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12th November 2020
Be up to date with the latest deals; Who is buying? What sort of deals are being negotiated? Who were underbidders? Why did a deal fall through? Have a strong network of contacts, both in the agency world and client side.
Building your network of contacts takes time, keeping in regular contact is essential and always appreciated.
Take the time to go and see finished developments. Whether it’s something you sold before or a comparable. You need to see the whole picture. Developers are only too pleased to show off their schemes and in doing so it will further reinforce your network of contacts.
It's easy to automatically assume your client wants the highest price and nine times out of ten you would be correct. But sometimes reputation and legacy could be equally as important as cash. Getting to know your client from the outset and establishing trust and a strong rapport is fundamental.
Patience and consistency. The development process is long and you often find yourself starting to advise a client many years before it's the optimal time to sell. During the process not everything will go your way, there may be planning delays, a complicated third party issue or the deal may fall out of bed. These are the moments the client needs your counsel and you must be there to offer them clear and consistent advice. Delivering in this way will almost certainly result in additional instructions and a long a fruitful relationship.
Whichever sector you operate in the development market has always been pretty tight with maybe a dozen or so “hot buyers” at any one time. During negotiations there will be moments of stress, tough calls to be made and disagreement, but always try to avoid falling out with people. The chances are your paths will cross again and when you might meet, who knows what you will need from each other.
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