Sourced Property, the sourcing arm of the Sourced Group, has announced the launch of a 'bespoke property listing app', focused on the investor market.
The app is loaded with new property deals daily, sourced by a network of over 150 professional sourcers. The network 'supplies profitable deals for a variety of strategies, allowing investors to grow their portfolios with confidence'.
The types of deals involved include: conversions, developments, buy to sells, title splits, lease options, buy-to-lets, HMOs, rent to rents, serviced accommodations and refurbishments.
Identifying the property app gap
Sourced says property investors typically work with sourcers, because going through the process of identifying and analysing a deal that matches specific goals, budget and strategy is challenging. The whole process is time-consuming too, so busy investors prefer to outsource it.
“We are investors ourselves and we understand how difficult it is to find good deals.” Chris Kirkwood, franchise director at Sourced, explained. “We realised that there was a gap in the market, we couldn’t find an app that was made specifically for investors and sustained a steady supply of deals. We wanted to build an app that would serve investors with packaged deals, which we would have invested in ourselves.”
As a result, he adds, the Sourced Property Investment app was created.
What makes the app different?
“We used our knowledge of property sourcing and working with investors, to create a tool that, essentially, takes the hassle out of sourcing.” Kirkwood said. “Many sourcers try to sell deals they don’t have any right to sell and offer little to no due diligence. With Sourced, you can be sure that each deal has been carefully assessed and that we are selling with vendors’ permissions.”
Sourced Property consists of members of Sourced Franchise, who source and package property deals from across the UK. They are trained and supported by the head office team, Sourced insists, to ensure they only present profitable deals to investors.
“With the volume of deals we were promoting to investors, it made sense to take our deal marketing to another level and introduce a mobile-first approach,” Kirkwood added.
How does the app work?
In contrast to the UK's highly popular property search portals - of which Rightmove and Zoopla are the biggest - the app has been developed with investors, rather than buyers or tenants, as the target audience. Each property listed has already been matched to a strategy, Sourced argues.
"So rather than, for example, going through pages of two-bed semis and crunching the numbers, you are presented with ready-made deals supplied with due diligence," Kirkwood continued.
In addition, the app is equipped with a search engine which allows investors to filter deals by investment strategy, region, price/rent and more. To 'add an element of fun', investors can see all new deals on one page, and swipe left - in a similar way to certain well-known dating apps - to skip to the next one or right to save to your favourites.
Sourced says the property industry is a dynamic space and to help investors stay up to date, the app also has a 'Content Hub' with news, podcasts, articles and videos.
What does it cost?
The app is available 'completely free of charge', with no hidden fees or subscriptions. The comapny says that when you decide to buy a property from one of its sourcers, a standard sourcing fee will apply, which is typically around 2% of the purchase price. What's more, it says investors can reserve deals for free, right within the app.
The app is available now across most iOS and Android mobile devices.