Off Market Property Deals Work Best
Hi Everyone.
I hope you had a great week?
I had a busy week, and spent more than one day this week doing training with a property expert in the UK called Paul Higgs, who specializes in off market property deals.
Paul Higgs has been in this business for 40 years and has learned all of the tricks of the trade. He has made millions out of acquiring land and building sites direct to vendor, ie they are not sites that are on the market.
Paul´s opinion, which makes absolute sense is that any site or building that is on the market is subject to competition and prices are bid up by prospective developers and investors, some of whom do not know what they are doing, and overpay for such sites.
Paul finds sites software called Land Insight, which is expert system linked to many property record databases, so it saves a lot of time looking for sites.
In days gone by Paul used to walk the streets or cycle round looking for prospective sites for development. In fact as part of our training day, we walked a couple of blocks near the training venue and Paul pointed out several sites where there were development opportunities, within around 100 to 200 yards. So it shows that there are development opportunities everywhere and all you have to do is keep your eyes open in your own locality and approach the owners directly, not wait until sites are put on the market using agents.
It made me really think that this is the best way to proceed with developments, since past experience over the last few years tells me that many property owners and agents tend to over value sites for sale. Because of the market conditions in the Uk, that is there is usually a high demand for development land owing to the critical housing shortage, prices tend to be quite high, and there are always competitors to bid up the prices.
So this is the way forward, identifying prospects off market and approaching owners directly.
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Hi Jeff, Thank you very much for taking the time to read and comment. Have a great weekend! cheers Alan.
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That is certainly a good way to acquire land without paying over inflated prices for it Alan but.....
At the end of the day it is all down to the local council to decide whether or not one can develop it!
From experience, it always helps to be friendly with a few members, unless things have changed back in the UK in recent times!
Have a wonderful weekend my friend!
Hi Nick, Thank you very much for taking the time to read and comment on my post. You are absolutely right, there are no guarantees what will be allowed, and knowing the council and the key players to influence decisions can be a massive help to get the right result, cheers Alan.
You're most welcome my friend and they are indeed....
After waiting nearly 15 years for the right permission we've have done something completely different with a certain plot of land!
Cheers!!