Deal Sourcer Compliance: In a recent video, I expose a dangerous myth going around the property space in the UK. People are spending thousands of pounds on redress schemes, insurance, and registrations that they don’t have to! Many people are being tricked into wasting a lot of money before they even make a penny from property.
This is all being done by what I call the compliance cult. They are trainers that charge their students thousands to supposedly teach them how to comply with the law!
In the video, I explain why many of the compliance rules for deal sourcing and rent-to-rent businesses that you may see online are nonsense. I also expose the compliance training industry, who are profiting from selling you misinformation! If you want to find out the truth about deal sourcer compliance, make sure to watch the full video until the end!
In this article, I will explain: why many ‘deal sourcer compliance rules’ may not apply to you; how I know this; and what you can do if you have been ripped off by the compliance cult! Reading this article could save you thousands of pounds, so it is well worth your time!
New property entrepreneurs are being convinced into spending money on deal sourcer compliance that the law doesn’t require! I want to get accurate information out there, but I need your help to do it. Please will you share this article on your social media pages? By doing so, you could save your followers a lot of money!
1. Deal Sourcer Compliance: You May Not Need To Spend Any Money!
Many compliance trainers claim that as a deal sourcer, you are classified as an estate agent. This is not always the case, particularly if you do deal sourcing the way I teach it. They will tell you that you must register with a property redress scheme, register for anti-money laundering, and register with the Information Commissioner.
If you are simply selling information to investors, and do not store customer information directly on your system, it is likely that you don’t need to do any of this! Speak to an independent legal professional about your specific circumstances.
2. Deal Sourcer Compliance: How Do I Know This!
There are numerous blogs and websites talking about deal sourcer compliance. They may rank highly in the search results, but that doesn’t mean they are correct! I am a law student myself, and have paid lawyers to look into this subject for me. I also run a massive property training company, and have trained my students based on this information.
On top of this, I have gone directly to the source! In the video, I show you emails from The Property Ombudsman and Trading Standards. Many of these compliance cult trainers haven’t bothered to do this! Instead, they have told their students that they need to spend large sums on registrations.
3. Deal Sourcer Compliance: Get A Refund!
If you have paid for compliance training, and have been misled into paying for registrations that you don’t need, ask for a refund! Ask for your money back for the training, and for them to compensate you for the money they made you spend on unnecessary compliance.
If they don't give you a refund, go to small claims court! However, get an understanding of the rules that actually apply to your business from a legal professional first. Take the time to ensure the way you do deal sourcing does not fall under the estate agent classification.
Deal Sourcer Compliance And Other Property Secrets!
Now you know the secrets of deal sourcer compliance that will save you thousands! Why not learn the property secrets that could make you rich? Join me at my next introductory training event!
We have different courses throughout the year, each teaching different things. Here is a sample of what you could learn on one of our popular introductory courses:
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Become a property investor using other people’s money so that you can get started straight away
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Utilise the 5 different types of raised finance so that you know exactly what to offer and when
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Find the perfect properties for the BRRR strategy
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Recycle your money so that you can ‘rinse and repeat’
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Build a power team you can trust, so that you can save time and money
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And much more!
Tickets aren’t expensive, so book your property training day now. If you are ready to take action, I hope to see you very soon! If you can’t make it in person, we also have virtual events too!
