Thinking about using a Property Finder? Want to find out more? This simple guide answers all your most frequently asked questions. From “What is a Property Finder?”, right through to questions about fees, terms and even how to become a property finder yourself, these FAQs give you the answers you need.
Property Finder FAQs
What is a Property Finder?
A Property Finder helps buyers to find the right property for them and negotiate the best price. A Property Finder may be an individual specialist or a company providing property finding services.
What does a property finder do?
A Property Finder is employed by you, the property buyer, to help with your purchase. The Property Finder is paid to find the best property for you and to negotiate the best price.
How do property finders work?
Property finders specialise in searching for the ideal property for their specific client. All you have to do is tell them what you want from your perfect home or business location, and they will go and find it for you. They use their extensive network of local contacts and knowledge to find the right property, even those that haven’t been put on the market.
Why use a property finder?
The main benefit of using a Property Finder is to have someone take care of the sourcing and negotiating process for you. They will act in your best interests as the buyer, using their expertise to find the best properties and negotiate the best price.
Ideally, a Property Finder should be able to connect you with properties that are not on the open market. This is often the case with prime properties, which may not be advertised in the same way as less exclusive properties. Your Property Finder should have an extensive network of contacts so they can connect you with the best opportunities.
How do I pick the right Property Finder?
To pick the right Property Finder, you must know that their expertise matches your needs as a buyer. For example, they must demonstrate a strong knowledge of the geographical area where you are looking to buy. Property Finders should also be members of The Property Ombudsman and other professional bodies such as Propertymark.
A good Property Finder will clarify the level of service they will provide. This will include how often they update you on the process, and the fees involved. They should also be able to demonstrate recent successes with clients similar to you and your requirements.
What’s the difference between a Property Finder and an estate agent?
The main difference between a Property Finder and an estate agent is that the Property Finder only works for you, the buyer. Estate agents are employed by the sellers and act in their interests.
When negotiating a price, for example, it is in the interests of an estate agent to achieve the highest price possible for their client, the seller. A Property Finder will work to negotiate the best possible price for their client, the buyer.
Is a Property Finder the same as Buyer Brokerage?
Buyer Brokerage is broadly the same as the services provided by a Property Finder. Other terms used include Buyer Agency or Buying Agent.
How much does a Property Finder charge?
A Property Finder will often charge a retainer to cover the process of searching for your property. They will also usually charge a percentage of the final price of the property, or a share of the amount they have saved you on the purchase price. They may also charge a fixed upfront fee for services.
How does a Property Finder make money?
Property Finders make money by charging clients for their services in finding a property and negotiating its purchase. They may do this via a fixed fee, a fee based on the final property price and/or a fee based on money saved on the property price.
What is a Property Finder fee?
A Property Finder fee is the money charged by a Property Finder for them to find and negotiate the purchase of your property. See above for examples of fee models.
How much is a Property Finder’s fee?
A finder’s fee may vary depending on the Property Finder and the services they offer. Typically, though, a finder’s fee is between 1% and 2.5% of the purchase price of the property. This means you’ll need to factor this extra cost into your plans when calculating your budget.
What are the benefits of using a Property Finder?
A Property Finder can potentially save you time and money in your property search. They’ll be working solely on your behalf to find a suitable property for your needs, rather than working on behalf of the seller to get the best price for their property. Property Finders may also specialise in specific markets or areas, so they can lend their expertise to your search, particularly if you’re moving to a new area.
Are there any drawbacks to using a Property Finder?
A Property Finder can be an extremely useful service when you’re looking to buy in a competitive market, or if you’re struggling to find a suitable property on your own. There are, however, some drawbacks to using one. The finder’s fee adds another payment on top of the already significant costs of moving house, so you’ll want to factor this into your budget. You may also wish to carry out some due diligence on your Property Finder, or use a Finder who comes personally recommended by someone you trust. Additionally, it’s important to be wary of Property Finders asking for a portion of their fees up front, before they provide any service to you.
What is Buyer Advocacy?
Buyer Advocacy is another term for Property Finder services. These services may also be called Buyer Agency or Buyer Brokerage.
How do I become a UK Property Finder?
In order to become a Property Finder in the UK, you must be a member of a property ombudsman (e.g. The Property Ombudsman). You also need to register with the Information Commissioner’s Office (ICO) and a professional body such as the National Landlords Association (NLA).
Once you have that legal framework in place you need to have a network of contacts in the property industry and among investors. You’ll also need strong negotiation skills, sound market knowledge and the ability to work with numbers.
What is the Property Finder Group?
The Property Finder Group is a company that specialises in off-market properties in North Africa and the Middle East. The company was bought by Zoopla in 2009.
Which is the best property search website?
The two biggest property search websites in the UK are Rightmove and Zoopla. Both are aggregators. This means they collect, or ‘aggregate, property listing from a wide range of different sources. Between them, these two sites cover a sizeable majority of all UK property listings.
Is it worth using a property finder?
It can be worth using a Property Finder, if you have very specific needs for your desired property purchase. If you can’t find what you’re looking for through local estate agents and the main online property websites, then a dedicated property finder may be the key. They may have the necessary contacts and knowledge to find the perfect property.
However, do be aware that property finder fees can be quite steep. This is because they offer specialist services based on local knowledge and connections. If you are going to go down this route, make sure you fully understand the fee structure of your chosen property finder.
Where do most UK property finders operate?
Property finders offer their services all over the UK, but many individual agents tend to concentrate their efforts in a specific city or region. This is so they can really dig deep into the area and get to know everything about its property market and upcoming prospects.
Broadly, the UK’s bigger, wealthier cities and more desirable countryside areas attract more Property Finders. This is because they tend to follow the big money, as not everyone can afford to shell out the extra 1%-2.5% on top of stamp duty, legal fees, etc.
Can I get Property Finder fees back if the purchase falls through?
While it’s technically possible that a Property Finder will return some or all of their fees to you if an agreed property purchase falls through, don’t count on it. Most Property Finders very clearly lay out their terms of service, and it should be made abundantly clear which fees are refundable and which aren’t. If the deal falls through, you won’t have to pay the 1-2.5% completion fee, but you’ll likely be on the hook for any other services that the Property Finder has already carried out.
Of course, if there is some negligence or bad faith on the part of the Property Finder, this may prompt them to return any fees in the event of a failed purchase. Property Finders rely heavily on their reputation for business enquires and ongoing relationships, so they will want to avoid any bad press.
HomeViews is the only independent review platform for residential developments in the UK. Prospective buyers and tenants use it to make an informed decision on where to live based on insights from carefully verified resident reviews. Part of Rightmove since February 2024, we’re working with developers, house builders, operators, housing associations and the Government to give residents a voice, recognise high performers and to help improve standards across the industry.
