FOLLOW UP, FOLLOW UP, FOLLOW UP
As a result of a mis-timed offer on a property, we unfortunately didn’t secure the deal and the property was taken by another investor.
As the opportunity was an exceptional one and, driven by the knowledge that 1 in 3 property purchases fall through, a rigorous follow up programme was put in place to maintain contact with the vendor.
After 4 months of persistent follow up, along with tracking progress via Land Registry, the vendor called one morning advising the sale had fallen through, as the other investor hadn’t performed. They offered us first refusal on the property, before it was remarketed. We instantly accepted and submitted proof of funds and instructed our Solicitor immediately after the telephone call ended. Within an hour the purchase was underway.
The conversion of the property took less than 1 month and was fully tenanted in less than 7 hours of the property being marketed, all at above market rate, due to the quality of the accommodation.
What does this mean?
Persistence and diligence pays off and enables us to secure the investments that we know are worth pursuing. This property is now one of our best performing in terms of the returns it provides. Those who don’t follow up frequently miss out on securing the best deals.