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Why Property Sourcers Need Sourced

By July 16, 2020No Comments

Team

I had a call last yesterday with a lady, she is a property sourcer and had seen one of our adverts, clicked and requested information about joining our franchise network. The first step in our process is a telephone call from the franchise manager.

The lady explained she was a property sourcer in the North West finding lots of great deals but struggling to find buyers or finance. I typically have this conversation with property sourcers weekly, some property sourcers I speak with have the opposite issue: they have lots of buyers but struggle getting the deals or securing them (a common issue in the South).

You can hear the frustration on the call when they tell you about all the great deals they have access to or have missed or all the cash rich investors they have throwing money at them, but they have nothing to present to them. O.K. the last bit might have been from a ‘Wolf of Wall Street’ scene but you can see what I am saying and if you’re a property sourcer you know this pain all too well.

Back to the call…

I listened as she explained about the frustration, the lack of buyers in the market and the steps she had taken to change her life.

Let me explain, it turns out that this lady previously worked in a bank, good job, good salary, good life but she wanted more, she wanted to grow a business with the goal of spending more time with her family and remove the worry of money from her life.

She knew property could offer this, her exact words to me were some of her biggest customers at the bank were property developers and landlords.

To change her life, she had done her research, she had paid for two property courses, learnt the strategies and how to source investment property but she hadn’t counted on one key factor.

It’s the same key factor that all property sourcers face as a hurdle.

Back to the call….

I fully understand your position I explained, and the good news is we come across this every week, the even better news is we have a solution for you that we know works.

You see the issue with property sourcers isn’t the market conditions, their location or the level of competition.  We recently had our first franchise join in London, on the first day of training the first words they said to me were “we are really concerned that this isn’t going to work in London, London is a different market to the rest of the UK, it’s so competitive, everybody in London trades property” by the third day we had nine opportunities booked in for viewings.

Back to the call….

The issue you have is TIME. You see, to do property sourcing properly is extremely time consuming, to find the best deals with the biggest profit margins means you have to consume yourself in sourcing and what this means is, when you do find that killer deal you then have to spend time finding the investor or finance which itself is incredibly time consuming.

In the same way, if you are good at networking and building relationships with investors, it’s time consuming and takes you away from sourcing the opportunities.

Even the best property sourcers in the UK will tell you that when they find a deal, the time and energy they put into finding an investor means that when they go back to sourcing, they have to start again in building the pipeline.

So how can sourced help?

It’s simple. We have created a network to support and develop property sourcers. By joining our network, you get access to our investor database of 100k+ investors from 69 countries to introduce your investment opportunities, we show you ways to source and package opportunities quicker, generating you more profits and we give you access to our funding facility, allowing you to do your own deals.

Download our Franchise Prospectus to learn more.

Chris Kirkwood

Chris Kirkwood

Development Director, Sourced