The Sourcing Investments Renovation Escrow Service provides an elegant and integrated solution to a long-standing property investment sector problem.
The Escrow is a financial arrangement where Sourcing Investments independently holds and regulates the payment of the funds, required for stage payments between two parties – The Investor and the Sourcing Agent or Main Contractor – involved in a given transaction.
As the funds are held ‘In Escrow’ (in a separate ring-fenced, insurance backed bank account) the stage/transaction can be safely carried out without the risk of an investor losing money, whilst giving the Sourcing Agent/Main Contractor visibility of getting paid for their work.
The entire system drives security, protection and structure on the project management aspects of any property deal for all parties involved.Click Here to Watch the Explainer Video Now!
In the video Chris (CEO) shows investors what issues and practices are widely occurring in the industry that is ultimately hurting investors, and what the real benefits to Investors of the SI solution – The Renovation Escrow Service.
There’s even a live testimonial from Clarissa who’s bought 5 properties through SI in the last year, and what the New Renovation Escrow Service will mean to her investing security.
We were tired of hearing about property investors getting hurt as a result of the behaviour of their suppliers.
Certain parts of our sector are somewhat renowned for poor ethics and lack of integrity. In addition to the lack of regulation and policing lead to continuing examples of “x supplier has disappeared with my money”.
We became determined to intervene and find a way to stop this. By developing industry-leading technology, that allows Investors to control and protect and their money in their dealings with suppliers.
As with many industries, there are regulations and compliance rules to follow. But many people and companies in the property investment industry choose to ignore these rules or are entirely ignorant of them. This puts their clients and investors at substantial legal and monetary risk.
Among other things the law requires that all agents are compliant with the Estate Agents Act, which required them to have a completely separate client money account when handling client money. It has been shown that over 95% of the industry chooses to trade without these separate accounts, showing they do not care about protecting their client’s money, or the law.
Many people (Investors or Suppliers) feel they do not have the time to arrange or set up a clear project plan (including stage payments) for a refurbishment.
Then both parties continue to proceed anyway, and ultimately this places a huge amount of risk on the situation, and normally results in disputes and money losses.
With the Renovation Escrow Service, the set up and then agreement of both parties creates a clear, transparent stage payment plan for the renovation. Our technology allows this complex process to be simple yet the results are extremely powerful. As both parties are now protected, transparent and legally bound, all at the click of a button.