The Power of Communication in Creative Deals
When working on creative property deals, one factor stands above all others in ensuring the deal goes through successfully: communication. It’s easy to fall into the trap of thinking once your offer is accepted, the agent or solicitors will take care of everything. However, this approach can result in delays, frustration, and missed opportunities.
The truth is, effective communication is essential, not just between you and the agent or solicitors, but with everyone involved in the deal. Without constant follow-up and proactive communication, the process can stretch out unnecessarily, sometimes even months longer than expected. And, in the world of property, time is money. The sooner you can complete the deal and start earning from the property, the better.
Here’s why and how you should keep communication at the forefront of your mind throughout the process.
1. Stay in Touch with Your Agent
Once your offer is accepted, it’s tempting to sit back and leave everything in the hands of the agent. However, communication should continue actively, at least once a week.
Typically, your agent will have a “progressor” on their team whose job it is to chase up the paperwork and keep things moving. But in my experience, these progressors are often junior staff who may not have the experience or motivation to ensure everything is done on time. This is where you come in.
Become your own progressor. Make it your job to ensure everything is on track. For example, you should be asking your agent whether they’ve sent out the memorandum of sale (which lists the solicitors and the parties involved). You can also ask if they’ve sent it to all relevant parties. Keep pushing for progress at every stage.
2. Communicate with Your Solicitor Weekly
Next up, don’t forget to stay in regular contact with your solicitor. Once you’ve bought the property, reach out to them to make sure everything is in order. This could be a weekly check-in, ensuring they have everything they need to start the case.
It’s always a good idea to verify that the memorandum of sale has reached your solicitor and that they have begun opening the case for your property purchase. Always ask what they need from you to move the process forward.
3. Stay on Top of Your Mortgage Broker
If you’re getting a mortgage for the property, don’t let the process go stagnant. Again, you should be checking in with your mortgage broker weekly to make sure your application is progressing smoothly.
A good mortgage broker will help move things forward quickly, but some brokers can be slow, understaffed, or simply bogged down with too many clients. This is why it’s crucial to stay in touch. Ask them directly what they need from you and whether there’s anything holding up the process. If there’s paperwork missing or additional forms to fill out, get them done immediately.
4. Proactive Communication with the Vendor (Especially for Creative Deals)
If you’re working on a creative finance deal or direct-to-vendor arrangement, communication with the vendor is especially important. These deals often involve more complicated paperwork and financing terms that the seller may not be familiar with.
In my own experience, when working with a seller who’s never done a creative deal before, there can be a lot of back-and-forth. Vendors may have many questions or feel overwhelmed by the unfamiliar process. In these cases, frequent communication is essential.
For example, during a recent deal, I found myself having multiple conversations with the seller, sometimes even three times in a single week. She had a lot of questions, and there were emotional elements at play—stress about her business and confusion over loan terms. To keep the deal on track, I regularly met with her for coffee, went over paperwork, and reassured her about the process.
This ongoing communication is key to overcoming obstacles and keeping the deal moving forward.
5. Overcome Delays with Constant Communication
The bottom line is that when you stay proactive and consistently communicate with all parties involved, you can reduce delays and avoid unnecessary setbacks. Without clear and frequent communication, things can drag on for months, with each party blaming the other.
Whether it’s chasing up solicitors, agents, mortgage brokers, or even vendors, keeping everyone in the loop helps ensure nothing falls through the cracks. In the world of property investing, being the one who takes charge of communication can make the difference between closing a deal in 2-4 months versus waiting 6-9 months or longer.
In Conclusion: Communication is Key
It doesn’t matter how great your property deal looks on paper or how well your team works. If communication falters, the deal will likely stall. Stay on top of communication at all stages and don’t leave anything to chance.
This advice isn’t just useful for property deals; communication is essential in every business. But in the context of creative property investing, it’s crucial.
If you need help navigating property deals or want advice on communication strategies, don’t hesitate to get in touch with me. Book a call today, and let’s get your deal moving forward!
Neil, from Clever Property Investing
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