When I started out buying my first property thirty five years ago, I naturally trusted the agents to guide me…. Because like most people I just drove around the streets I liked, and looked for ‘sale’ signs- makes sense, right? I wasn’t aware there was an alternative, until after my first struggle to get the facts about a property from an agent. Frustrated and incensed, I did some more research, and discovered there is another type of real estate service that avoids all the hassles of dealing with these seller’s agents. A service that works for me, the buyer… without the seller’s paid commission salesmen involved at all. That was both a relief, and pleasant surprise..!
This other type of real estate business that works for buyers is called a sourcing agent, or property finding service. Never heard of them? That’s because they do not have the huge budgets to spend on advertising property that goes with an agent advertising their brand – profits that an agent makes from the seller’ commission. And guess whose paying that? Yes, most often it’s the buyer paying by purchasing at an over-stated price, which the seller receives, and the agent gets a share of. See how it works? Not in favour of the buyer…!
With property finders, quite often it is possible to purchase direct from an owner without an agent involved. And what’s more, property finders are negotiating with the agents all day every day, and they are much more experienced and knowledgeable on how to deal with agents and their tricks, than you or I. They have much more information on property valuations and recent sales prices and use it to negotiate price downward. In addition to being a better strategy to buy property at a lower negotiated price, a buyer usually saves on fees also, because property finders’ services are always less than a comparable commission that an agent builds into the sales price.
So getting better deals and making more money are key reasons that using a property finding service makes it possible to achieve better investment returns and grow the portfolio faster. That’s not all- there’s also the risk side of things to consider. Using a property finder is essential for managing key risks that can ruin an investment, and turn a property investor’s dream into a nightmare….and there’s more to say about that....
JH, Multi-Property Portfolio Investor, London
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