Most people have a good idea of what an estate agent does. But when it comes to a property sourcer, understandably, that’s a different matter. It’s not a common job title after all – and there aren’t many jobs advertised for property sourcers online or in your local job centre.
That’s because a property sourcer is a specialised career, and to date, there haven’t been that many around. That’s all about to change however, thanks to our Sourced franchise. But first, we’ll explain the roles of both an estate agent and a sourcer.
You’ll see that although both deal in property sales, they differ markedly in their approach – especially when it comes to loyalty. In the case of the estate agent, his or her loyalty is with the seller. The opposite is true with the property sourcer who has the best interests of the buyer (investor) at heart. You can see why when you look at how each works:
Role of an estate agent
▪ Seller and estate agent get together to set a price for the seller’s property;
▪ Estate agent advertises the property as a ‘Sole Agent’ and shows potential buyers around;
▪ Estate agent receives offers for the property and tells the seller who then chooses one of the offers;
▪ The property is sold and the estate agent receives a percentage of the sale from the seller
Role of a property sourcer
▪ Sourcer meets with the seller (or someone selling on his or her behalf);
▪ The purchase price is agreed and a ‘Sole Agency’ or ‘Option’ agreement to sell;
▪ Sourcer markets the property to clients and an investor agrees on the deal;
▪ Solicitors are engaged and the property purchased;
▪ Sourcer receives a fee from the investor (either a percentage of the purchase price or a fixed fee agreed earlier).
It’s clear from the above that the estate agent will be working to get the best price for the seller (since that is where his or her commission is from). The sourcer, on the other hand, gets their commission from the buyer and will be working in his or her best interests.
According to Reed Recruitment, the average salary for an estate agent last year was £36,869 while independent online recruitment portal Jobteam was advertising a property sourcer post in Manchester for up to £40,000.
The sourcer tends to be more independent and proactive in terms of searching for properties. The estate agent is more office bound and often works as a part of a team in an office.
Why estate agents become property sourcers
Having already built up local networks of property investors, fellow estate agents and planning officials, it makes sense for many estate agents to take the next step and become sourcers. Not only will they have the freedom of working for themselves, but they’ll also have the chance to make an unlimited income – just as they’ve seen property sourcers do in recent years, while they themselves have been slogging away in the office, working for someone else.
Interested in becoming a property sourcer yourself? Then why not get in touch with the team here at Sourced, where we offer courses and connections? Call us on 0333 123 1330
Author
Chris Kirkwood
