How Sending 650 Letters Got Me 5 Deals in No Time with Sohail Khan
2 Oct 2024
Meet Sohail Khan
Sohail Khan, an experienced property investor, has a background that spans from studying computer science to excelling in car sales. His journey took a significant turn when he transitioned into the fast-paced world of property investment. Today, he's known for his excellent communication skills and negotiation tactics. Despite facing challenges, such as a failing business during the lockdown, Sohail has shown resilience and is now thriving in the property space.
In this Deal Finder's Corner episode, Sohail shared his direct-to-vendor negotiation strategy, revealing how sending 650 letters led to securing five property deals. He emphasised actionable, straight-to-the-point methods that anyone can apply to uncover and negotiate profitable property deals.
“The best deals often come from motivated sellers who need to act quickly. If you can uncover their motivation, half the work is already done.”
Key strategies from Sohail Khan
Sohail’s approach to property investment relies heavily on targeting properties that are already listed below market value and leveraging direct vendor negotiations. Here’s how he breaks down his method:
1. Utilising Property Filter to target areas
Sohail emphasised using the Property Filter tool to find undervalued properties in specific areas. By comparing market values and identifying properties listed below the average, he was able to pinpoint opportunities without needing significant price reductions.
“You don’t always need to knock £40,000 or £50,000 off a property. Sometimes, the property is already priced below market value, and you just need to negotiate a bit more.”
2. The power of sending letters
His next step involves sending targeted letters to properties that show promise. Instead of blanket marketing, Sohail focused on properties that had already experienced price reductions or were listed well below comparables in the area. He consistently sent letters to around 100 properties at a time, ensuring that he stayed on top of potential deals.
Sohail’s letter strategy is simple yet effective. He sends out direct letters and uses follow-up letters to maintain contact with sellers over time, increasing his chances of getting a response.
3. Negotiation framework
Sohail's negotiation process is built around understanding the seller’s motivation. In each interaction, he seeks to uncover why the property hasn’t sold and what challenges the seller is facing. By doing so, he positions himself as a problem-solver rather than just another buyer.
“Finding the seller's motivation is key. If they have a deadline or financial pressure, you’re more likely to secure a great deal.”
During phone calls and property viewings, Sohail asks open-ended questions, encouraging the seller to discuss their property and situation in depth. He focuses on rapport-building and making sellers feel comfortable, which helps in moving the negotiation forward.
Case study: 230k down to 181k in one deal
In one notable deal, Sohail targeted a property that was initially listed for £230,000. After sending a letter and speaking with the vendor, he discovered the property had been on the market for months due to a previous failed sale. Through careful negotiation, Sohail was able to secure the property for £181,000, significantly below the initial asking price.
This deal highlights the effectiveness of Sohail’s strategy—identifying motivated sellers and leveraging negotiation to secure properties at a discount.
Actionable tips from Sohail Khan
If you want to apply Sohail’s methods to your property investment strategy, here are a few tips to get started:
Identify below-market properties: Use tools like Property Filter to identify properties listed below the average in your target area. Focus on those that already have a small discount rather than trying to negotiate a huge price reduction from the start.
Send letters consistently: Target properties that show potential based on their listing history and send out consistent, personalised letters. Follow up with additional letters over time to increase your chances of securing a deal.
Uncover the seller’s motivation: During negotiations, focus on understanding why the seller is keen to sell. Their motivation will help guide your negotiation and determine how much you can offer.
Conclusion
Sohail Khan’s success in securing five property deals from 650 letters showcases the power of targeted marketing and negotiation. By focusing on properties already listed below market value and using a personal, persistent approach to direct vendor negotiations, he was able to uncover hidden gems in the property market.
Want to learn more from Sohail Khan? Watch the full episode on our YouTube channel. Explore more strategies for finding and securing property deals across the UK with our Deal Finder’s Corner series.
Additional Resources
Mastering The Art Of Deal Success And Property Negotiation In 7 Steps With Saj Hussain
Secure the Lowest Priced Deals on Property Filter with Saj Hussain
Masterclass In Effective Communication And Negotiation With Rob Mcphun
Deal Finder's Corner is your weekly property talk show, proudly brought to you by Property Filter. Our mission is to equip you with the best resources by inviting expert guests to share the most up-to-date and effective strategies, tactics, and insights for finding and securing property deals across the UK.
