In the UK, there are hundreds of property sourcing agents to choose from, but it can be difficult to know which one will give you the most value for your money and form a strong long-term relationship. What’s more, you may feel pressured into signing with the first sourcer you speak with because it can be overwhelming and time-consuming to fully assess things.
This doesn’t have to be the case though; instead, you can find a property sourcer that meets your needs so you can focus on more important things that need more of your time.
Here are some reasons why it’s worth partnering with a great property sourcer.
Local property market knowledge
Every respected property sourcer has local property market knowledge. This means they’re familiar with your target area, can give you advice about where to buy and what to avoid, and have connections with other professionals such as estate agents, developers, mortgage brokers and even solicitors.
While these may not seem like big advantages at first glance, don’t underestimate their ability to make your property purchase as smooth as possible...
A credible property sourcer will know the typical sale price of properties in your area, and who in the property ownership process are the best and most trustworthy people to liaise with. For example, dealing with legal matters such as recommending unorthodox options to move forward, and reviewing and approving complex details quickly.
Positioning properties with growth and price increases in mind
When working with reputable property sourcers, they're not only looking for ways to reduce your purchase price. They'll also ask you what your goals are in addition to proposing various strategies to achieve them. A major focus will likely be on growth so that you're buying a property that'll increase in price in the future.
If you’re buying a property for £100,000 and there's been no growth in that area for over 5 years, a not-so-great sourcer might try to sell it as a solid investment opportunity with no data to back it up.
On the other hand, what if the property has increased in value by 30%, and it's likely to continue to increase in the near future? An expert sourcing agent will demonstrate its continued growth potential with meaningful data. Equally, they'll then try and package a deal to not only save you money from the asking price, but to also think ahead and welcome a tidy profit in the years ahead.
Make sure to work with a property sourcing agent who knows how to position property opportunities with short and/or long-term growth as a key data point.
Trusted advisor to accommodate your own buying needs
The property market can be tricky to navigate as a buyer, especially if you're relying on others to play critical roles in the searching and buying process.
Finding good UK property sourcers is vital to making sure your money is well spent and your needs are met. But how can trust someone you might not necessarily know, to act on your behalf as the buyer?
Although it might take some time to build trust with a new sourcing partner, there's a strong chance that you'll work with a reputable one again if they've done a great job for you. Furthermore, any vendor/supplier appreciates repeat business, and this will motivate the sourcer to package another excellent property deal the next time for you.
PropSourcer helps bridge the gap when there's a lack of initial trust involved, and where you as the buyer need to perform a lot of your own due diligence on the property sourcer. Essentially, we've done this for you and it'll help give you a head start among also reading what other people have commented on in their verified reviews of the sourcers they've worked with.
Well-defined processes and contracts to keep everything transparent
When you work with a property sourcer, it’s important both parties keep discussions open and honest, while they provide you with a smooth and easy-to-follow process to run through.
They should be upfront about how they’ll find properties for you that match your desired criteria and how long it might take them to do so. A competent property sourcer will also put in place contracts or agreements regarding how much they’ll be paid and what the breakdown of their fee is.
In short, make sure you have the full picture of sourcing contracts, processes, timelines and their working style. The more clear everything is, then the fewer surprises (and likely disappointment!) there will be. and After all, UK property is a business where everything really is negotiable – and rightfully so!
Increase the likelihood of securing genuinely good deals
A great property sourcer will network and bring you in contact with suppliers, such as developers and banks, who might have good deals that aren’t available publicly. Equally, they'll also ensure you're dealing with people who do business in an ethical manner. These types of activities form nicely when piecing together an overall good property deal.
As well as bringing you into valuable conversations (or managing them on your behalf), a sourcer will also understand when to walk away from a deal... It may sound like common sense, but anyone can fall victim to poor property deals or fraudsters if they don’t know what signs to look out for. This is especially true for people new to UK property investing.
Experienced and knowledgeable sourcers will know and communicate truthfully with you about what represents a genuinely good or bad deal.
What to consider before selecting a property sourcer
Here's a bonus section to wrap up...
If you’re about to engage with a UK property sourcer, it's easy to believe that anyone will do. Needless to say, they have a vested interest in getting you results and need to make money too. If only it was that simple...
Some property specialists whether they be conventional estate agents, sourcers or developers, have hidden agendas even if they don’t realize it themselves.
Look out for these red flags before putting pen to paper with a property sourcer:
- They refuse to introduce you to other like-minded people.
- They're seemingly obsessed with their own success.
- They only share or show properties that fit their profile and interests – regardless of what you want.
- They don't seem interested in understanding who you are as an individual, and what your objectives are.
