6 Steps to rent to rent success - How to get your first rent to rent HMO property deal
6 Steps to rent to rent success - How to get your first rent to rent HMO property deal
I’m flinging open the doors and welcoming you in to episode 10 of the Rent to Rent Success Podcast,
It’s our double digit milestone and we’re talking about,
The 6 steps to rent to rent success - What you need to do to get your first deal.
This is the overview so you can stay on track.
The first 3 steps are your foundations.
The second 3 are the things you repeat.
And often when I hear of people saying rent to rent doesn’t work,
I tried it,
It doesn’t work.
It’s because they don’t have the foundations in place.
They don’t have the right systems in place.
People try to DIY and often miss the hidden details which make it run easy.
They’re stressed when if they did it right, they’d be chilled out.
So in this episode I’m going to give you gold.
Let's dive in…
The 6 Steps to get your first rent to rent deal
We’ve been in rent to rent since 2016 and we’ve written the process into a repeatable system.
The Rent to Rent Success System - It’s the system that’s helped us to:
🎯Build a thriving HMO management business with contracts worth over £2m
🎯Systemise our business and employed a full-time Property Manager meaning I no longer work IN our property business and can focus on helping you while our property business continues to grow
🎯Start Rent 2 Rent Success to help you achieve success
🎯And buy property worth over £1m
Let’s move on to the 6 steps
.As I mentioned, the first 3 are foundational.
Step 1 is Model Magic
The real magic in the rent to rent model, how it works, how it has worked for others and how it can work for you.
And we talked about this in episode 2 of the podcast called What is rent to rent?
Listen here
✅ https://rent2rentsuccess.com/2 ✅
The real different between success and failure is in the intention.
Go out there to create a win-win-win.
A win for your landlords, a win for your tenants and a win for yourself.
Be prepared to put something in before you get something out.
Is it possible to find a deal and put no money in, no time in and make money?
Yes it is.
Some of our deals are like that now.
No money because the properties are already refurbed and tenanted.
No time, or at least none of my time.
Our team’s time still goes in.
Is it likely that you get a cashflowing rent to rent deal which requires none of your money and none of your time on your first deal?
No it isn’t!
Expect to put in a little time and a little money.
Nurture it.
Expect to get more out.
I lose count of all the people who ask me how they can get started in rent to rent with no money and no time and still make good cashflow.
Just understand this doesn’t happen straight out of the gate.
Step 2 Mindset Mastery
Discover the powerful tools to make success inevitable.
Whether you’re in Kickstarter or doing it on your own.
You have to master your mind.
It’s a none-negotiable and in episode 6
Why you are your own worst enemy sometimes and what to do about it?
I stepped you through the ways to get incredible results.
If you don’t have the results you want yet, in any area of your life, you can improve your results with your thinking.
Your powerful Toddler Brain which runs your subconscious will be resistant to new ways of thinking and ideas.
Your Gamechanger Brain will help you to change your subconscious thoughts with practice.
Gamechanger Thoughts are fundamental to starting to change the thoughts which are running your life.
The three I invite you to try on are
I will always be there for me, no matter what
I am resourceful
I am unstoppable
If you haven’t listened to episode 6 I really encourage you to listen to it after this one.
✅ https://rent2rentsuccess.com/6 ✅
Remember to offer yourself grace.
You don’t go for the heavy weights your first time in the gym.
You pick up the beginner weights and as you become stronger you can manage heavier weights.
So for example, if you’ve had trouble before taking action on something and now believe you’re a procrastinator.
Offer yourself, I can focus for two times 30 minute sessions.
Rather than I will spend an hour every day.
Start where you are, with what you have and do what you can.
You will always be there for you, no matter what
You are resourceful
You are unstoppable
You will succeed
This is one of the most important episodes in the whole Rent to Rent Success podcast.
It’s how to get the success you deserve,
And make the difference you were born to make.
Step 3 is Mind Your Business
Get your business set up quickly, easily and legally with little money even if you have no business or property experience.
We walk you through the Foundations before you set up and then the 4 Steps to success.
Step 1– Company Setup Basics
Step 2 – Contact Details
Step 3 - Clear Message
Step 4 – Compliance
In episode 9,
What do you need in place for your rent to rent business to be legal and compliant?
We talked about the steps to take:
You need public liability and professional indemnity insurance
You need to register with the Information Commissioner’s Office
You need to join a government approved ombudsman e.g PRS
You need to check whether your local Council requires Client Money Protection
These are to set up your business.
There are further ones we’ll cover in future episodes about when you take on each property
✅ https://rent2rentsuccess.com/9 ✅
And in episode 8,
How much does it cost to start a rent to rent business?
We talked about how much it costs to set up your business.
And if you missed that one, you could be in for a surprise.
Let me know after you’ve listened whether it was more or less than you thought.
