how we built our shortlist of properties to buy by using our opportunity model, each doing more research and having a long discussion.
How we built our shortlist of properties to buy
So from the initial long list of potential properties, we built a shorter list. Basically by putting it through the opportunity model. Both of us then went and our own research. This further research let us have a good a overall picture of the property. For example schools, shops and transport links in the area to confirm that the property is a viable option.
Creating a personal list
Because we are both working from the favourites list on the property portal, we had to print it out. This ensured that we were building our own personal shortlist. We didn’t actually remove the items from the online portal yet because we hadn’t talked about them.
Having the conversation
When we sat down today we thought that we would be able to quickly and easily shorten the list. We had thought that we would it take it in turns. Firstly to say why we were rejecting a property. Secondly to discuss the reason for doing so in more depth.
Besides, when we sat down to talk we agreed on many things and we disagreed on others. Some other things we disagreed on were whether or not a property was in a good area. By good area we mean an area which had a lot of prospective tenants rather than anything else. Being an ethical landlord means that the repair or social desirability of a property are not criteria to exclude.
In most cases, we wanted to remove the same properties from the list. So next time we can have a quick run through of the properties we both want to remove without discussion. In action there for is to update our process map accordingly.
Another point of update is that this conversation took way longer than we had anticipated. We have both set aside 2 hours in our diary. 12 till 2 as agreed so that we are both at our best. We actually ended up discussing things for nearly five hours. We both hope that this was a one off and that we won’t need as long in future!