How can I become a property finder?
Being a sourcing finder / agent is one of the best ways to get started in property. The reason for this is twofold:
- First of all, you can charge a search engine fee. Typically, you set this rate and it varies based on the amount of work you had to do on the deal.
- Second, you are gaining invaluable experience by learning to analyze agreements and put them together.
As a property finder, you can charge from £ 75 and up. Many property seekers charge a flat fee of between £ 1000 and £ 2,500. Others charge between 1% and 2% of the property price. As you can imagine, this can be quite lucrative if the property is worth £ 750,000.
Most property seekers would consider being flexible with the rate, depending on the type of service they have to provide. For example, they would charge you more if they had to search for a property and find out how much work was needed to renovate / restore it, go out and get builders quotes and then negotiate a suitable discount for you, than if they just went and found a property below the market value in an area of your choice.
The great thing about being a property finder is that as a beginner you don’t really need any startup capital and are learning all the time about how to analyze and build deals. You will be looking for investors, so you will learn very quickly about the criteria they use, and since they are very likely to be successful themselves, you will be able to analyze their purchase criteria and use them as potential criteria for the properties you plan to buy for yourself in the future. same.
When looking for investors, especially in the beginning, you will offer them deals that they will reject. But they will usually tell you exactly why they are turning them down, so that you don’t offer them the same offers again. So there is likely no better or faster way to know which offers are profitable and why, and which offers look good on the surface, but once you dig deep, they are best avoided.
There are two possible ways to configure yourself as a property finder:
- Just start looking for potentially profitable properties that you think investors or developers will be interested in. Once you find them, do your homework with them and discuss the deal as if you were going to buy it yourself. So this includes details of the local community, any planned regenerations for the area, shops and transport links, crime, rental prices, etc. You will approach professional investors, so they will want to know all the ins and outs. Once you have all the relevant information, try contacting investors and say you have a potentially very profitable deal. The best way to get in touch with investors is by posting on real estate forum pages and meeting them at real estate clubs and networking events. If you’ve done your homework right and you have a good deal, it shouldn’t be too difficult to find investors willing to consider the deal you’re offering.
- The other alternative is to post messages on real estate forums or chat pages, and network with real estate investors, telling them that you are a property seeker and finding out what their individual criteria are. You need to get as much information as possible from them, create a database of each investor and their specific criteria and strategy, and then search for the property according to your specific needs. If you do it right, they will find it difficult to resist the offers you present to them, because you will only present them with offers that you already know match your strategy.
One thing to keep in mind as a property finder, especially as a beginner, is that it is much easier to get a property close to where you live. So, if it is possible to strike profitable deals close to where you live, make it your first priority. But if you’re struggling to make the numbers add up to Buy to Rent Close to Home, you may need to look more in a field – sometimes a lot more in a field.
But don’t forget, just because the numbers don’t add up on a Buy to Rent basis, it doesn’t mean they won’t add up for a developer who just wants to buy a property, buy and sell outright. U.S. So, don’t discount the area you live in right away, because no matter where you live, there are likely to be some really good quick investment opportunities (buy, upgrade, and sell outright) that pop up from time to time.
Being a seeker goes hand in hand with contract trading, where you can earn thousands of pounds on property without owning it. So if you feel like making money from a property, but don’t really want to be an investor or developer, you might consider one or both of the ways to make money. You should be quite skilled in any of them and be able to access the real estate market well, but there is the possibility of starting a business as a property provider / finder and having regular clients who would normally be investors or developers. You would know their buying strategy from the inside out, you would know exactly what they are looking for, and you would simply search for these properties for them. In the short term, this is definitely something you could do in addition to your normal daytime work.