Mastering the Art of Deal Success and Property Negotiation in 7 Steps with Saj Hussain
Last updated: 26 Dec 2023
In Episode 5 of Deal Finder’s Corner, we had the pleasure of hosting Saj Hussain, a renowned property entrepreneur and educator. With his impressive portfolio and expertise in various property strategies, Saj generously shared his 7-step approach to finding great deals and negotiation and was involved in the role-play with three lucky members of the Property Filter community.
Once you get into the property game there are two main challenges you are going to face: how to find great deals and how to successfully close them? Learn from Saj his methodology and see how it correlates with the features offered by Property Filter.
7 Steps to Deal Success
Define Your Strategy and Geographic Location
Identify the property strategy that aligns with your goals and preferences. Consider the geographic location and market conditions to maximise your chances of success. Remember, not all strategies work everywhere, so find the right fit for you.
*In the Property Filter this corresponds to establishing your Goldmine Area. You can use analytic tools (based on Census 2021 Data) and maps (Last Sold, EPC Data, HMO Art. 4 Area ) to make the best choice for you based on real-time data.
Lead Generation
Focus on generating leads from motivated sellers. This allows you to create deals that align with your requirements and objectives. Remember that degree of motivation might vary. Focus on flexibility in the price or in the way the deal can be made. Avoid extremes (property just listed or desperation for an immediate sale). Always strive for creating a win-win situation.
*Motivated Seller Banner is one of the most powerful features of the Property Filter that works for every strategy. Set the filters according to your preferences and get an endless supply of deals delivered by generation bots 24/7 straight into your inbox.
Rapport Building and Fact Finding
Understand the needs, motivations, and circumstances of the sellers. By gathering relevant information, you can tailor your offer accordingly.
*Thanks to Property Details View you have all relevant information right in front of you, including among the others: the number of agents, price and status history, last sold data, live market data. It will make you feel like cheating when you find out soon that you are better informed than many, many agents.
Deal Appraisal
Thoroughly assess the potential of each deal by conducting a comprehensive appraisal. Evaluate the property's value, potential risks, and returns. This analysis will help you make informed decisions and identify profitable opportunities.
*Built-in calculators and access to comparables in Property Filter will make the process of due diligence smooth and fast for you.
Negotiations
Develop strong negotiation skills to secure favourable terms and agreements. Effective communication, active listening, and a win-win mindset are key. Understand the motivations of all parties involved and strive for mutually beneficial outcomes. Use the framework below from Saj to structure your negotiation process step by step.
Closing the Deal and Next Steps
Once negotiations are successful, it's time to close the deal. Ensure all necessary paperwork and legal issues are taken care of, and clearly define the next steps to keep the process moving forward smoothly.
Implement a Good Follow-Up Process
Establish a systematic approach to stay in touch with leads, nurture relationships, and capitalise on potential opportunities that may arise later.
*The reality is you won't be able to close immediately the significant number of deals, therefore an impeccable follow-up system is a must-have. Have everything under control using Property Filter Pipeline.
7 Steps to Property Negotiation
Once you have your hands full of deals thanks to Property Filter the tricky part is to close them. Remember that every skill is developed by practice - use the framework provided by Saj Hussain and by moving from research loop to active negotiations accomplish multiple deals closure. Remember it could be a process and doesn't have to happen all in one conversation.
Rapport Building
Establish trust and create a comfortable environment for open communication and collaboration.
Talk Property
Engage in property-related discussions to understand the other party's expectations, preferences, and experiences. Encourage them to share details about their property and any improvements or changes they have made.
Transition to Motivation
Turn the conversation from property specifics to motivations. Understand the underlying reasons for potentially selling and the seller's plans for the future. By delving deeper, you can uncover their key motivations and align your negotiation strategy accordingly.
Identify Circumstances
Identify the circumstances that play a significant role in their decision-making process. By understanding their unique circumstances, you can tailor your offers and negotiations to meet their needs effectively.
Focus on the Most Important Aspect
Pinpoint the single most important factor for the other party. This could be price, timing, flexibility, or any other key consideration. By addressing their primary concern, you can increase the chances of reaching a favourable agreement.
Test Close
Check the feasibility of your proposed solution by asking a hypothetical question. For example, ask if a particular scenario or outcome would work for them. This allows you to gauge their response and ensure you're on the right track.
Close and Define Next Steps
When the negotiations are successful, take control of the conversation and define the next steps. Clearly communicate the process moving forward, including any required paperwork, timelines, or actions needed to close the deal.
Property Filter members present during the live session had the opportunity to see how this framework works in practice during role-play session, when Saj was giving tips and commenting on the potential deals of Afsin, Clive and Sham. If you would like to find more about his mentoring programme you can drop him an email: team@SajHussain.com.
Remember, success in the property business requires a combination of strategy, effective communication, and a keen understanding of the motivations and circumstances of all parties involved. You can catch the full episode of Deal Finder's Corner Episode 5 with Saj Hussain on our YouTube channel. And do not miss the next episode of Deal Finder’s Corner, where you’ll continue to learn from the most successful and experienced investors in the UK.
Additional Resources
Paul Stapleton On Deal's Finder's Corner Reveals 5 Tips On How To Prevent Deals To Fall Through
Masterclass In Effective Communication And Negotiation With Rob Mcphun
Creating And Controlling Your Financial Future with Kevin Whelan
Unlocking Property Investment Success With Richard Evans: How To Focus On Deals, Not Searches
