Adapting to an International Market in the Property Business

Hola Amigos!

Last week, Jason Owen & I were back out in Madrid with Daniel Fitzpatrick making huge steps forward in our expansion of PolkaDot Properties into Europe.?

And this time, I made sure to pack my trainers, and trousers that would still fit after eating all the amazing food.?

Because there’s nothing like walking miles of a city, and eating out like a local, to really get a feel for each neighbourhood.

So, after some great food, we clocked up the kilometres viewing dozens of the good, the great, and some slightly strange properties on offer in Madrid.

But it hasn’t been as simple as picking up our UK business model & practices and then replicating what we do over here, out in Spain.?

In the UK, we know the property market inside out. We know exactly how to successfully finance our projects and have a clear understanding of how to build successful relationships with sellers, agents, contractors, local authorities, lawyers… and everyone else involved in our business.?

Just to be clear, we’re not starting out?completely?fresh in Europe.

We always tailor our approach to each new venture, yet our key principles remain the same when it comes to calculating which properties will be profitable investments.

And, no matter where we’re building our property portfolio, our core business & personal values are always firmly in place.?

But we do need to be mindful of the differences that come with doing business in Spain, and adapt our approach to the market in Madrid.?

• There are real cultural differences when it comes to building relationships with agents and sellers, and it’s been important to acknowledge that as we’ve gone into negotiations.

What works for us in the UK won’t necessarily have the same impact in Madrid. Which is why it’s been ridiculously important to have the local knowledge and cultural understanding of Daniel Fitzpatrick , our eyes and ears on the ground, to help make that process smoother.

• Secondly, there are key differences in terms of financing options available in Spain, and that’s why we’ve teamed up with Roberto Herrero Pavón , COO of HIPOTECA FINANCE ESPA?A 2020 S.L.U. His expertise and understanding of how we can most successfully navigate the property market has been invaluable as we continue with our European expansion.

Thanks to them, we've now made offers on a number of properties in Madrid!

• Finally, we were lucky enough to welcome Susie Sprigg as Guest Speaker at our Wealth Accelerator Circle?? (WAC) in-person networking event this week.

As the UK’s leading DISC trainer, Susie is all about communication. We do business with people, and if we want to be super successful in business, we need to understand people. This is why understanding our own preferred communication styles, understanding other people’s communication styles, and knowing how to adapt our approach based on this understanding, leads to a turbo-charged business.?

Not only was she a riot of energy, delivering interactive & engaging training, she also shared real, tangible tips on how to communicate more effectively. I took away so much from her training that I'm going to put into practice going forward.

And because of all this, I've become extra motivated to refresh my Spanish language skills. ?

Because what better way is there of showing a commitment to understanding, adapting and flexibility in a new, European market than knowing 'please', 'thank you' and 'I'd like to buy this apartment' in the local language.

So, I need the help of you lovely people -

If networking has led to such valuable collaborations with Danny, Susie & Roberto, I’m sure there’s an incredible Spanish teacher I know, or someone in my network knows.

Key phrases I need to learn immediately are –

‘What’s the typical ROI on a two bed, two bath in this neighbourhood', and

'Mind your head!'*

*See photos below!