This episode sees Rob interviewing Matt, asking key questions that reveal what a Property Sourcer does and how they can be useful to investors. Through his answers, Matt provides us with the tools needed to seek out the right Property Sourcer and know what to expect from the process.

The Property Nomad's aim is that after listening to this podcast, you will be able to define the purpose and (vital) role that a Property Sourcer can play in your investment power team.

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KEY TAKEAWAYS

• What is a Property Sourcing Agent?

Property Sourcing is the activity by which deals are found, negotiated and packaged by a Property Sourcer to then be sold to a Property Investor for a fee. The person who carries out these actions is the Property Sourcing Agent.

• Why would someone want to use a Property Sourcing Agent?

An investor might not have the time to source properties, but has the cash to utilise a Property Sourcer to help out. They can find the property, potentially project manage the refurbishment with their own team and then manage the let.

• How can it be ensured that the information that a Property Sourcer is giving is correct information?

Ensure you carry out due diligence – do a background check on them and ask about previous deals they’ve done. If you don’t know the area, make sure you check any figures and comparables they give you.

• Who should a Property Sourcer be affiliated with?

A reliable and reputable Property Soucer should:

• Be registered with the 'Property Ombudsman' or the 'Property Redress Scheme' as this provides security in the event of any disputes.
• Have professional indemnity and public liability insurance providing further protection
• Be registered with the ICO to ensure compliance with GDPR regulations.
• Be registered with HMRC for anti-money laundering.

• How can you find a Property Sourcer?

Word-of-mouth recommendations are the most effective way. Or visit chosen area and attend property network events as Property Sourcer's will be there. Use social media platforms e.g. LinkedIn which allows you to pinpoint Property Sourcer's in particular areas.

• What does the process look like?

1. The signing of Non-Disclosure Agreement (NDA) and proof of funds is required by the Sourcer initially.
2. The investor will then receive any deals. When a deal is agreed, the investor provides 2 forms of identification and an agreed reservation fee is paid to secure the deal.
3. A Memorandum of Sale is sent to both solicitors to indicate deal will go ahead. 

BEST MOMENTS

“Most property sourcers offer orientation days, also known as investor days”

“Even if you are not going to go forward using a property sourcer, leveraging their investor days is going to move you forward more quickly.””

“A Property Sourcer can be an important part of your power team.”

“Level of communication is essential.”

“Communication and transparency is key for both parties.”

“Build a relationship with Sourcer before you use their services.”

VALUABLE RESOURCES

Property Nomads Podcast series: https://itunes.apple.com/gb/podcast/the-property-nomads-podcast/id1440016017?mt=2

ABOUT THE HOSTS

Rob Smallbone and Matt McSherry, the hosts of The Property Nomads Podcast, are on a global mission to guide your success. Success can happen in many ways, shapes and forms. Think about what success means to you. More properties? More clients? Financial freedom? Time freedom?

Rob & Matt are just two guys who want to make a huge difference to people around the world. They are here to guide your success in property, business and life and to inspire you to achieve your goals, dreams and visions.

They’ve travelled, explored, and invested. And they’re not planning on stopping these activities anytime soon.

Buckle up, sit tight and enjoy the ride that is life.

CONTACT METHODS

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Subscribe to The Podcast

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