Someone with an excellent understanding of how the market works, a property sourcer can prove invaluable to a time-poor and/or newbie investor. That’s because the former spend their days looking for good bricks and mortar deals for clients to investment in.
These are high yielding HMOs, profitable conversions, off-plan developments or the ideal property in the perfect location – in other words, exactly what their client is looking for, but either doesn’t have the time, experience or contacts to find themselves.
Oftentimes, Sourcing can start on the other foot i.e. finding a great deal, then looking for an interested investor to profit from it. In order to achieve this, the sourcer has to thoroughly research the location and produce financial yield projections for the investor to muse over. For all this hard work, the property sourcer gets commission from the investor.
Role specifications of a property sourcer:
▪ Teaming up investment opportunities with an investor’s property strategy.
Investors have different aims; some may be looking for a high yield investment, so would benefit most from putting cash into a HMO or corporate let. Others may prefer the consistent return of social housing tenants in a couple of buy to lets. Whatever the desired outcome for an investor, it’s the property sourcer’s job to find an investment package that works for this particular individual.
▪ Finding deals quickly and smoothly.
Most property sourcers specialise in a particular niche – as well as knowing their location inside out. That means they’ll already have many deals at their fingertips (or at least knowledge of them coming up) and they’ll also know the current state of the market, and whether or not you should lie low for a bit or jump while the going is good.
▪ Knowing their location thoroughly and creating an excellent network with other sourcers.
Most job roles benefit from networking within their specific industry and property sourcing is no exception. In fact, contacts are even more crucial in property, where many deals aren’t advertised to the general public until months later, and the best pickings have already been taken – by private investors.
▪ Understanding clients so they can source confidently on their behalf.
Sourcers need to know both the lifestyle and financial ambitions of investors in order to get them the best deal. That means building up a rapport, understanding fully what type of future their client envisages and being able to articulate that. It’s at this point too, that the phrase ‘people person’ comes to mind.
So, after reading the above, do you think you need a property sourcer? Certainly, if you don’t know the UK property market that well, or have no time to get to know it, then it wouldn’t do any harm to get in touch with a professional. The property market is certainly no place for a naive newbie – no matter how enthusiastic you are to start off with.
Our Sourced to Order service is UK wide and boasts a large network of individuals specialised in different strategies. Why not benefit from their expertise by calling us today on 0333 123 1330?
Author
Chris Kirkwood
