Property deal sourcing is the activity of looking for attractive property deals, negotiating the best prices with the vendor and putting it all together into a service package that takes the property investment deal from start to finish, offering the investor a complete hands-off experience. Property sourcers make a living of delivering these deals to property investors for a fee.
Typically, the property sourcing company requires the investor to pay a deposit of approximately £500 - £1,000 to ensure the buyer is going to go ahead with the project. Depending on the property you are looking to buy, the timing and the amount of the required deposit may differ. It is important to be aware of the terms and conditions of the contract and know how your deposit is going to be protected - whether it’s going to be held by a third party or the property sourcing company itself. Once your property sourcer finds you the most lucrative property deal, they will take care of the sales chasing, liaising back and forth with the seller, instructing a power team of solicitors, mortgage brokers and lettings agents to bring the deal to completion.
The total fee you’ll need to pay for property sourcing depends on the type of property you’re purchasing, the amount of experience the property sourcer has and the amount of work they will need to put into bringing your deal to completion.