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Imagine being in a position where by people are giving you off-market deals before anybody else has laid eyes on them! Then add to the fact, that you pretty much did nothing and it was handed to you on a plate.
This is dreamland as a property sourcer and there is a way of making it happen, with a little hard work and time.
Agents are where it's at... 97% of people selling a property, use an estate agent. So how do you get to see it first, before it ends up on Rightmove or Zoopla?
It's all about building that relationship with the agent. What you want to do is 'stay front of mind' so when that agent get's a property on their books that matches your criteria, they do what???? The agent picks up the phone to you before it goes 'officially up for sale online'.
How Do You Position Yourself With Agents?
As a property sourcer your core focus is on serving the needs of your investor clients and helping them find the right opportunities to invest in. However, as a property sourcer you could be the solution for agents too...
Agents always have properties they struggle to sell, for one reason or another. That could be for a number of reasons such as:
Property is over-priced due to vendor needing to sell to clear down debts
Property need's work and is not suitable for a first time buyer (investors only)
Agent's always have clients that are demanding a quick sale and this puts the pressure on the agent to find a buyer, but if the price is unrealistic, the agent has a real job on their hands!
I'm sure you've seen properties that have been on the market for over 3 months, over 6 months and even longer in some cases! Agents hate these properties and want to just get them sold and off their books. Properties that stay on the market too long, upset their selling stats and make them look bad!
It's a perfect situation for you as a property sourcer, to gain their trust and position yourself as somebody that could offer a solution. If you can help them sell one of these properties via your contacts, investors etc... then they will want to send more stock your way!
Think about it... If they see you as somebody who can look at their properties and potentially help them sell quickly - they get what out if it?
They get the sale for their client and they get their commission! Money Talks and action will follow!
So What Can You Say to Get an Agent On Your Side?
There is a fine line between success and failure here as agents can spot a chancer a mile off. You have to build trust and you have to be an outlet to help them sell properties and help them increase their income. You cannot burst into an agents office and demand they give you first look at their stock, they don't know who you are, they aren't interested in you being a sourcer, they just care about selling properties and making money.
Imagine you have an agent in your area who does sales and lettings. Now think about your clients... they are investors and most if not all of them, will require the services of a managing agent when they buy their investment property to help find tenants and manage it moving forward.
So another way of positioning yourself, is to say any property you help sell to your investor clients - will be given straight back to them to manage, so they get regular monthly income and not just the sales commission for selling the property. It's a no brainer! This is just one method, you can use.
Regular monthly income is important to agents - so if you are going to be seen as somebody who can help feed that side of their business and refer lots of new business to them then guess what? They look at you as the solution, you very quickly become important to their business and potential to earn more money.
It does takes time, to gain trust and it will of course entail you following through on your promises to prove what your saying to them. But you staying 'front of mind with agents', will be a gamechanger for your business as a deal sourcer.
From No Deals to a Constant Stream of Off-Market Deals!
In time they will be calling you saying, I've just had this come in, do you want to view it before we put it on the market. Erm, let me just think about that for a second.... YES!
You want to get that first look, so you can speak to your investor clients and offer it to them asap! It's exclusive to you in this scenario and if it's the right type of property, you will have a deal on the cards, if you have the right investor for the opportunity.
What Not to Do - When Talking to Agents!
Don't burst into their office and explain your the answer to all their prayers... they will see straight through your approach. Don't announce you are a property sourcer, like it carries some weight - they have likely had many others like you through their door, badly pitching at them.
Don't start offering on properties they have - if you don't have a real interested party ready to buy! This will get you blacklisted and they won't deal with you. Wasting the agents time is not necessary and many newbies think they can just offer on properties then go find a buyer! WRONG!
Professional sourcers and deal packagers have the buyers and investors lined up first, ready and primed to take action and progress with a purchase. Rule number one of sourcing is...
Line up the buyer first - go find investors, qualify them so you know what they are looking for in an investment.
Then you know what to look for - and all you have to do is go find it!
In Summary
As a Property Sourcer, you will quickly realise that the 'property business' is all about people and relationships, the property or deal - is actually just the vehicle.
To be a good sourcer, you must be able to communicate effectively, be professional, and have a good system in place for your investor clients and your processes.
If you want to learn more - check out our online courses