General (main property discussion here) - Researching sourcing companies?

All,

After your helpful comments regarding using sourcing companies I was wondering if you could provide me with some useful tips on how to research sourcing companies.

All comments appreciated.

Owen

Hi Owen

Tricky one there. If you hang around the standard places such as internet forums, conferences, training seminars, etc. you'll find that there are an awful lot of outfits claiming to be able to source properties.

Of course some are excellent - they have first rate knowledge of their areas and are competitively priced. However, some will add far less value, and are to be avoided. I personally got in to all this through a recommendation of some sourcing companies in the North East from a colleague. Word of mouth, from people I trust (plus my own research) is pretty much how I find and follow up leads.

In terms of the agents I use, I look for successful lettings agents who can source (just my preference of course). For me the risk of voids/ having my property unlet for long periods is paramount in my decision. If I can get the agent on my side early on and give them my sourcing fee then I anticipate they try harder for me when my property is in tenant difficulties!

Where abouts in the country are you looking to buy Owen?

Best regards

John

1. Always go and meet the company. 2. Find out how they source the properties 3. Then do all the normal research on a property that you would normally do (rentability of the area, value etc) 4. Always have a RICS qualified surveyor value the property

Hope this helps.

use this site. you can do your research from your armchair.

tom

Word of mouth is the best way to find out about a company. As a letting agency we source properties for clients charging 1% but we don't buy unless we can acheive at least an 8% return. We do use sourcing companies for 'off plan' developments where we get a discount for buying in bulk. We are now doing our own deals with the major house builders in and around Glasgow as well. I have to say as a letting agent we have to be very accountable. If we don't get the rental we say we can get our reputation gets damaged, however a sourcing company often doesn't do anything other than suggesting a suitable property without having anything further to do with it. Our website is www.let-it.co.uk

Daniel, that sounds like a good way to work it. Ill check out your site and be in touch.

Julian