sourcing property How to assess your sourcer and the sourced deal?

[ileven1225 0]

Dear everyone,

Hopefully you are keeping well during the pandemic. I am looking for property sourcers in East Midland area (e.g. Derby, Nottingham, etc) and I would like to know how to assess the sourcers and the sourced deal? I have listed what I think shall be done but they might not be sufficient. Any suggestion is welcome!

• Private sourcer or sourcing EA shall be a member of an Ombudsman Scheme as this shows a commitment to professional standards and also gives a route of redress if something goes wrong.
• Talk to the sourcer to challenge the professional knowledge and experience.
• do some research of the property recommeded by the sourcer, .e.g rightmove, zoopla to check neighbouring properties price.

Anything else we could do to check the sourced deal as well as the sourcer?

Much appreciated for your input!

[nick smith 14]

17 hours ago, ileven1225 said:

Dear everyone,

Hopefully you are keeping well during the pandemic. I am looking for property sourcers in East Midland area (e.g. Derby, Nottingham, etc) and I would like to know how to assess the sourcers and the sourced deal? I have listed what I think shall be done but they might not be sufficient. Any suggestion is welcome!

• Private sourcer or sourcing EA shall be a member of an Ombudsman Scheme as this shows a commitment to professional standards and also gives a route of redress if something goes wrong.
• Talk to the sourcer to challenge the professional knowledge and experience.
• do some research of the property recommeded by the sourcer, .e.g rightmove, zoopla to check neighbouring properties price.

Anything else we could do to check the sourced deal as well as the sourcer?

Much appreciated for your input!

References/contact details from existing by clients? Example case studies of properties they’ve sourced for other clients? Check at Companies House if they are operating under a LTD company?

[ileven1225 0]

1 hour ago, nick smith said:

References/contact details from existing by clients? Example case studies of properties they’ve sourced for other clients? Check at Companies House if they are operating under a LTD company?

Thanks, I wonder if they are not under a LTD company, would it be a 'NO' to use them?

[EvolutionBlogger 81]

Finding good deal sourcers isn't easy. So many people go on courses, and are told that you don't need to deposits to be a property investor. Just source deals for others! Hence 90% of deal sources really don't don't have a clue. Most sources simply forward properties from estate agent listings. 

Also, be weary of sourcers that offer 'hands off BRRRR' deals. If that person knows how to do a BRRRR, then they're not going to do all the work for you, for a small fee 

 

 

[ileven1225 0]

54 minutes ago, EvolutionBlogger said:

Finding good deal sourcers isn't easy. So many people go on courses, and are told that you don't need to deposits to be a property investor. Just source deals for others! Hence 90% of deal sources really don't don't have a clue. Most sources simply forward properties from estate agent listings. 

Also, be weary of sourcers that offer 'hands off BRRRR' deals. If that person knows how to do a BRRRR, then they're not going to do all the work for you, for a small fee 

 

 

Thanks, I will certainly take the advise on board.

[DerekT 216]

In addition to the good advice above, Rob D has a handy page on his Geek site about finding sourcers. 

In short, you have to do your due dil on both things, the sourcer and the property. Sometimes it's more work than trying to find your own property! 

[EvolutionBlogger 81]

1 minute ago, DerekT said:

In addition to the good advice above, Rob D has a handy page on his Geek site about finding sourcers. 

In short, you have to do your due dil on both things, the sourcer and the property. Sometimes it's more work than trying to find your own property! 

That's the opinion that I took. It's quicker to find a good property, than a good sourcer!

[ileven1225 0]

11 hours ago, DerekT said:

In addition to the good advice above, Rob D has a handy page on his Geek site about finding sourcers. 

In short, you have to do your due dil on both things, the sourcer and the property. Sometimes it's more work than trying to find your own property! 

Thanks, understand