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Real Estate Wholesaling: Should you Find Better Deals or More Deals?

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on Friday, 28 July 2017
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When you're a real estate wholesaler, it's easy to get sucked into finding more deals and not worrying so much about the quality. However, there has to be some type of balance between the two, especially if you want to automate the business or only wholesale real estate part-time. Here's a look at whether you should be looking for better deals or more deals.

Quality over Quantity

The business of wholesaling can have the model of doing volume deals, high dollar deals or a mixture of both. When you buy low and sell higher, you can create attractive spreads, which can bring in a nice income. Higher dollar deals traditionally make you more money, but finding lower dollar deals may be easier.

When your margins are thinner, you can flip deals faster. The other option, however, is to demand a large payout and worry less about finding as many deals. It's also about how much you want to make, as some wholesalers are happy with $10K a month, while others want to make far more.

It's up to you to choose whether you want to run a volume business or one with higher quality deals. There isn't a right answer, but figuring out what works best for you will depend on your specific needs, wants and situation.

Increased Volume Equals More Income

Even with lower end deals, you can fly through inventory and do more volume. This can lead to more profits, but it also means more work. Will you be happier doing 200 deals a year or 20 deals and making the same money?

It's also important to know that just because you have more inventory doesn't mean you will make more sales. You still have to find the buyers and you have to be willing to make a deal with them in order to get the inventory sold. This is part of why some wholesalers will only work on a few deals at a time and not continue to take on new properties, if they have a full inventory.

Choosing Higher Priced Deals

While going the volume route will probably mean more work, going the higher priced route may require more mastery of your market. You will need to know how to get that property sold because it doesn't benefit you until it's sold. It can also be harder to find deals in a higher price range.

Whether you choose quality or quantity, you can make plenty of money with real estate wholesaling. Many wholesalers like to balance it out and they will take just about any deal they can find. Once you figure out which is best for you or if you prefer a balanced process, it's basically all about finding deals, finding qualified buyers and getting the properties sold.

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Top Tasks Wholesalers Should Outsource

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on Thursday, 01 June 2017
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As a wholesaler, you have plenty of things you have to do. Becoming super productive is vital, but you don't have to do everything. There are some ways to get help, and outsourcing specific tasks can certainly make you more productive.

Before you start outsourcing, you will need to find a good virtual assistant. With a good virtual assistant, you can outsource multiple tasks to the same person instead of finding someone for each task. Check Fiverr.com, Freelancer.com and Upwork.com for good virtual assistants.

Tasks You can Outsource

There are several tasks a virtual assistant can handle for you including:

Social Media Posting and Marketing

Database Management

Website Design

List Scraping/Cleaning

Cold Calling

And More!

You can also use your virtual assistant to organize your email, and for many other tasks. Let's take a look at how you can outsource some of the main tasks and become more productive.

Social Media Posting and Marketing

You can use your virtual assistant to handle posts and marketing on social media for you. In fact, some VAs specialize in social media. It could be something that takes up an hour of your time every day or just every week, but outsourcing this task means more time in your day and the ability to do more through social media channels.

Database Management

Virtual assistants are great for database projects. Whether you need a list of potential sellers built or you need a list reorganized, your VA can handle these tasks.

Website Design

You don't need to spend thousands on a professional website designer with the right VA. Many can handle web design projects including creating graphics and content.

List Scraping/Cleaning

Your VA has the ability to go through FSBO.com, Craigslist and other sites to create lists for you through list scraping. They can even handle cold calling to help find sellers for you. Just make sure the VA you choose for phone tasks has great phone etiquette and speaks fluent English.

A good VA can even help to qualify your buyers and ensure your list is up-to-date. This will save you time as you will always know you have an active list of buyers for each of your deals.

Outsourcing may seem scary, at first. However, when you find the right VA or a couple of good VAs you won't have as much fear. Make sure you interview your VA options and speak to them on the phone, if they will be doing any phone work for you. With the right virtual assistants, you can outsource many tasks, gain time and become more productive as a wholesaler.

Authored by Best Transaction Funding BestTransactionFunding.com is the leading source of transactional funding for real estate wholesalers in the US, where 100% financing, and saying “Yes” is what we love doing all day long.

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Dealing with a Hot Lead Turned Cold

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on Thursday, 18 May 2017
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Sometimes, sellers go from highly motivated to kicking the tires and dodging your calls. When you work in real estate wholesaling, this is a part of the gig. Dealing with a hot lead suddenly turned cold can be difficult and overwhelming, especially if you're new to wholesaling.

After settling on a price and getting ready to close, everything can change in a second. Maybe someone told your seller the price was too low or you discovered there's a co-owner that hasn't signed off. Many things can take a motivated seller and turn them cold.

While this is a normal part of wholesaling, there are ways to deal with it. If you have a hot lead that's suddenly turned ice cold, here are some of the things you can do.

Immediate Contract

One of the easiest things you can do to avoid watching a new hot lead go cold is get the contract signed immediately. This won't guarantee anything, but it will certainly help.

Keep Leads Coming in

Automated marketing helps to keep your leads coming in, which will help offset a hot lead going cold. When this happens, it may be easier to concentrate on the next deal than let a potential seller drag you around, dodge your calls and make excuses as they continue to waste your time.

Do Your Homework

It's possible a seller could have sold the property a day or two before. The tax record may show they still own the property, but they don't. When you do your homework, you may be able to discover this fact before it's too late.

