Life can be tough if you are a property sourcer in a town or city that’s proving popular with buyers and investors.
No doubt you have noticed that the competition has moved in. Just like the panners in California in the mid1800s Gold Rush, sourcers and investors have been after some of that loot too. But the reality is, it’s getting tougher to find below market value (BMV) properties, while bricks and mortar in general are snapped up quickly. While this is great news for the local property market, it’s not so good for you. So, what can you do about it?
Do some research on what investors want
Check out the type of properties investors are investing in right now. Serviced apartments, for instance, are becoming increasingly sought after. Upmarket student pods can still be a winning formula for investors, while large properties with the potential to be redeveloped into Care Homes are fast attracting attention. With respect to the last example, it’s no surprise really, considering our aging population (which is growing with each passing year).
Build up your own database of potential investors
By having a list of investors and their contact details immediately to hand, you can act faster than the competition. Give them a call now to make sure you’re both still singing from the same hymn sheet, as it were (once a trend is established, investors move fast). And you don’t want to be sitting on a property for too long!
Get yourself known for successful sourcing
Collect testimonials from delighted previous/existing investor clients and showcase them on your website, as well as any literature you might have (leaflets, brochures etc). Use them in any presentations you’re preparing for new potential investors too.
Don’t overprice yourself
Identify what other property sourcers in the area are charging for their services, to ensure you offer a competitive price. Make yourself available seven days a week to investors, so they know they can always get hold of you (communication is vital in a business where you need to act fast).
Advertise yourself in the right places
Find out what potential investors read and where they hang out, then start making yourself known in these publications. Write letters, or leave comments in relevant forums, or on investing and property websites. If you feel your writing skills are up to scratch, then perhaps you could produce some articles on sourcing and send them to your local newspaper or town/city website. If you can afford it, sponsor a local team or event.
Be transparent in your dealings with investors
Be as honest and upfront as possible with potential investors - it’s essential in this industry to have a trustworthy reputation. Always offer investors a choice of properties rather than just one ‘take it or leave it’ solution. This may seem like a lot of extra ‘footwork’ for you, but remember, it’s a competitive industry!
Speak to a specialist in investment properties.
Call 0333 123 1330