It almost Christmas, but before you tuck into your turkey or peel the paper off your presents, Sourced’s gift to you this festive season is to show you how you can make 2023 the year that you dominate property.
It’s never too early to start planning your property strategy for the new year. In fact, if your new year’s resolution is to start, or grow, your own property business, why not get a head start right now?
Being successful in property isn’t as simple as just taking advantage of market trends, you also need to have proficient knowledge of property development, investing, deals and much more. Here are lots of ways that you can ensure that you have a successful 2023. You can also check out our video on “How can you Make 2023 the Year you Dominated Property”.
Having knowledge of properties and their market is vital to your success. You need to be able to accurately identify prospective properties and perform comprehensive due diligence on any deals.
You need to research property mechanics and how the market works from the moment you purchase a property to the project planning to works being undertaken to your exit strategy, whatever that might be.
You will also need to understand not only the benefits of running a property business, but the potential risks as well. This will help you better avoid the pitfalls and help you to build a successful property business.
Sourced Franchise provides all Franchisees with a comprehensive, three-day training course when they first start, as well as ongoing training throughout your time as a Franchisee and access to hundreds of online resources.
Support is another essential aspect of running a successful property business and it comes in many different forms.
It can be something as basic as a monthly meeting to discuss your plans, however, support is significantly more effective when it can flexibly fit around you and your projects.
In other words, you want to find a team who can support you on whatever, and whenever, you need. This should include operational support as a given, but other businesses, such as Sourced Franchise, will also support you on every step of your property journey, including deal analysis, 1-2-1 meetings upon request, goal setting, and accountability.
A true support person or team will not only help you on the day to day running of your projects, but will further provide assistance on your business overview. This means reviewing the performance of your business – what works and what can be improved – and planning for the next phase.
As a Franchisee, you will be partnered with a dedicated support person who can assist you on every step and every aspect of your property business.
So you’ve found a great property that you want to work on and sell on or let out, but how do you get the funding to help you complete the project?
Funding requires you to find investors to support your project and help you to pay for the property itself and any required building works.
To dominate property in 2023, you will need to have regular investment, which means having a network of lenders who can support you. Sourced Franchisees have access to our sister company, Sourced Capital – an FCA regulated, peer-to-peer platform, who can provide up to 100% funding for your projects.
The Importance of Software
Having a quality software system can vastly improve the effectiveness of your property business.
Software can help you to stay organised and thereby ensure that you are providing a consistent level of service on every deal and project that you work on.
You can keep a track of the properties that you are interested in or have purchased, the investors that you are dealing with, and can help you to analyse deals quickly – meaning you can operate more efficiently, getting more projects and deals done, quicker.
Build a Network
Building a network of like-minded property professionals can drive the success of your business.
People love to share their experiences and expertise, and you can use this information to improve your property business and learn lessons and new skills just by creating and nurturing relationships.
Your property network should also include any contractors, builders, estate agents, solicitors, or anyone else you meet on your journey. You never know who may provide you with the extra bit of knowledge that allows you to take your business to the next level.
Build a Team
Your team is the core part of your network. These people will be the architects, main contractors, project managers, quantity surveyors, agents, sourcers etc. who you work with regularly on your property projects.
It is important that you develop strong relationships with this people early on and ensure that you are all on the same page when it comes to the plans and ambitions for your property business.
Have Defined Processes
If you’ve got big property goals, you will need to make sure that your processes are clearly defined in order to keep your business running smoothly.
This includes making sure that you team are aware of what’s expected for each project and how they can achieve their goals.
It also means ensuring that you have a solid cashflow process. As you will only tend to earn profits at the end of each project, and as larger projects can take 18 – 24 months to complete, you will need income to cover you during these periods – particularly when you first start out.
One-way Sourced Franchise supports you with this is through the Sourced Property App and Sourced Auctions, both of which allow you to sell deals to other Franchisees while you work on your own projects.
Master Your Mindset
All of the previous points mean very little if you don’t have the right mindset for starting a property business.
Running any type of business requires a high level of determination, dedication, and motivation to get things done and be constantly developing and improving your practices.
It doesn’t matter how much you understand the theory of running a property business, if you don’t have the drive to see your plans through and the resilience to keep going when things go wrong, you will struggle to succeed.
Plan, Plan, Plan
“Failing to plan is planning to fail” – George Washington (allegedly).
Having a plan means having clearly defined targets or goals for what you want to achieve out of your property business. It also means that you have a clear method of how your will achieve your goals.
A quality plan will allow you to better organise yourself as you will know what you are aiming to achieve and an outline of every step you will need to take to get there.
Keep in mind that you will also need to be flexible as any unforeseen events or circumstances could mean that you need to adapt your plans to suit the situation, or, to end on another quote, “The best laid schemes o’ mice an’ men, gang aft a-gley.” – Robert Burns.
Having a successful property business can be very lucrative, but it also requires a lot of work and dedication and, if you’ll excuse the on-the-nose metaphor, you will need to ensure that you have a solid foundation to begin with, before you start to build your business form the ground up.
By becoming a Sourced Franchisee, we can help you to get your property business up and running by supporting you on all of the above steps that we have talked about.
We offer comprehensive training, hosted by property professionals who have experience running profitable and successful property businesses. You can access a plethora of training modules, guides, documents and more online through our platform. And each Franchisee is partnered with a dedicated support person who works with you on every step of your journey, including all operational processes and any planning your require for a project or for your business overall.
Watch our video on “How can you Make 2023 the Year you Dominated Property” today.
Download our prospectus here and take your first step into property.