Can you still source property in 2023

I get asked this a lot - it doesnt matter what the year is ... that question is always being asked.

And really, it doesnt matter what the market is doing, because the market is just an average of what the market is doing.

It doesn't represent the individual and what they're going through personally right now.

So what I mean by that is that even if the market is still going up (or down), there are individuals who are going through a rough patch in some way or another such as

  • Divorce
  • A death in the Family (and the home being left)
  • Massive credit card bills and other debts making life pretty depressing
  • A loss of a job or other income stream that they relied upon

And so what this means for you as a property sourcer is that you have an opportunity to help them out.

But the focus here should be on them, and not on you.

Your job as a Property Sourcer is to help them through whatever it is they're going through without taking advantage of them.

This is really important - all the deals Ive ever done (and Ive done a lot - millions of pounds worth of property transactions over my 25 years of sourcing and being an investor) - in all of them, it's been a win win situation.

Our job as a property sourcer is to help people - not to take advantage.

So if we can help the guy who's in loads of credit card debt, loans and car finance pay everything off, start over again and remove the weight of the world from his shoulders, then we've done our job.

If we can help the lady who's been left their mothers property after her death, ensure a quick sale and allow her to continue her grieving process without the worry of what to do on this empty property for the next few years, then we've done our job.

Remember, our number one thing for us to do is to help the person who has reached out to us for help.

Sometimes that means we don't get the deal, or sometimes it means we have to wait a year or two for the deal.

And that's ok.

Because being a property sourcer is also about being able to sleep soundly at night knowing that you've helped someone move on from whatever it is they're going through right now.

So what does this mean for property sourcing in 2023?

So back to the original question of being able to property source in 2023. Yes you can do it - things are just a bit more 'wierder' than they normally are.

So after the Pandemic that we all went through, some businesses simply haven't got back to where they were.

In addition to that, we've had massive interest rate rises.

Plus average wages haven't really increased (despite what the Bank of England are telling us with their ridiculous interest rate rises).

So there's PLENTY of opportunity out there right now.

But the reason I talk abnout the ethics so much is that there are, as always, a lot of sharks int he property world, and they can think of nothing better than to take advantage of people.

And I don't want YOU to do that.

I want you to win when your client wins. And if your client isn't winning on this deal (and by that I mean paying down debt, getting the divorce sorted or selling the property thats been left), then they're not winning.

It's a hard time to be ethical for some people right now, but I want you to be different.

Doing the right thing when nobody is looking in 2023 is harder than ever, but you have an opportunity to go out there and help as many people as you can.

About the author 

Daniel Latto

Property Sourcing Training | Portoflio Property Investor | iTunes Podcast host.

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