare to dive into the local estate agent scene, it’s crucial to approach this task with strategy and finesse. Timing is key when dealing with estate agents, so you’ll want to avoid those busy Monday mornings and Friday afternoons. Instead, aim for midweek visits when agents are more likely to give you their full attention.

Before you set foot in any office, take some time to do your homework. Research the agencies online, paying special attention to their team structure and individual staff members. This knowledge will help you build rapport and make meaningful connections when you meet face-to-face. Remember, in the world of property investment, relationships can be just as valuable as the properties themselves.

Key Takeaways

Plan your estate agent visits for midweek to get the best attention
Research agencies and their staff online before visiting in person
Focus on building relationships with both sales and lettings teams

Learning About Estate Agents

Listening to the experience of estate agents turned property investors has given some insider knowledge that proves invaluable.

So where to start? Simple steps suggested by our ex estate agents include:

Look up agents online first
Make a plan of who to visit
Avoid Mondays and Friday afternoons
Aim for Tuesday, Wednesday or Thursday visits

Use websites like Rightmove and Zoopla to find local agents. You’ll discover many are listed but some can be duplicates or national brands.

Taking each in turn, look up their office details and team info. It is so important to know who you’ll be talking to before you go in. It helps you build rapport and relationships.

Typical teams include:

Branch Manager
Sales Negotiators
Lettings Negotiators

Understand that sales and lettings are different skills, even if the teams work in the same office. If you’re interested in rent-to-rent strategies, you’ll want to talk to the lettings team. For purchases or flips, the sales team is your go-to.

Branch managers are often the sales leads too. Speak with the branch manager if you can – you can even looks them up on LinkedIn to learn more about their background.

There are three types of estate agents:

Corporates
Franchises
Independents

Each has its own advantages. Try focusing on independent companies with 1-5 local offices for the best results.

Lastly, prepare a script for your chats with agents. Practice your pitch and be ready to explain your property goals clearly. With these steps, you’ll be all set to make the most of your estate agent “challenge”!

Searching LinkedIn for Estate Agents

When you’re looking to connect with estate agents in a new area, LinkedIn can be a useful tool. Start by typing the agent’s name into the search bar. If you’re lucky, they’ll pop up near the top of the list.

Click on their profile to learn more about them. You’ll often find helpful details like how long they’ve been in their current role and their work history. This info can give you clues about their experience and local knowledge.

For example, if an agent has just started at a firm but has years of property experience elsewhere, they might know the industry well but be less familiar with the local market. On the flip side, someone who’s worked in the same area for years could have deep local insights.

Don’t forget to look at their skills and any posts they’ve shared. These can give you ideas for talking points when you meet them in person. It’s all about finding common ground to build a rapport.

Remember, LinkedIn is just the first step. Use what you learn to prepare for face-to-face chats, but be ready to adjust your approach based on the real-life conversation.

Types of Estate Agents You’ll Find

When looking for estate agents, you’ll come across three main types: corporate agencies, franchises, and independent firms. Each has its own strengths.

Corporate agencies are big names you’ll see in many towns. They often have lots of resources and a wide reach.

Franchises mix the backing of a larger brand with more local ownership. This can give you both national support and community knowledge.

Independent agencies are typically smaller, local businesses. They usually have 1-5 offices in an area. These firms often have deep roots in the community and may offer more personalised service.

For property investors, independent agencies can be great to work with. Their local expertise and flexibility can be really helpful.

When you’re ready to visit agencies, pick Tuesday, Wednesday or Thursday. Mondays are too busy with catch-up work, and Fridays can be hectic with house sales finishing up.

Before you go, do some online research. Check websites like Rightmove and Zoopla to find local agents. Look at their team pages to learn about the staff. This homework will help you build better relationships when you visit.

In each office, you’ll likely find separate teams for sales and lettings. Sales staff often handle the bigger deals, while lettings teams manage rentals. As an investor, you might need to talk to both, depending on your plans.

Remember, building good relationships with estate agents takes time. But it’s worth it for the inside track on great property deals!

It’s crucial to approach estate agents with strategy and finesse. e.g. Timing is key, so avoid Monday mornings and Friday afternoons