Wouldn’t it be great to source 10 or more #properties per month? Wouldn’t it be great to #source 10 or more properties per month every month and get paid for it?
Possibly, you are reading this article because you wish to source properties but you are not even sure you know what that means? Probably you don’t have anyone to source properties for? Perhaps you don’t know where to source them from?
I want you to create a picture in your mind of you of where you want to be – where you know about property sourcing inside out. You have lots of people around you whom you can offer real estate opportunities to. You have an area where you are the property sourcing master and nobody else can make that statement.
Wouldn’t it be great to do that? Yes or no?
Would you agree that from not having property sourcing skills, knowledge and not having customers for whom to source – to instead, having a great team of people around you waiting for your deals, you need a new system?
To have a good system in place you need to identify the challenges first. Here at Enlighten Estate Agents we have identified the top 3 challenges you may encounter. So, let’s discover them one by one.
Without this first concept you can’t even start doing any sourcing. Having this enables you to know and understand what this sourcing business is and how to do it right. What am I talking about? I’m talking about the knowledge.
What exactly do I mean by that? I mean, property sourcing knowledge.
Let’s define what sourcing means in the first place. In business, the term sourcing refers to a number of procurement practices, aimed at finding, evaluating and engaging suppliers for acquiring goods and services.
In the case of property sourcing, we are looking at finding the right property and then engaging investors on purchasing the property. So, what is involved in the process? Three steps.
Research – you need to scour the local market to establish a fair value for each property.
Negotiation – negotiate a win-win deal for the vendor as well as for the investors.
Purchase – have a power team around you enabling you to execute the work in time and as hassle free as possible.
Sounds simple right? But hang on – that’s not enough, which leads us to the next step.
Without this next point- all your great sourcing of deals won’t work. But having this will enable you to make deal after deal in a very short space of time. What am I talking about? I’m talking about having people whom you source properties for.
I’m talking about having individuals or groups of individuals with buying power who can acquire suitable property on the first viewing.
Having access to those people will give you credibility as a sourcing agent, it’ll help you to turn deals over in a very short time, and to be very efficient and hassle free for the vendor, the investor and ultimately for you.
Having all the above right solves 50% of the sourcing issue. So what is the other 50%?
Well here’s the thing…..without this last point, you can’t become an expert of a particular part of the country or region. Having this, you could be known as the number one expert in the place you decided to source properties. What is this key to success? It is choosing the area in which you want to be top person people automatically turn to.
First of all, you need to look at the area you currently live in. Are there any possible deals that you can make there? To find the answer to that question you need to ask yourself, do I know the neighbours and my community? What present population is in the area? What type of people live here? Are they students or mature adults, are they working people with 1 child or predominately families with 2-4 kids living on benefits?
Identifying all of that will help you to have different strategies and plans for your investors so neither one of you will be caught by surprise. Do your calculations from investor’s point of view, will it be worth it for them to invest in the area and what is the return on their investment? Also look at how can you help people who maybe can’t pay their mortgage. Create a win-win situation for both and you will be very successful.
If the area you are living doesn’t work, don’t worry – move into another one and do same there. Like someone once said: “If there aren’t enough fish in the river you are at – change the river”
The difference between successful people and people who are not is actually very little. Successful people have a positive mind-set no matter what, they align themselves with the people who think like they do, who dream like they do, who always look to improve themselves, who are willing to study and learn, who invest in themselves to be able to become their best and then to help as many people as possible on this journey we call life.
At #EnlightenEstateAgents we not only source properties and create win-wins for landlords and investors but we closely work with some agents who add value to other people’s lives, successful sourcing agents like you, who are willing to go the extra mile in helping to accomplish your clients goals and ultimately your own.
We always welcome people who are willing to make a difference in others people’s lives and become super successful.
And before finishing, remember Les Brown’s motto:
“If you want a thing bad enough to go out and fight for it,
To work day and night for it, to give up your time, your peace and sleep for it
If all that you dream and scheme is about it,
And life seems useless and worthless without it.
If you gladly sweat for it and fret for it and plan for it
And lose all your terror of the opposition for it
If you simply go after that thing that you want
With all your capacity, strength and sagacity,
faith hope and confidence and stern pertinacity
If neither cold, poverty, famine, nor gout, sickness nor pain,
of body and brain, can keep you away from the thing that you want
If dogged and grim you beseech and beset it,
with the help of God, YOU WILL GET IT! “
1- You don’t have any knowledge what property sourcing is all about
2- You don’t know the people you can source real estate opportunities to
3- You don’t know what area you wish to work on