When you first embark on a career in property sourcing it can prove challenging enough just to find deals and set them up. But, as time moves on and you gain more experience, at which point, your enjoyment of it will be enhanced too, then you might want to consider really getting stuck in. By that, we mean considering setting up a new strategy – one which is aimed at accelerating growth.
So how do you go about doubling or even tripling the income you have at present? Well, one route is to embark on a property sourcing franchise venture. Another is to develop a partnership approach to property sourcing. We will go on to discuss both of these differing business avenues right here:
Joining a recognised franchise means you instantly have built-in brand recognition and trust. Not only that, but you will also gain from having more contacts, learning about new deals quicker through your franchise network, and benefitting from ongoing training and mentoring. Then, there is the free marketing material and help with any promotional activity.
Without a doubt, one of the best ways to make money franchising is to purchase more than one franchise (in the case of an investment property company like Sourced, this would mean franchises covering different property locations). That’s because if one location isn’t performing as well as you had hoped, then the other could ‘tide you over’ until business in that first area improves.
A partner can inject further expertise and wisdom into your business. Moreso, they can also bring more available time and energy. As your property sourcing business becomes more successful, the demands on your time will increase, to the extent that you may find yourself with no leisure or family time, and potentially dwindling motivation and enthusiasm for the job you once loved.
That’s where having a partner can help. Not only can they share the work burden, but they can also help when it comes to motivation and rekindling your enthusiasm. And, of course, that old adage of ‘two heads are better than one’ was created for a reason i.e. you’ll gain twice the contacts, expertise and expand your network.
Equally as important, you’ll have access to more funds with which to invest and grow your own portfolio.
The bigger your network and the more property deals you set up, the better your reputation. You’ll know you have really made it when you don’t have to go looking for deals any longer, because people will be making the effort to seek you out.
Not only that, but the bigger the deals, the better the rate of commission – and the less amount of time you have to spend working.