We often assume that all the property investors understand what it is. We frequently dive right into the legal and compliance aspects of our industry without really stopping to consider what it is. We unpack it here particularly for those who are unfamiliar with it or have questions.
At its most basic level, it can be divided into three main parts: purchaser, seller, and the deal. In essence, sourcing agents function as "go-betweens," mediating a transaction and seeing to it that the sale is completed. Typically, a sourcer will either locate a property which the owner wishes to sell and believes would be appealing to a buyer. Alternatively, they will locate a buyer and then search for a property which precisely meets their investment requirements. After that, they keep an eye on the deal to make sure it moves forward, the sale closes, and the sourcer gets the payment! Property sourcing, in our opinion, is a business that revolves around fostering connections. Before you even start matching them up, you have to know the seller's needs and the buyer's investment criteria such as
The best agents take time to truly know their clientele in this situation. They give a good ear to their needs and wants, and make sure that everything is taken into account to make sure that the deal is beneficial to all parties involved. As we've all discovered over the years, it's not always easy. But when it does work, it can be a terrific way to earn sizable sums of money. Eventually, the sourcing agent can use it in real estate investment.
How do you find these buyers and sellers is always a big question. Advertising your skills and business through marketing will undoubtedly help, but you still need to network. The top property sourcers are experts in their field. They know where to find the best deals for downsizers, first time buyers, hotspots for rental income, HMOs, and serviced apartments. By knowing their local market, they can get an advantage over competitors and draw in serious investors. Property sourcers must establish relationships with developers, builders, estate agents, finance advisors, solicitors, and other professionals to form a "power team" that can assist them in finding a buyer or seller or assist them in offering a higher caliber of service. All of this implies that you need to develop relationships with people and be at ease when conversing with them.
We've all heard countless times that you can start up and make thousands of dollars quickly. While this might be the case for a fortunate few, for most people, it will likely take more than six months to build a network and identify deals that are suitable to send to them for evaluation. Thinking of sourcing always as a business is important. You just need to be realistic about how much time and effort it can take. You can use sourcing – even part-time – to earn sizable sums of money and eventually become able to invest in real estate.
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