Starting a career as a property sourcer can be a low cost way to get into property invsting.
Over the last 20 od years that Ive been an investor, Property Sourcing has emerged as a popular career option in the property industry due to its low-cost nature and potential for high earnings.
Almost every property Ive ever bought has been a below market value deal because I realised early on that you “make the money when you buy, not when you sell”. And the skills I’ve learnt in sourcing valuable properties that others couldn’t see has been vital to the growth of my property portfolio.
Then, when funds went low, I moved towards sourcing properties for other people who also wanted access to good property deals, and so I became a property sourcer.
So, as a property sourcer then, you’re simply acting as a middleman, connecting property sellers with investors or developers who are looking for profitable deals.
Profitable deals can come in all shapes and sizes from Below Market Value (BMV) to high yielding HMO’s.
One of the key benefits of starting a career as a property sourcer is the minimal upfront investment required.
Unlike many other business ventures or career paths in the property industry that may demand substantial capital, property sourcing allows individuals to enter the field with limited funds. This accessibility makes it an attractive option for those who are starting out or have limited financial resources but still aspire to be part of the property industry.
You need to be compliant
low cost property sourcing compliance
The low cost of entry into property sourcing is primarily due to the nature of the role.
As a property sourcer, your primary task is to identify property deals that meet the criteria of investors or developers and negotiate the purchase price on behalf of your clients. This means you don’t necessarily need to own or invest large sums of money in properties yourself. Instead, you focus on finding profitable deals and earning a commission based on the purchase price of the property.
To get started as a property sourcer, it is essential to develop the necessary skills and knowledge required for the role.
Acquiring a good understanding of the property market, investment strategies, and negotiation techniques is vital. Researching and staying up-to-date with market trends and property investment opportunities will help you identify lucrative deals and provide value to your clients.
Additionally, networking plays a significant role in building a successful career as a property sourcer.
Developing relationships with property investors, developers, estate agents, and other professionals in the industry can provide you with a constant stream of potential deals and enhance your credibility. Attending industry events, joining property investment groups, and leveraging online platforms can help you expand your network and establish yourself as a reliable property sourcer.
As you start your journey as a property sourcer, it’s important to set realistic expectations.
Property sourcing is not a get-rich-quick scheme. It requires hard work, persistence, and a continuous commitment to learning and improving your skills. Building a successful career in property sourcing takes time, dedication, and a strong work ethic. However, with perseverance and a focus on delivering value to your clients, the potential for high earnings and long-term success in the industry is achievable.
Clearly, starting a career as a property sourcer offers an accessible pathway into the property industry for individuals with limited capital. But it’s not easy. And many people give up in year 1.
The low-cost nature of property sourcing allows aspiring property sourcers to enter the field without substantial upfront investment. By developing the necessary skills, building a strong network, and maintaining a dedicated work ethic, individuals can establish themselves as successful property sourcers and tap into the potential for high earnings and long-term growth in the industry.