DealSourcing.co , a Property sourcing software allows you to identify, source, analyse and contact vendors from a single platform. See how to find high yield properties in the UK with DealSourcing.co in this article
So what is deal sourcing?
Well very simply, it’s about finding great property deals, either for yourself, or to sell onto another investor for a fee. One of the most important things you need to know any successful investor knows, is how to find good property deals. So first of all, you need to know what makes a good property deal. DealSourcing.co will do that job for you.
How does property sourcing work?
A property sourcing agent is someone who makes a living putting together property deals, which they then sell to property investors. The role of a property sourcer is to act as a middleman between the buyer and the seller, smoothing the deal out, making it better for both parties.
6 Simple Steps To Becoming A Property Sourcer
- Find the deal :You always need to be on the lookout for potential deals. There are various ways of finding property deals, including dropping leaflets, websites, advertising and so on. The key is consistency, getting the wording right on the adverts and so on. DealSourcing.co is here to help to find the best deals.
- Qualify the deal :Is it really Below Market Value, or is it really just at market value. What works need doing on the property? What’s the rental value ?
- Present the deal :You will need to ‘top and tail’ this deal into a format that is attractive and easily readable to your potential investors. So you need to create some form of .pdf that you can email out to people. In addition to this you will also need to provide a professional-looking profile for you, as people buy from people they know, like and trust. Building your reputation is important. It can take 10 years to build and only a few seconds to ruin it. So build it well.
- Build Your Investor List : You need a database of potential investors that can potentially buy that deal from you. Once you have this, any deal you come up with can be sold much quicker than finding the deal and then struggling to actually sell it. Building up a good list of potential purchasers is vital.
- Become the Broker : If you don’t want to actually do the sourcing work, you can work with other property sourcers and help sell their deals, in return for part of the sourcing fee. This makes you the middle person – you will need 2 databases. The first database will be the people who source deals. The second database is the people who will buy the deal from you.
- Legal Obligations :
Are you aware of your legal obligations? Are you acting as an Estate Agency? If so, then you will need to abide by the requirements set down for all Estate Agents. Too many Property Sourcers get this wrong and do not comply with the law. It’s an important point.
How to Become a Property Sourcer
- Be registered with a property ombudsman, such as The Property Ombudsman (TPO)
- Be registered with the Information Commissioner’s Office (ICO)
- Be registered with a professional body, such as the National Landlords Association (NLA) or Residential Landlords Association (RLA)
- Have professional indemnity insurance in place.
Property Sourcing, Simplified.
DealSourcing.co puts the power of automation in your hands. Search, stack and market 200,000+ BMV deals (BTL, HMO and BRRR) with ROIs above 15% with the click of a button. Find High Yield properties with our efficient and easy-to-use tools.
How to find high yield properties in the UK
- Get an account on DealSourcing.co
- Find the deals: Find Below Market Value deals from Rightmove, Zoopla, Gumtree and others using DealSourcing.co.
- Qualify the deals: DS will estimate ROI of the deal based on many data points like deposit, stamp duty & legal fees, agent fees, rent estimates and more.
- Contact the owner: DS will give you access to contact the owner from where we source the deal and we will show which ones are negative equity deals to have more power on the negotiation.
- Portfolio Tracker: You can manage your portfolio and track your ROI over time using our Portfolio Tracker.
Also published on Medium.