Professional Ways for Sourcing Property

We all know that one of the services provided by a property managing agent is the sourcing of tenants for a client’s rental property. What about sourcing property? What does sourcing property even entail? Property sourcing is the process of finding the right property, in the right area, and at the right price for the client. Sourcing property is not an easy task, but a buying agent can provide you with expert advice on this process.

Just as finding the right tenant for a property can take time and effort, so too can finding the right property for the buyer. Recognising and focusing the key elements of your property search should be the first thing a buyer undertakes. Deciding on what is essential for you in a property and what is not can be confusing and stressful. The process of sourcing property can be made much easier by allowing a buying agent to act on your behalf and assist you in focusing your search.

What is Sourcing Property?

The word “sourcing”, when used in relation to property, is the process of making informed and experienced decisions in order to settle on the right property for the client. This may include properties that are not even on the open market yet, but which a buyer agent may have access to thanks to his/her professional contacts. Sourcing the right property for the client should involve an evaluation of the pros and cons of various properties, according to the needs and requests of the buyer. By doing this, the agent can be assured that the right property for the buyer has been found. At Eldron, we focus the property search according to the specifications communicated to us by our clients. We take the information we receive and provide the buyer with the best properties possible.

Sourcing property can be a full-time job that requires a huge amount of attention and effort. Why not leave this task to someone who does do it as a full time job? Why go through hours of hassle comparing properties, only to realise they do not fit your criteria for the perfect property? With the help of an experienced company, you can still enjoy your daily routine and work life without the stress of looking for a property on your own.

The Appraisal Step

There are multiple steps involved in the process of sourcing and buying a property, all of which a buying agency can guide you through. Once a potential property has been found, the next essential step is the property appraisal.  Property appraisal involves estimating the value of the property, one of the service we offer here at Eldron. This is considered an important phase of the buying process for buyers who are seeking a mortgage for their property. Mortgage lenders require an appraisal of a property before the funds to buy it are provided. This is to ensure that the cost of the property does not exceed the value.

There are different factors which play a role in the value of a property’s appraisal, factors which property agents are highly experienced in managing. These factors include the square feet of the property, the amount of bedrooms it has, the number of bathrooms, the age of the property as a whole and the place or area it is found in, as well as the interior improvements that might need to be done for the place.

In order to make the buying process that much easier, Eldron also provides an appraisal service. If you want further information of how we can help with your property appraisal, click here.

The Negotiation Step

The final stage of the buying process is negotiating the price of the property. There are different things to be aware of when it comes to negotiating on the price of a property. Firstly, the buyer should be under no illusions that the seller will be attempting to sell the property at the highest price possible. Similarly, the seller should recognise that the buyer will be trying to get the property for the lowest price they can. The negotiation stage is crucial as it helps to ensure that the deal does not reach a stalemate. This is why it may be a good idea to hire a professional to negotiate on your behalf and agree the best deal for the buyer.

Things which may also be negotiated upon in this phase include closing costs (the amount of money that the lender holds in escrow for items like taxes and insurance), and the closing date. The  closing date can be an important point in the negotiation process because the buyer might want to delay the next month’s mortgage payment by arranging the closing date for the beginning of the month. Home warranty may also be negotiated if certain appliances are to be included in the sale of a property.

The process of finding and buying a new property is not an easy one, and this is the reason that property agents can be very beneficial. They assist in sourcing, negotiating, and recommending contacts in order to make the whole process a successful on.

You can learn more about what services Eldron can offer here.