Motivation Indicators are crucial tools used by investors to pinpoint potential great deals. In Property Filter, our aim is to highlight these indicators or ‘pain points’ of vendors, which are often signs of motivated sellers. This strategic focus helps investors make well-informed decisions.
Property Filter is designed to streamline the efforts of investors by strategically identifying motivated sellers, thereby reducing the need to sift through hundreds of prospects. Our goal is to help you achieve more with less effort.
Withdrawn
Withdrawn properties are those that have been listed on the market but were removed by the estate agent at some point. There are two types of Withdrawn Property, as detailed below:
Available - STC (Sold Subject to Contract) - Withdrawn:
The price and status history of the property detailed below indicates that it was available on the market from 24/04/2024. It was then Sold Subject to Contract on 17/05/2024, and subsequently withdrawn on 03/06/2024. This timeline provides insight into the property's recent market activity, which can be crucial for understanding its transaction history and assessing seller motivation.
Given that the property was Sold Subject to Contract (STC) for a month—a typical timeframe for conveyancing and other pre-handover procedures—there is a strong possibility that the sale will complete. Once the sale is finalised, the last sold price will be reflected on the platform, pending updates from the Land Registry. This information can provide valuable insights into the property's market value and transaction status.
Available - Withdrawn:
The Price and History Status of the property below indicates that it was available on the market but was subsequently withdrawn by the agent. This could suggest that there were issues or problems between the vendor and the estate agent. Such a withdrawal can serve as an indicator of potential seller motivation or dissatisfaction, which might open up negotiation opportunities for investors.
Let's Analyse
Consider the following example: a property that was on the market since 30/11/2023, had its price reduced by 20%, and was then withdrawn after 10 days.
Here are the key details:
Initial Market Date: The property was listed on 30/11/2023.
Price Reduction: The price was initially set at £200,000 and later reduced to £160,000.
Withdrawal Date: The property was withdrawn from the market on 29/05/2024.
This sequence of events—significant price reduction followed by a quick withdrawal - suggests that the seller was highly motivated, but possibly encountered issues that prevented the sale from going ahead. Such scenarios can present unique opportunities for investors to engage with the vendor and explore potential deals.
Property Filter Action
To effectively locate properties that have been withdrawn:
1. In the lead generator, choose properties that have been marked as 'Last Sold' and 'Withdrawn' for less than 30 days. This timeframe suggests that significant changes or decisions regarding the property were likely made within one month.
It is advisable to focus on leads that have been withdrawn for 30 days or less. These properties may have been sold or temporarily withdrawn by the vendors for various reasons. Identifying and understanding these properties can provide valuable insights into potential investment opportunities.
2. Select the 'Withdrawn only' filter and initiate contact with these vendors by sending DTV (Direct to Vendor) letters. This strategy targets vendors who may be experiencing difficulties with their estate agents or facing challenges in selling their properties. Reaching out directly can provide an opportunity to engage with these sellers, potentially leading to advantageous investment deals.
