Deal sourcing is a vital skill for any property investor who wants to maximise their returns and grow their portfolio. In this article, we will explore some of the best deal sourcing strategies for the UK property market, based on the latest trends and insights.
Direct Marketing is one of the most effective ways to source property deals in the UK. This involves contacting property owners directly, either by phone, email, or letter, and expressing your interest in buying their properties. The advantage of this method is that you can reach out to motivated sellers who may be willing to sell at a discount or with flexible terms. For example, you can target homeowners who are facing financial difficulties, divorce, probate, or relocation, and offer them a quick and hassle-free solution.
Networking: This means building relationships with various professionals in the real estate industry who can provide you with valuable information and referrals. For instance, you can network with local estate agents, solicitors, surveyors, builders, and other investors. By establishing trust and rapport with them, they may inform you about properties that are about to come onto the market, or those that are struggling to sell. You can also leverage their expertise and contacts to negotiate better deals and access off-market opportunities.
Auctions: Property auctions can be a great place to find bargains and unique properties that are not available elsewhere. However, auctions also require a lot of research, due diligence, and preparation. You need to have a clear strategy and budget before bidding, and be ready to complete the purchase within a short timeframe. You also need to be aware of the risks and costs involved, such as fees, taxes, repairs, and legal issues.
Online Property Portals: These are websites that list properties for sale or rent across the country. Bloomnights, which is our online property portal, can help you find properties that match your criteria and preferences, such as location, size, price, and features. You can also use filters, alerts, and tools to narrow down your search and compare different options. Whether you are looking for a serviced apartment, a shortlet, or an outright sale, we have it all on our website.
In summary, by using a combination of these methods, you can increase your chances of finding and securing profitable and attractive properties for your investment portfolio.