Stepping into property investment is great, however, as many understand, it is an incredible commitment, requiring knowledge, effort and patience. Often, investors have big aspirations but do not have the means to meet these aspirations. In our experience, this usually comes from being money rich but time poor.
Consequently, this means many investors are too busy to assign time to learning the ins and outs of property in the beginning - experience throughout the years typically provides adequate knowledge to make their investment work. Meanwhile, those investors are swamped with a loaded schedule, leaving little room to give projects the effort they desire.
As a result, investors turn to property sourcers. Property sourcers take away the hard work of property investing for investors, allowing them to enjoy the journey.
What is a Property Sourcer?Think of them as the middleman. A property sourcer is a person whose works closely with you on your investment to find the right property deal for you. A property sourcer will do the groundwork and put in the hours to pair you with a property that meets your investment ambitions. You are the priority of a property sourcer and as a result, many benefits come in hand with this.
Market KnowledgeHaving a strong knowledge of the property market is essential when selecting a property. This knowledge will allow you to make the right decisions and ensure you choose the right properties to invest in. Without this knowledge you open yourself up to many risks. Lack of market knowledge brings the potential for you to over pay for a property, buy in an area that is declining or purchase a property that won’t sell.
Property sourcers live and breathe the property market, meaning they have a plethora of knowledge ready for you to utilise.
ExperienceFor new investors it can be a daunting experience beginning your venture into property investing. This is why having the opportunity to work with someone who has greater experience is incredibly beneficial.
Even experienced investors have a lot to gain from working with a property sourcer on their investment. For many investors, diversifying their portfolio becomes an important objective. To achieve diversification investors may look to invest in multiple types of investment strategy or maybe they’d choose to widen their interest in different investment locations.
A good property sourcer will have an understanding of which properties will work well for a particular investment strategy, allowing them to narrow their search and ultimately select a property suitable for the investor.
Additionally, through helping many clients to achieve their property ambitions, property sourcers will have the opportunity to gain extensive knowledge and experience in a variety of locations. This can prove beneficial for an investor as this can then be utilised to their advantage.
TimeFor many investors property investing is not their 9-5 job, therefore, the time they can commit to all it requires is limited. Working with a property sourcer allows them to be hands-off, permitting them to allocate their time elsewhere.
NetworkThe property investment industry is one that is very well-connected meaning your property sourcer will have all they need at their disposal.
Through opportunities to network over the years, your property sourcer will bring advantages to your investment that would otherwise have been missed. Their knowledge will potentially lead them to finding better deals, giving you more value for your money.
This will also benefit you as you will be paired with properties that suit your desires rather than time-wasters.
Cost-SavingThe expertise of a property investor can save you money. Along with their previously established relationships within the property industry, a good property sourcer will have gained the ability to determine the true value of a property. This will lead them to negotiate a better price for you in some cases.
ConclusionUsing a property sourcer brings investors multiple benefits, especially those who lack experience or those who struggle to find time to do it alone.
Property sourcers are completely immersed in the property industry and therefore hold key knowledge and experience which the investor potentially does not have. By working with a property sourcer an investor can gain insightful market insights and use these to influence their decisions.
Due to their extensive experience in the property industry, property sourcers become equipped with an understanding of which properties would pair best with the investors’ ambitions, strategies and desires.
By using this knowledge and experience, investors reduce their risk of wasting their valuable time. Meanwhile, they can place their confidence in witnessing their investment becoming a success.
Property investment is far from being a lonely journey. As an industry that thrives on relationships building, there are always opportunities to learn from and connect with others.
Disclaimer: This is information based on our knowledge gained throughout years of experience, education and learnings. This information is open to interpretation, therefore, you must carry out your own due diligence regarding the subject.