If you’ve always wondered about developing property, then now is a golden opportunity to get involved in the sector. You can learn the ins and outs of the business, while being mentored along the way. That way you’re less likely to make any mistakes.
Being a beginner in what is an exciting and fast-paced marketplace can obviously have its pitfalls, which is why it makes sense to team up with seasoned investors in the form of our Sourced franchise business.
But first, what experience do you need to become a property developer or investor? Well, obviously the more mistakes you make, the more you learn. Which is why it’s good to team up with someone who has already ‘been there, done that.’
Type of property to choose
When it comes to choosing your target rental market, you have to decide just how big a part of your life you want property to become. Taking on the sourcing, development and ongoing management of a HMO or two is definitely part-time work. Also, the larger the property, the more money you’ll have to invest (unless it’s really dilapidated and most of your costs will be going in to the refurbishment).
Or maybe you’d prefer to get one refurb property to start off with? You could do it up, then rent it out to a family as a Buy to Let. If you just want to continue with the ‘day job’ and have property as a sideline, then you could consider investing in a modern one-bedroom city centre apartment and rent to a young professional or make into a corporate let. Then again, you may want to flip it if the time and location are right.
So how do you find out about BMV properties coming on to the market? Unless you have a solid friendship with a couple of estate agents and/or developers, it’s really not that easy. And those friendships can take years of networking to build up.
Other ways, of course, is to take out costly digital marketing campaigns. The more old-fashioned way is to choose a street you like and put flyers through the letterboxes of homes there.
Listing property online
Property can be listed via the online market leaders such as Rightmove and Zoopla via an estate agent, or on hybrid’s such as eMoov and Purple Bricks.
Because the property is online you can get statistics that tell you how many times it has been viewed. It’s also possible to change the description or images whenever you like.
In addition to the industry giants, you can also list property on sites such as Gumtree or Facebook Market Place. There is also individual town’s portals.
Why franchising at Sourced makes sense
In addition to having the mentoring support as well as access to our network of contacts (both investors and sellers), you’ll also be working under an established brand name. The Sourced brand is guaranteed to literally open doors for you. Many of our franchisees have been around in property investing circles for more than two or three decades. As such they’ve already done the groundwork, which you can benefit from today.