When you decide to invest in property, the first step is always finding the right property to purchase. Make the most of this process by finding a great property sourcer – someone or something that can help you to find just what you’re looking for in a timely fashion. This means outsourcing the process of looking for the right property to someone who will ensure you are getting the best property possible.
What is a property sourcer?
A property sourcer is anyone who can find the best property deals on your behalf. They’re usually people who are well-versed in investing themselves and are clued in to the market.
Chances are they will have access to deals you wont know about, as their entire effort in invested in finding great properties. If you’re short on time to seek out properties yourself, a property sourcer can assist with the process, for a fee.
What kinds of property sourcers exist?
Below Market Value
There are a few kinds of property sourcing companies out there. One type is the Below Market Value company, who will specialise in finding properties that are a certain percentage below the market value. This often comes about as a result of builders bulk selling so they can move onto their next deal. Be aware though that just because you find a bargain, doesn’t mean it’s a worthwhile investment.
Property to Renovate
Some property sourcers will specialise in finding properties with the potential for renovating. This is a specific kind of investment and means you are looking out for properties with a certain level of status – either with planning permission already attached, the potential to extend, repossessed or derelict, and empty land plots ready for construction.
Of course, more generally, property sourcers exist who will simply be able to look across the market at general properties that fulfill your requirements. This is the most general type, and will offer you the chance to find a quality property with all the basic features you require.
How do I find a property sourcer?
Get a recommendation
If you know someone who is investing heavily in property, it is worth asking the question: do they use a property sourcer? It’s worth finding out how they are finding their investments. Particularly if they are finding deals in an area you are interested in, a quality recommendation counts for a lot and will help you on your way to great property results.
Use a property investment company
These vary immensely, from huge companies of sourcers to individuals offering the service. Companies offering this service are going to be a hub of expertise in finding good deals.
Use networking events or LinkedIn
This is a great way to get in touch with smaller property sourcers. Local events can be great ways to get in touch with good local sourcers – they will know a particular area well, which may be valuable insight for expats who are new to an area or are looking to invest in an area they don’t know about.
LinkedIn offers a huge number of property groups, which are also a great way to connect with people in the know. Be aware that this is just a starting point: it’s important to do your research and ensure people posting here are legitimate. But it might be a great way to find unique opportunities or deals, or find individuals who can connect or recommend someone relevant and qualified.
What makes for a good property sourcer?
Check if they are registered with the property ombudsman
Whether they are an individual or a company, this is a basic level of protection to know that the person sourcing your property is legitimate.
Investigate their investments
Any good property sourcer should be able to show a record of good investments – whether it’s for themselves or a particular list of clients. If they aren’t aware of good investments and haven’t invested themselves, then they aren’t likely to be very knowledgeable. Ask for a list of previous deals as proof of what they know and what they have done in the past.
Check their Professionalism and Character
You don’t want someone who doesn’t listen and doesn’t operate in a professional manner. They should be willing to listen to your criteria and answer any questions you might have. The point is to ensure you are seeing only the right deals – if they don’t pay attention to what you want, then you’re likely to get a bunch of deals that don’t fit.
Endorsements and Recommendations
As above, any good sourcer will have someone who can testify to their quality. Ask your property sourcer for either a deal sheet indicating their past performance, or to speak to previous clients. They should be able to point you towards good deals and happy clients already made.
Using these tips, find yourself a quality property sourcer who can cater to what you are looking for. Make the investment go further, particularly if you are time-pressed, using a property sourcer to guide you.