Basically, agents help put up property deals together, they are like the middleman between the buyer and the seller. Meanwhile, working with agents is one of the great ways to grow your portfolio quickly, but of course, there’s a price to pay. Each has their own contracts but there are industry standards and guidelines (payment structures & deposits) that should be followed. With this, you would be able to know if the agent is right for you and your business.
Every agent is entitled to a deposit payment from you to make sure that you will push through with the project. This is not just for their own certainty and protection, but also for the seller’s. An industry standard deposit ranges from £500-£1000. Question is, when should you pay? It depends on the nature of your deal which are the following:
Securing an off-plan property
The deposit is required to seal the deal and you have to pay when you put an offer and the sales process has already begun.
To take a property off the market
This is when you want to do your due diligence and spend time researching a property; you would have to pay somehow to “reserve” the property and take it off the market while you go through the process.
Is there a unified contract and Terms of Business on BMV Direct’s website?
BMV Direct is not a property deal sourcer. Instead, we are an introducer – we introduce investors looking for property deals in their chosen area with a registered and compliant deal sourcer on our website. Because we do not offer any property deals ourselves, we cannot offer any of our visitors a sourcing contract or Terms of Business. Please approach the property sourcer of your area to request their own Terms of Business and Service Contracts. We advise that independent legal advice is sought for your personal protection before signing any contract.
Leveraging is the key to Success
If you’re frustrated with the speed of your investing and you feel like everyone else seems to catch all the best BMV property deals in your local area, then do what all savvy investors do – they leverage other peoples’ skills, resources, network and specialism to achieve success in their own businesses. Property sourcers have the skills, resources, network and special ism that lands them fantastic BMV off-market DTV property deals that YOU can benefit from.
To learn more, contact firstname.lastname@example.org and tell us your local area and we will forward your local property sourcer’s details to you, or head over to www.bmvdirect.co.uk to search for your local property sourcer.