Property Sourcing

Property Sourcing To Source Or Not To Source?

Welcome to the mypropertypowerteam Property Sourcing Section. Here you will find information on the many ways to find property. You could try purchasing from Lead Providers, or you could sit in your armchair and buy Ready Made Deals. Dont forget Auctions and Private Sale Sites or New Build / Off Plan for possible bargins and check all your facts using the Due Diligence. There is always Overseas Property if you fancy a change or what about good old Land or even Commercial Property. They are all here!

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Great! You have decided to take the plunge and purchase an investment property. So, where do you buy it from? Where do you SOURCE your properties from? Should you find one yourself or use a SOURCER or a SOURCING COMPANY to do it for you?

Properties come to market by many different routes so if you decide to SOURCE yourself, there are several places to look.

ESTATE AGENTS - The traditional approach for the majority of the population who think of it as the only way to buy and sell their home. No offence but…… over inflated prices, no real motivation, they want you to part with as much money as possible and they act for the vendor. We have decided not to advertise Estate Agents at the present as you all know where they are in your high street.

AUCTIONS - Used by knowledgeable investors and developers to secure property below market value. It is not for the faint hearted and if you do not know exactly what you are doing, you may get stung. This is not the fault of the auction house but due to poor understanding of what is a good purchase.

Search for PRIVATE SALES via the internet, magazines or newspapers

ADVERTISE for sellers to come to you via newspapers, shop windows, on lamp posts or a WEB SITE

Once you have located a suitable property, you then need to negotiate the deal with the Vendor or their Agent.

If this does not sound appealing, why not save yourself the time and bother of trailing round the Agents, scouring the newspapers or having your own website, by utilising a SOURCING COMPANY to do it for you.

LEAD PROVIDERS are Companies or individuals who have done most of the hard work for you and have found motivated sellers. You have to pay for the lead then follow them up yourself.

READY MADE DEALS are packaged deals where the property has been found, the deal has been struck and the Power Team is set up for you. These will attract higher fees, however, this is a more HANDS OFF approach.

Finding Land can be lucrative.

Whichever method you choose for SOURCING your properties, ALWAYS do your DUE DILIGENCE. This entails double checking all financial figures given and making sure that you are happy with the suggested valuation and rental figures achievable.

You should be able to build up a picture with all the information gleaned and make an informed decision on whether the deal is right for you or not. No one likes to walk away from a deal, especially if it has already cost you money, however, if at any time you feel that it will not be such a financially stable deal or that the expected rental or valuation will not stand up, it is better to cut your losses and find another deal.

You don’t want to purchase a property in an area where no one wants to live or there is no rental market for that type of property (ie. you should not purchase a student property in a country estate miles from anywhere)