28th April 2020 by Property Deal Store Administrator in Sourcers

Our Top Tips for Sourcers During Coronavirus

We’ve never seen such unprecedented use of the word unprecedented and we’ve got new phrases we never thought we’d say. After this has all passed you will never want to hear ‘self-isolation,’ ‘social distancing’ or ‘furlough’ again!

As we slowly learn to adapt to this new temporary way of life, sentiment around how to do business is evolving. From the initial shock and everything grinding to a halt, to finding new ways to innovate ready to come back stronger.

That needs to be the focus now. What can we do to be ready for the comeback?

Here we look at our top tips for property sourcers during this time. Whether you’re an experienced sourcer or a complete novice, we want to help you come out of this crisis armed with newfound knowledge, skills and the right mindset ready to take advantage of all the new opportunity that will come of this on the other side.

Let’s get into it. Here’s what you need to be to become a successful property sourcer…

1.      Ethical

For every decision you make as a property sourcer, ethics should form the core of your thinking. If you verify every business decision you make against this standard you will set yourself up correctly for long term success. Relationships trump everything in this business so make sure every deal is a win-win for all involved and always conduct yourself in the right way.

Being ethical at the expense of quick, devious profits will lead to greater profitability overall as people will want to do more and more work with you.

2.      Entrepreneurial

The most successful sourcers are masters of finding gaps in the market and creating new opportunities for themselves. Use this time in lockdown to study those who have been there and done it. Look at your local housing market too, how has it changed since the pandemic hit? What will people need when life gets back to some degree of normal?

3.      A strong communicator

During the current crisis you’re no doubt adapting to new ways of communicating using technology like Zoom or MS Teams. If you’re not, try it out. Connect with friends and family and have virtual meetings. Networking groups are still taking new members for knock down fees so use this time to connect with the right people who you can work alongside when this is all over.

Effective communication works both ways. How you come across and put yourself out there, and your ability to listen to other people and meet their needs. Use this time to work on these skills by being there for the people in your life, even if it’s only virtually for now.

4.      A hard worker

As with all business ventures, having a strong work ethic is paramount. There’s no get rich quick scheme, you have to put in the hard yards.

5.      Aware of the legalities

You’re acting on the buyer’s behalf so you’re governed by the Estate Agents Act 1979 which you should make yourself familiar with.

You also need to register with:

  • A property ombudsman, such as The Property Ombudsman (TPO)
  • The Information Commissioner’s Office (ICO)
  • The National Residential Landlords Association (NRLA)
  • HMRC for Anti-Money Laundering (AML)

In addition, you need to get professional indemnity insurance in place and get the help of a legal expert to draft you the following documentation:

  • Terms of Business
  • Heads of Terms

If you’re new to sourcing or haven’t yet taken care of the above, this is a great time to get the formalities in place along with any other admin work that you’ve been putting off.

6.      An avid networker

Property sourcing is a people business. A great use of the time we now have on our hands is to form stronger bonds with our contacts and leverage these contacts to make new connections virtually.

Arrange one-to-one telephone or video meetings or hold group sessions with those in the industry. Build up your tribe ready to hunt down those long awaited new opportunities when they do arise.

7.      A willing learner

In sourcing and business in general, your learning should never stop. You will pick up a lot of things from your ever-expanding network of people but you should spend some of this time researching and reading too. Try to come out of this a better version of yourself, both in terms of your knowledge and your outlook.

If you’re just starting out in the world of property or if you’re looking for some new insight into how to make money in the business, here’s an online course that I’ve just launched which you may find helpful – Hammering Profits.

8.      A member of Property Deal Store!

Property Deal Store is a platform that allows you to list deals for free. We have a wealth of investors who use the site regularly to find great deals and we regularly promote the best deals on the platform to our army of investors who have subscribed via email. Get your deals in front of a new, large audience of buyers today.

9.      Healthy

If this period has taught us anything it’s that if we don’t have our health we have nothing. We are living through a time when asking someone ‘how are you?’ has new meaning.

Keep yourself active, mentally and physically, during this time. Enjoy the pause if you can, be there for your loved ones and prepare yourself to come back stronger with a fresh sense of perspective.

– Janice Minihan, director and co-founder of Property Deal Store