50+ BRR Deals & Business Success: Top Tips & Tactics from Terry Blackburn
Last updated: 27 Sept 2024
Meet Terry Blackburn
We were joined by Terry Blackburn, a seasoned entrepreneur and property investor with over 16 years of experience. Terry has built and sold multiple businesses, including a financial services company that achieved seven-figure sales. He owns a diverse property portfolio in the Northeast, valued at over £10 million, consisting of buy-to-lets, HMOs, serviced accommodations, and even a hotel. Known for his ability to juggle multiple ventures while maintaining a healthy work-life balance, Terry embodies the "do it all" spirit and is here to share his top tips on negotiating, sales, and running a high-performance property business.
In this article we will uncover the strategies and lessons shared by Terry Blackburn on how to effectively negotiate with agents and vendors, become better at sales, and manage your property investment business efficiently. You’ll learn actionable tips, hear real-life case studies, and gain insights into overcoming common challenges in the property investment career.
The importance of sales in property investment
Terry passionately argues that sales are the backbone of any successful property business, emphasising, "Sales impact every part of property, business, and life." Whether it's negotiating a deal, raising money, or building relationships with agents and vendors, he asserts that mastering sales skills is crucial. He believes that sales should not be viewed negatively, saying, "Sales isn't a way of misleading people or manipulating them; it's about explaining your offering and creating a win for both sides." Terry challenges the common perception of sales, urging property investors to see it as a vital skill rather than a necessary evil.
Balancing multiple roles
Terry's story confirms that you can achieve more by structuring your time effectively. Despite managing multiple businesses, a property portfolio, and a family, Terry has found ways to optimise his day. He doesn’t work past five o’clock and prioritises activities like going to the gym in the morning, demonstrating that a disciplined schedule can help balance various responsibilities. "People often say you can't keep fit because you have businesses, or you can't do property because you have kids. But you can do it all if you set a structure," he insists.
"You can do it all if you set your mind to it and you set a structure."
Effective negotiation techniques
Terry highlights that every interaction in property investment, whether in person or over the phone, is an opportunity to build trust and rapport. "People buy from people they like, listen to, and trust," he explains. He underscores the importance of being likeable and trustworthy, noting that these qualities are essential for securing deals. Terry advises that to make a positive first impression, one should focus on simple yet powerful techniques such as smiling, maintaining eye contact, and using a friendly tone of voice. "If you meet an angel investor who's got millions in the bank and he doesn't like you, even if you offer a 15-20% return, he's probably not going to invest with you," he points out, illustrating that personal rapport can outweigh even the most attractive financial offers.
Leveraging sales to drive success
Terry also discusses how sales skills are pivotal in property investment, not just for closing deals but for all aspects of the business. He uses an example of negotiating with a builder, where one might say, "I need it done by this date and under this budget," and explains, "If they don't do it, they've sold you why it can't be done on time or on budget." Terry suggests adopting a mindset where every conversation is viewed as a sales opportunity—whether it's convincing a vendor to sell directly to you or an angel investor to finance your next big project.
By understanding that "every business at every point is selling," Terry encourages property investors to see every interaction as an opportunity to persuade, influence, and create mutually beneficial outcomes.
Practical steps to improve your sales skills
For those looking to improve their sales skills, Terry provides practical advice: "Instead of just giving one offer, give two or three options. It invites more conversations and back-and-forth." He explains that providing multiple options can open up dialogue, allowing for more flexibility and increasing the chances of reaching an agreement.
Moreover, Terry emphasises the importance of effective communication over the phone. "Your tone should convey enthusiasm and credibility," he says, stressing that how you sound can significantly impact how you are perceived when face-to-face contact isn't possible. Standing up while making phone calls, maintaining a lively tone, and practising introductions can all contribute to better results in negotiations.
Conclusion
Terry Blackburn's insights provide invaluable lessons on mastering sales and negotiation techniques in property investment. By becoming better at communicating, creating multiple offers, and balancing multiple roles, you can increase your chances of success and close more deals.
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