The UK has a unique system that operates when it comes to buying property. Most buyers and sellers go through an estate agent to find the property that they want. However, what many property buyers may not realise is that the estate agent, in essence, acts for the seller not for the buyer. This situation is changing however with the steady rise of property search agents, commonly known as property finders.
Property Finders are people who operate solely on behalf of the buyer, taking your requirements and doing the leg work to find the property that best meets the buyers needs. Property finders are especially useful for people who wish to buy property in a different town, city or country than that of where they currently live.
Property search agents can help take some of the stress out of buying a property and for people interested in finding investment property, those who want to build the property portfolio can greatly benefit from the services of an investment property finder.
Choosing a property finder,means that you are engaging someone to source investment property from your own selection criteria. They can provide you with extensive local knowledge and can carry out negotiations on your behalf should you choose to authorise it.
The ease with which a buyer can purchase a property using the services of a property finder is magnified in a market where the buyer is unaware of the defining factors within a specific area. It is prudent to hire the services of an experienced property finder whether you are building a portfolio of investment properties, buying your own home or moving to a different country or city.
Typically a property search agent will charge between 1-3 % of the property value as a fee for their services. In some cases you may need to pay an up front retainer in order to engage an investment property finder. This up-front retainer, is usually fully refundable. If the property finder service that you are thinking of engaging does not offer a fully refundable retainer, then I would seriously suggest you look for another service provider.
Let's be clear. The retainer is a good faith payment that the provider asks for, so that they may know that you are serious about your property finding requirements. Think about it, if you were to engage someone to search high and low for a suitable property according to your requirements, and they do that only to have you say you were not really looking seriously, they would have done a lot of work for nothing, for a client that is not serious. Charging a retainer, allows a property finder service to weed out those who are serious from those who are not. Some services who work in the higher or commercial property markets, may require larger retainers.
Whether you are looking for residential property or investment property, engaging the services of a property finder can save you time and money. Working with a professional who has the knowledge of the local market, estate agents and who knows what will work according to your requirements, and who has solely your interests at heart is in out opinion, the progressive way to purchase UK investment property, especially in the current uncertain market.
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