Property sourcing companies

 

Property sourcing companies

 

There are companies out in the market place that will find all types of property for you for a fee , they will do this by taking details of the type of property you are looking for and a budget , some will offer a formal consultation to justify the fee they will charge you , this will involve a visit to their office’s to meet one of their consultants ( currently a lot of this is suspended due to Covid restrictions) so they are mostly doing a consultation over the internet on a zoom call etc . Other less expensive companies will simply ask you to fill in a form online and you will be given a quote on how much it will be to find you the correct property.

It is worth shopping around as fees vary greatly and some will only charge once you have found a property, some will charge up front and some will have an upfront admin fee and fee on finding you the property. I would suggest finding one that charges on finding a suitable property, you need to make sure once the property has been found that it is in price range and that the property has not already been sold or has a dozen other people after the property, you are paying them to find you a property in budget for you to buy that is ready for you to offer on.

Property sourcing is hard work and some of these companies will cut corners to take a fee from you so will go to agents in the area and find properties that have already had offers accepted on or that are no longer on the market to try and take a fee from you upfront . The best ones have good reviews on trust pilot, have been established for a good period of time as ones that are taking money and not providing the service will not last long in business , these ones when you research the company if it has only been trading for a short time I would be wary .

Property sourcing companies that are worth their salt will find properties that are not readily available to you by calling local estate agents or doing a quick internet search ETC, they will have a stream of established contacts that offer them first look at new properties coming on to the market, they will also advertise on the internet and in paper media for people looking to sell and  they can find them buyers quickly this direct approach gives more  exclusivity to the service. I was offered by an auction house a few years back commission to source property by approaching my mortgage client data base , auction houses and property sourcing companies have a team of self employed commission based property source’s  on their books so that they can reach hard to find clients who might not have approached an estate agent or Auction house already to sell their property .

So you do not waste money it is advisable as with buying from auctions to have your finances and legal person ready to buy once the property is offered to you by the sourcing company as you might end up wasting your money otherwise.

In summary do your research before signing with one of these companies and have your finances ready to go .