Most discounted property deals in the UK are sold through estate agents. They are not usually hidden away off market, and you do not need a clever trick, a secret list or insider access to find them.
What you do need is a big enough list of agents, a clear idea of what you are looking for, and to know what to say when you get them on the phone.
Here is the process we used.
Build a big enough estate agent list
Before you make a single call, get organised. You want a minimum of 100 estate agents on your list, covering an area with a population of around 250,000 people.
Three friendly estate agents are not a sourcing strategy. They are a comfort zone you need to break out of, because there simply are not enough discounted deals passing through three offices to give you a consistent flow of opportunities.
Spend half a day building the list yourself or outsource it. Record the agency name, branch, telephone number and area covered, and then you have a proper list you can consistently work through.
What to say on the first call
Keep the first conversation simple. Introduce yourself, explain that you are a property investor and ask:
“Have you got anything with margin?”
I would not ask for something that “needs doing up”, because lots of investors hear “discounted deal” and assume it needs to be a wreck requiring a huge renovation. It does not.
What you are actually looking for is enough margin between what you can buy the property for, what it will cost you in total and what you can realistically sell it for.
The agent will normally ask what you are looking for, one, two or three bedrooms, and what your price range is. Give them a sensible range rather than one exact figure and stay fairly flexible, because at this stage you are looking for margin first and property type second.
Never ask an estate agent what the renovation will cost
This is one of the most common mistakes I see beginners make. Estate agents sell property; they do not renovate it, so if you ask them what the work will cost, they usually genuinely do not know.
And because they are naturally optimistic about selling the property, their estimate can be optimistically cheap too.
Instead ask:
“What do you think needs doing to the property?”
Get them to talk you through what they can see. Does it need a kitchen, bathroom, electrics, roof work, damp treatment, windows or simply decoration?
You then cost those works yourself. When you are starting out, that may mean speaking to a builder and getting some rough figures. As you do more deals, you will naturally become much quicker at estimating likely renovation costs yourself.
Do the maths before you book the viewing
You do not need to drive around looking at every property an estate agent suggests. Do the first set of numbers while you are still on the phone and work out:
- What the property should realistically sell for once the work is completed, using recent comparable sold prices nearby.
- Your likely renovation cost.
- Stamp duty.
- Finance and interest.
- Legal fees.
- Buying and selling costs.
- Your proposed purchase price.
For a buy-to-sell deal, I want to see a minimum 20% markup after all costs.
If the numbers do not work, just say so.
“I don't want to waste your time going out to see something I can't make an offer on. Have you got anything else with a bit more margin?”
Quite often the agent will then suggest another property, and sometimes they will give you two or three before you find one with enough margin to make it worth leaving your desk.
Find out what is happening with the vendor
Do not only ask about the property. Find out what is happening with the seller as well.
Why are they selling? How quickly do they want to move? Is it probate, divorce, repossession, somebody moving abroad, a landlord selling up, or somebody stuck in a chain who now needs a reliable buyer?
The reason matters because price is not always the only thing a seller cares about. Sometimes speed, certainty and having a buyer who is actually going to complete are equally important.
The more you understand about the vendor's situation, the better you can judge how to structure your offer and how quickly you need to move.
When there is a real deal, move quickly
If the numbers look good and the agent asks whether they should email the details over, do not then leave the property sitting in your inbox for three days.
Ask:
“When can I come and see it?”
Ideally, you mean this afternoon or tomorrow morning.
Good discounted deals do not normally sit around waiting for you. Being one of the first people through the door, and then being ready to make a sensible, credible offer with proof of funds and solicitor details available, can make a real difference.
What the numbers looked like for us
When we were sourcing heavily, roughly every 100 estate agent calls produced:
- 25 viewings.
- 21 offers.
- 1–2 completed deals.
Around 95% of the 200+ deals we sourced came from properties that were openly marketed through estate agents, rather than through secret off-market deals or clever tricks.
It was simply a system that we repeated consistently.
Importantly, around one in three deals that did not happen immediately came back later. That is why we followed unsuccessful offers up again after 30, 60, 90 and 180 days. A “no” today does not necessarily mean “no” forever.
Where to go from here
Finding discounted property deals is not about luck. It is about building a big enough list, making enough calls, asking the right questions, doing the numbers before you waste time viewing, making plenty of offers and then following those offers up.
And when the numbers work, you move quickly.
Ready to go beyond the basics?
The Deal Packaging Academy covers the full process, step by step, with live coaching from Susannah Cole and a community working through the same deals.