Becoming an Active Client with BIAS Sourcing
Background
Our business philosophy at BIAS Property Group is to know and to work with each and every one of our clients individually and to operate around their respective individual bespoke requirements. We do not take a “one size fits all” approach.
Professionally this obliges us to have extensive fact-finding discussions ahead of taking any actions on behalf of prospective clients and if, for any reason, we feel we are unable to meet a client’s requirements then we believe that the proper course of action is for us to regretfully decline to act for that client. We would however then point them in the direction of another compliant sourcer within our extensive network and whose skill set or location more closely matches that client’s needs. We believe it is essential that all participants gain some value from interacting with us, whether we establish an ongoing relationship or not. Wasted time can never be regained!
Since we are an Estate Agency Business as defined in UK law, we are required by legislation to remain fully in compliance with all such regulations – a major part of which revolves around Anti Money Laundering provisions. We are obliged to satisfy ourselves as to the identity and status of each potential investor (including partners, co-directors and significant shareholders where relevant). We are also obliged to satisfy ourselves as to the source of any and all funds to be used in any transactions which our activities enable.
Together with a full professional fact find these requirements represent a significant investment of time and some expense on both sides, so it makes sense not to commit to that part of the process before we have at least satisfied each other that working together would be viable and effective.
For the protection of all stakeholders it is our strict policy to require potential investors to complete our onboarding process and to join our Active Client List before we can engage in any transactional activity around any of our deals on offer.
Onboarding Process
For the benefit of all stakeholders we operate a multi-stage onboarding process designed to enable early decisions regarding our initial compatibility and the subsequent potential viability of an ongoing Investor/Sourcer business relationship.
1. Introduction of the Parties
This is the stage at which we get the opportunity to meet face to face (physically or by video-conferencing) and to gather relevant information about each other. There are 2 steps to this action which can be completed in any order, but we have found it most effective to complete step 1A first.
This entire stage (steps 1A and 1B) is free of charge and with no obligation on either party.
1A. Initial Fact Finding Form
There are different versions of this form for UK based enquirers and for Overseas based enquirers. It is designed to give us a high level outline of your situation and requirements, and when completed before step 1B it gives us the opportunity to focus on specific areas (if required) during our face to face meeting. Please feel free to use relevant areas of the form to raise any specific questions you would like us to address.
1B. Initial Face to Face Meeting
Dependent on our respective locations and preferences this meeting can be in person or it can be online.
For prospective clients who have already completed the Initial Enquiry form we will generally invite you to a Microsoft Teams meeting. You can attend these meetings directly from your browser and do not need your own Microsoft Teams account. You should allow 15 to 30 minutes for this meeting.
Prospective clients who received or obtained a link to our Calendly booking page as their initial touchpoint are offered a link to the Initial Enquiry forms but may complete the online meeting first if they so wish.
2. Legally Required Checks including Identity, Status and Source of Funds
Following our Initial Meeting the next stage, so long as all parties agree to continue, is to complete all legally required pre-transaction checks on all applicants. Fees for these checks are mandatory and non-refundable. Please use this link to view our current fee structure.
Please Note: It is the applicant’s sole responsibility to be aware of all relevant current UK statutory requirements and you are strongly advised to assess for yourself whether any reasons may exist for potential failure of approval under these checks before making payment.
3. Intensive Fact Find – BPG “Know Your Client”
Following successful completion of all legal requirements we proceed to the fact finding stage where together we explore all aspects of your property investment experience and plans including for example attitude to risk; preferred strategies and locations; and any specific requirements for properties we will source on your behalf. Information agreed at this stage may form part of any subsequent contract between us.
Information may variously be gathered from questionnaires, video or audio calls, correspondence and/or meetings as appropriate to our specific relationship.
Fees for this stage are non-refundable but are deductible against future fees for any services we perform for you. Check this link for further details on our current fee structure.
4. Agreement and Contract
Once stage 3 has been completed to the satisfaction of all parties a contract will be drawn up and agreed. On acceptance of the contract and payment of the appropriate fee (if any) you will become a fully fledged member of the BIAS Sourcing Active Client List and immediately able to pursue any deal currently on our books, or if you have commissioned us to find something specific to your needs we will start work on that immediately.