Deal sourcers face more scrutiny following redress partnership

Property ‘deal sourcers’ are to be better regulated following a new partnership between the sector’s trade association and a leading redress scheme. It hopes to reduce the number of illegally operating sourcing agent and complaints made by property investors but also improve the generally-held negative view of the sourcing industry within the property investment sector. The partnership is between the National Association of Property Sourcing Agents (NAPSA) and the PRS and includes property sourcing agents, deal packagers and deal sourcers. Tina Walsh, CEO of NAPSA, adds: “It is imperative that as the national association for the sourcing and deal packaging sector we have partnerships with other supervisory and regulatory bodies to ensure that our agents are always at the forefront of setting the highest standards and professionalism. “By working in this way we also help to ensure that our sector provides a much safer environment for property investors when choosing to use the services of a sourcing agent.” ‘Sourcers’ are individuals and companies who seek out and research properties ideal for investors which includes, most often, existing rental properties or homes likely to make good PRS units. But they are not regulated because they are neither landlords, letting agents nor…