Something that new property sourcers deliberate over, is when is the right time to tell an agent that you are sourcing property for other people. It seems to worry a lot of newbie sourcers because they feel like they are being dishonest. They are fine when they are sourcing property for themselves and they can be upfront about everything. However, many feel nervous about covering up the fact that they are sourcing as a business.
The funny thing is, the agent is not going to be negatively impacted by you being a property sourcer. Their objective is to sell or rent out property, so if you are solving that problem for them, it is a win-win situation. So if you are starting to feel a bit uneasy about how to tell them, or when to tell them, stop worrying.
There are two different ways of approaching the timing of telling an agent that you’re a sourcer. If you are building up a long-term relationship with that agent then you will get to the stage where you just tell them what you are doing from the start of the process. You will be working together for common goals and this will be fine.
If it is a one-off interaction, then you will want to hold off a bit longer in telling them. In this scenario, it makes better sense to get to the point of the offer being accepted. And you don’t have to come straight out and say, “I’ve been hiding it all along but I’m a property sourcer” like is a deep, dark secret. What you are better to say is that something has come up, which has meant it is no longer the right deal for you personally but you have someone else lined up for it. So at the point of instructing solicitors, that is where you introduce your client. As long as the sale goes through it won’t bother the agent.
So in summary, there are two different approaches that are dependent on your relationship or intended relationship with the agent. But the key message to take away is do not lose any sleep over telling the agent because they really won’t be too concerned.