What exactly is it and how to source property deals.
Sourcing property in its simplest terms is finding property deals that investors would be willing to purchase. Learning how to source deals is a great skill to have as an investor, but it can also earn you an extra income by selling the deals you find that are not right for you.
To be able to sell a property deal you will need to negotiate with a vendor and obtain a signed agreement or option to sell at the price you have discussed. If you are prepared to package deals and can reach an audience of investors, then you could add an extra profit to your bottom line as an investor.
Property sourcing can be so lucrative that it may also be your chosen career path as you concentrate on this full time to generate an income. Savvy investors who lack the skill and or time to source their own deals are only too happy to pay someone else to do this for them.
Property Sourcing Fees
Some agents choose to charge a fixed fee which generally ranges from £2000 to £4000. The fee could be more on particularly lucrative deals or if the agent is managing the deal through to completion and handling a refurbishment.
Fees should always be agreed at the outset and you will need to have a clear “Terms of Business” agreement signed.