In this milestone episode, we are partnered with Luis and John from Prime Property Auctions to explore their journey and insights into the property auction business. The discussion covers everything from business development and team building to marketing strategies and property education.
Key Topics Discussed:
Introduction
Hosts express appreciation for Luis and John's support of the Scottish Property Podcast.
Mention of a sponsorship deal, highlighting trust and satisfaction with Prime Property Auctions.
Celebration of the podcast’s first sponsorship after 4 years, sponsored by Prime Property Auctions.
Business Development and Culture
Prime Property Auctions is moving to a new, larger office in Glasgow to accommodate their growing team.
The new office will support more staff and better facilitate business discussions and advertising efforts.
Importance of creating a positive work culture, where employees are motivated by interest in property and personal growth.
Property Sales and Motivated Sellers
Discussion on various aspects of property sales, including motivations of sellers, challenges, and strategies to overcome them.
Common seller motivations include properties in dilapidated states, lack of capital for repairs, and tenant issues.
Emphasis on understanding seller motivations and building trust with clients for successful sales.
Marketing and Scaling
Prime Property Auctions invests heavily in social media and advertising to build their brand and reach potential clients.
Examples of successful marketing strategies and closing deals in challenging circumstances.
Recruitment and Team Building
Importance of hiring people with a genuine interest in property and a willingness to learn.
Discussion on recruitment approach, training, and desired attributes in potential hires.
Aim to create an environment where employees can grow and succeed by aligning personal goals with the company's objectives.
Success Stories and Challenges
Sharing success stories, such as selling a property significantly above its home report value by highlighting its potential as an HMO (House in Multiple Occupation).
Discussion on challenges, such as managing client expectations and dealing with difficult-to-sell properties.
Property Education and Industry Insights
Value of property education and the reality of the property business.
Caution against unrealistic claims made by some property courses; emphasis on hard work and practical experience.
Insights into the differences between traditional education and property education, and the importance of applying learned skills.
Follow them on Instagram:
Prime Property Auction: https://www.instagram.com/primepropertyauctions
John: https://www.instagram.com/john_property_auctioneer
Luis: https://www.instagram.com/luis_property_auctioneer
Visit Prime Property Auction website: https://primepropertyauctions.co.uk/
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The Scottish Property Podcast