Can anyone become a property sourcer? Not everyone is cut out to be a TV presenter or a Maths teacher, and the same goes for finding Below Market Value (BMV) property and fantastic development deals. So what type of person makes a good property sourcer?
Necessary traits and attitudes
Well, first off you’d better like people. That’s because property sourcing is a very sociable business. Networking is crucial. It’s how you get your contacts and the reason you’re able to set up deals. You’ll also be dealing with vendors face-to-face or over the phone, with whom you will be negotiating. A charming personality would be very handy here!
Being a proactive individual who doesn’t scare easily (someone who society might describe as a ‘glass half full’ type) also helps. This is because at the beginning, when you’re starting out, there will be plenty of ups and downs – whether that’s about cash flow or not being able to find the right investor for what you know is a fabulous deal for someone of a particular mindset and wealth.
You also have to be persistent – and patient. Some deals will take months and perhaps even years. So there’s going to be a certain amount of follow-up and checking-in required.
Property experience useful but not crucial
It definitely helps if you have a background in property – but it’s not essential. Certainly it means you’ll understand the industry faster and will already have contacts in the field, but you can pick this up too. At Sourced, we’ll provide training, including a comprehensive background of the industry and individuals. You’ll learn all about the different property strategies, the various finance options and how to negotiate a successful deal independently.
Tips on how to become a property sourcer
- Focus on one particular location and get to know the property market inside out. That way you’ll be able to spot a BMV deal straight away, as well as build up a network of property contacts, such as local estate agents and investors (it takes time to build up trustworthy relationships, after all);
- Treat everyone you meet with respect – you never know when that estate agent or property manager is going to turn up again, or who their contacts are;
- Don’t just look for big multi-unit deals; they can take up to a year to come to fruition – if at all. Individual Buy to Let deals meanwhile can allow you to tick over nicely until ‘the big one’ comes along;
- Get to know your investor clients inside out so that you can find the perfect property for them. It’s far better to tailor a property to a particular client, instead of using a scattergun approach.
Join our successful sourcers
In order to become a successful property sourcer, it’s essential to have a pipeline of vendors and investors. At Sourced, we have just that – including a huge network of contacts throughout the UK – which you are welcome to tap in to. Not only that, but our experienced and expert property sourcers are happy to mentor newbies.