✅ https://rent2rentsuccess.com/8 ✅
So those are the 3 foundation steps:
Model Magic – understanding the success approach
Mindset Mastery – making success inevitable
Mind Your Business – setting up right
Once they’re in place you have a solid foundation
Step 3 Magnetic Marketing
Get magnetic marketing methods to attract owners and agents to you even if you hate selling or are shy.
This part is what drives your business.
The reason many people hate selling is they see it as getting people to do things they don’t want to do and aren’t in their best interests.
Magnetic Marketing is different because it’s not about persuading people to do something they don’t want to do.
So what is Magnetic Marketing?
Magnetic Marketing attracts your perfect customers to you by clearly stating your customers’ problems and your solution using your customers’ language.
It's based on one hugely important and undeniable truth.
A truth many fail to take into account in their marketing and get terrible result.
And when you become magnetic, the results are incredible.
So what is this undeniable truth?
It’s that people buy with emotions and they justify with logic.
To be successful you need to tap into what your customers are REALLY looking for.
What emotions are driving them? And remember sometimes they won’t be consciously aware of these.
Why did our first landlord chose us when other people offered him over £200 a month more in rent?
Why did he choose to extend his contract with us for another five years?
It's not just logic, it's also about emotion.
Security, trust, relationships are all real drivers.
When you tap into what your customers are really looking for, they become magnetically attracted to you.
What I'm going to show you in this part of the Module is how to create something so delicious and tasty that it's as irresistible as my Mum's gravy.
It’s your secret sauce.
And it’s almost irresistible to your perfect customers.
We're going to discuss how to define what you do in a way that's different to what other people are doing, and that speaks to what your customers really, really want.
In episode 5 we talked about
Why would a landlord or a letting agent want to give a property to me?
✅ https://rent2rentsuccess.com/5 ✅
We talked about what landlords and agents want:
Rent paid
Property looked after
Minimal risk in any transaction
There’s one thing addition that agents want.
And it’s the thing their business relies on and that’s ,
The fees paid – the agent commission.
And our job in magnetic marketing is to be able to deliver that effectively.
When I say landlord here, I mean landlord or agent.
To solve the landlord’s problems using the landlord’s language and create enough interest that they want to know more.
In future episodes of the podcast we’re going to be breaking it down for you.
Step 5 is Make the Deals
Discover how to analyse deals in minutes, negotiate like a ninja and do the deals!
This part is so important.
It’s here that I see the Number 1 mistake people make in rent to rent!
When you get this right, your business works well, and success is easy.
When you get it wrong, it costs you money and peace of mind.
The mistake is that people don’t know their numbers.
And the solution is so simple.
The Rent to Rent Success Deal Analyser gives you total clarity.
And it saves you time, money and stress.
Even if you’re not a spreadsheet person, I want to reassure you,
It’s simple to use.
Don’t guess! Know for sure!
You probably understand in theory how important this is.
However, I see so many people just working out figures in their head I want to urge you to take 5 minutes to put the figures into the deal analyser and know for sure.
You can download your own copy at https://rent2rentsuccess.com/dealanalyser
In upcoming episodes we’ll talk about how much it really costs to run an HMO, and also the ninja negotiation techniques I know you’re going to love.
Step 6 is Multiply
Understand how to systemise your business and get the money and time freedom you want as your business grows.
And this step includes,
Refurbishing
Tenanting
Managing
In Kickstarter we go into detail and give the step by step breakdown of tenant on-boarding, how to do viewings, and how to write ads - it’s all there for you.
And in upcoming episodes we’ll look at that too.
So, that’s the complete Rent to Rent Success System
Model Magic
Mindset Mastery
Mind Your Business
Magnetic Marketing
Make the Deals
Multiply
Anyone can take these steps,
But they won’t work if they’re not done right.
Anyone can send a letter,
But not everyone sends the letters that really work.
Anyone can get a deal,
But not everyone can get a deal that cashflows and gives you freedom.
Work with someone who knows!
Don’t struggle on your own.
Trying to paste it together between YouTube, Facebook and people you’re not sure sure about.
Don’t guess.
Look for people who you know in your network who can help you implement the steps right.
Even if that’s not us.
And if you do want to work with us, we’d love to work with you.
In Kickstarter it’s all about Caring, Accountability and Support!
We’ve got the step by step for you.
But more importantly we’ve got the community that’s going to help you succeed.
If you’re interested to find out more,
Book onto one of our Strategy Sessions
https://rent2rentsuccess.com/call
That was a big one this week.
I hope you loved it and found it useful.
If you did,
Please subscribe and rate and review the podcast
CLICK HERE to leave a Review on Apple Podcasts
And for every podcast review you give, you’re giving to help children in the Turkana region of Kenya to have the uniform and books they need to attend school.
And remember,
Believe Bigger, Be Bolder and Be a Gamechanger!
See you next week.
Stephanie & Nicky
xx
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