Property Sourcing In London

property sourcing in London real estate market uk

Property sourcing in London is very common, but it can be challenging to pursue. Today we will discuss how to become a successful property sourcer in London. Pearl Lemon Properties offers more tips about investing and working with property agents. 

Before we get started, let’s discuss the role of a Property Sourcer. A Property source acts as a middle party between the buyer and seller. I like to refer to this person as a mediator and someone who is not biased towards property buyers or sellers. 

Other than that, that’s pretty much it, so let’s walk through the property sourcing registration process in London England. 

How To Become A Property Sourcer In London 

To become a property sourcer in London, you need to do four things: 

1. Become a Member of a Property Ombudsman Scheme 
2. Register with Financial Conduct Authority 
3. Register for Data Protection Licence 
4. Obtain Professional Indemnity Insurance 

These registration steps are for holding personal information, anti-money laundering, and insurance. 

Successful Property Sourcing In London 

Here are a few ways you can be a successful property sourcer in London. 

Communication 

Some people naturally have that charm and charisma that works with property sourcing. If you have that personality and it works for you, then great! If you don’t, that is okay. Communication or building rapport is essential and can go a long way. 

You don’t want to give an impression that you are a car salesman that is just trying to make a sale. You have to communicate and build trust with people. Having a conversation can go a long way. It builds a relationship and can benefit you financially. 

Listen 

As a property sourcer, you are the middle party. Thus you need to do a lot of listening to both the needs of the landlord and seller. When people feel like they are not being heard, it drives anger, which is not something we want. 

Ask about anything you are unsure about and listen to every response. To show that you are listening, you can make a note of every concern they have. 

Acting As A Mediator 

As the middle party, you act as a mediator. A mediator helps two or more parties come to a solution. There are going to be times where both parties come into issues that need a solution. It is your job to provide the best possible solution. 

This can be challenging, but it helps to be clear, restate the problems, and how a possible solution can help. 

Presenting The Offer

I mentioned before that you don’t want to come off as a salesperson, and now is still not the time. Place an offer that is good for both you and the landlord. If you attempt to negotiate, it can come off as manipulative. 

Follow Up 

If the landlord does not accept your offer, it is always good to follow up. Keep an open line of communication - this can help the landlord remain comfortable. If they feel comfortable, they can always approach you later on. 

When Do You Get Paid? 

With property sourcing, you do not get paid until the deal is complete. In London, the range for a deal can be £2,000 to £5,000 per deal. If you get one deal per month, it would be a suitable amount of money for a typical 9 to 5 job. 

In the beginning, property payments will be slow, but once you get into the routine of managing your time, you can make more proper profits each month. 

Profitable Properties Conclusion 

That concludes this article about property sourcing in London. It seems like an easy process but not having a set income due to changing real estate markets can be unsettling. Have faith and good luck property sourcing properly. 

Celeste Johnson is a student at Austin College and currently pursuing a business degree and interested in entrepreneurship. She is working for La Dolce Studio. Before starting her career full time, she hopes to get the chance to travel internationally.

Bootstrap Business Blog Newest Posts From Mike Schiemer, Partners, & Blog Outreach Services