Property sourcers are responsible for compiling the latest and most useful property deals for property investors. They act as the middlemen between buyers and sellers, enhancing property deals before handing them over to investors.
Let’s take a look at a few essential skills you need to excel as a property sourcer in the UK.
If you want to come across as a reliable property sourcer who investors would actually want to work with, you need to be approachable. In other words, you need to work on your rapport-building skills.
Building good relationships with potential clients is what helps you gain their trust. If they don’t feel like they can easily communicate with you or discuss their concerns, they’re not going to feel comfortable doing business with you. This is why it’s important that you first establish a good rapport with your clients before you dive into the nitty-gritty of a property deal. You have to be patient and work on building long-term relationships to be able to reap the financial benefits in the long haul.
After you’ve sourced a property and decided how you’ll be adding value to it (i.e., transforming it into a more desirable investment), you need to crunch the numbers and calculate the estimated costs for this.
For instance, let’s suppose you’re planning on converting a 3-bedroom house into an HMO property to attract a certain niche of investors. What repairs would need to be made at the property? What additional features will you be adding? Which legal certifications would you need? How will you divide rental expenses and monthly operative expenditures?
You need to have a close-to-accurate estimate for the total costs of the transformation. Even if you’re only pitching the idea of converting the property, displaying a sound understanding of the numbers will work in your favour and add credibility to your reputation as a sourcer.
Finally, you need to have excellent presentation skills. The goal is to present your property deal to investors as clearly and concisely as possible in order to entice them. You need to make a strong pitch and present a well-thought-out strategy outlining how you’ll be adding value to the property.
While negotiating is often an inevitable part of the process, you should ideally aim to make a convincing offer that doesn’t involve continuous back and forth between you and your client. Think about how you want to approach the deal, build your argument, and proceed.
Being a compliant property sourcer is imperative if you want to succeed in the industry. Reliable property investors wish to work with compliant property sourcers who’re well versed with the industry regulations.
Our team at Intelligent Property Sourcing Community can help you with this. You can become an IPS Verified Member under our supervision, helping you build credibility while protecting you from exploitation within the industry.
Get in touch with us today for more details on sourcing compliance in the UK.