1) Research home buying – it is worth researching the home buyer market in general so you know exactly what it involves and can make sure it is right for you.
2) Research individual companies – there are very few genuine companies in the industry so it is vital that you choose an honest and reliable one. Here are some tips for what to check.
Look them up on www.companieshouse.gov.uk – is the company registered? Does it show accounts? How long has it been trading?
What does this tell me? If a company isn’t registered, it may have something to hide. If it is, its accounts will reveal annual turnover. Be suspicious: if a company claims to purchase property itself, it should have a turnover well in excess of £10million. A low turnover usually means that a company is processing fees to pass you on as a lead rather than purchasing properties. Companies that don’t purchase property themselves come and go – choose a company that has been running for at least five years. The longer a company has been trading, the more expertise it has and the more likely it is that it buys the property itself.
Look at the company website – does it clearly display a registered business address and company name? Is it transparent about who it is and how it buys?
What does this tell me? A legitimate company will not hide its registered address and company name. No address, or an individual’s name rather than a company name, means it is highly likely that a broker is posing as a cash buying company. Check the website for a company history and employee profiles. A professional cash buying company will be happy to display its track record and provide proof of cash reserves.
See what information is displayed in search engines – are there written and video reviews about the companies service? Does it write useful blogs? Has it been featured in the press?
What does this tell me? Reviews, particularly on video, allow you to judge how professional the company is and hear what customers think of its service. Company blogs give you a good insight into whether staff members are knowledgeable and helpful and press coverage can tell you what people really think of a company.
Does the company have a 24 hour cash guarantee?
What does this tell me? If yes, it says that the company is a genuine purchaser of property as it has the funds readily available and it will not just simply pass your lead on.
Does the company operate to an ethical business charter?
What does this tell me? If it does, you can be assured that you will get a professional, honest and reliable service, bound by the terms of the charter.
3) Contact your choice of company and ask as many questions as you wish about how their service works.