Ask for a Non-Refundable Deposit

Hot leads are not just sellers, but also buyers, and they can go cold, too. The best way to keep buyers from walking away from the deal is to add a clause into your contract stating the buyer has to put up a non-refundable deposit with an attorney within 24 hours. You can even tell the buyer you will continue to market the property until a deposit has been made with an attorney or a title company.

Real estate wholesaling isn't always cut and dry. Some days are more difficult than others and you really do have to take the good with the bad. Hot leads will go cold, but you can do a few things to mitigate your damages. Make sure you do your homework, get the contract signed ASAP and keep new leads coming in. With buyers, get a deposit as soon as possible to ensure they don't walk away from the deal.

Authored by Best Transaction Funding BestTransactionFunding.com is the leading source of transactional funding for real estate wholesalers in the US, where 100% financing, and saying “Yes” is what we love doing all day long.

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How Playing Pokémon Go Makes You A Better Real Estate Wholesaler

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on Thursday, 11 August 2016
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Can Pokémon Go make you a better real estate wholesaler?

The new Pokémon Go game has taken over the news, web, mobile devices, and the streets. After years of fighting our kids for how much time they spent locked onto the Xbox we’ve been gradually waking up to the fact that video games can actually be beneficial. With the hi-tech environment we live in some video games may actually be teaching practical skills. Look at how the military recruits and uses drones today. Other games are proving valuable for people of all ages to boost creative thinking, problem solving, and brain power. So what does Pokémon have to offer real estate investors?

Searching for Properties

The main part of the new Pokémon Go game is getting out there in the real world to hunt for Pokémon via your mobile device. You walk or drive in the real world and find virtual assets on your phone. If you did any traveling at the end of this summer you’ve probably seen kids, teens, adults, and whole families out there eagerly hunting down Pokémon characters to add to their inventory.

12 months ago you might not have been able to get these kids off the couch. Now they are putting in the miles and are highly self-motivated. The two takeaways here are one; that you can gain a lot of traction in real estate as a family too, if you make it fun and provide the right motivation for getting everyone out in the field and spotting deals. Two; if you can hustle to find virtual game characters you can certainly get out of bed, take action, and go out and find house deals. You can motivate others to hustle in this way for you too.

The most successful wholesalers are those that are out there actively hunting deals every day. You can exponentially grow those efforts by recruiting others to help in your search too.

Branding

Pokémon has done an amazing job at making a comeback and reviving the game franchise. Within weeks Pokémon merchandise has hit the stores and is being proudly rocked by everyone. You can even find Pokémon t-shirts for sale all the way down at the tip of Key West. Kids and teens are already trained to know the shirts and what teams others are one, and whether they should like them or not. Where are your shirts? Where is your merchandise? Are you advertising for Pokémon or Tommy Hilfiger or Fendi every day? Or are you promoting awareness for your own real estate brand?

The Buzz

From the web to daily conversations on the street Pokémon Go is everywhere. The brand has done well harnessing internet marketing, but also word of mouth. Are you using these tactics for your real estate wholesaling business? How much are you talking to others about your wholesale business and deals? How much are you giving them that is worth talking about in their own conversations? Are they posting hashtags and @ messages with your real estate brand in them?

You don’t have to play Pokemon to become a better real estate wholesaler. But there are a lot of takeaways for many wholesalers to think about and put into play…

 

Authored by Best Transaction Funding BestTransactionFunding.com is the leading source of transactional funding and hard money loans for real estate wholesalers in the US, where 100% financing, and saying “Yes” is what we love doing all day long.

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7 Quick Tips For Building A Rock Star Wholesaling Sales Team

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on Wednesday, 22 July 2015
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If you want to fully maximize your potential as a real estate wholesaler you’ll want a team. So how do you grow, and optimize a rock star wholesaling sales team that will result in massive market share and revenue gains, sustainably?

If real estate investors and entrepreneurs really want to fully capitalize on the potential out there, they’ll eventually want to expand as a business. Bringing on a sales team can help boost revenues, while ensuring more free time. So where do you start with building a real estate sales team? How do you ensure great and sustainable growth?

1. Know What You Want

Take time out to really think and clarify what you want. What do you want to achieve through wholesaling real estate? What do you want your business to be known for? How will you stand out? Take serious thinking and planning time. This might be a weekend, or a couple hours a day for a week. Everything else depends on this. Make sure your compass is set right.

2. Know Your Clients

The success of all of your real estate marketing, sales team performance, and business relationships will all fall on how well you know your buyer and seller clients. This should be incredibly easy today. Too many business owners skimp on it. But with all the data from Google, Facebook, and other third parties this should be easy to put together.

3. Hire Great

Armed with the above information you’ll be able to hire the best sales talent for your real estate wholesaling business. This doesn’t just mean the slickest speaking phone rock stars or door to door salespeople. They have to be the right fit for your organization, clients, and brand. They can be in-house or remote workers, full or part time.

4. Set Standards & Quotas

Make sure everyone is moving in the right direction. Make sure the whole team is working in the right direction for sales goals, bottom line profit, and brand preservation. Everyone should know where they stand and where they are going. Keep this visible, and hold them accountable all the time.

5. Set Up Great Reports

Reports are crucial for tracking and measuring progress, performance, and identifying both areas of opportunity, and those that need work. Spending too much time deep in numbers and spreadsheets is rarely the most fun job for entrepreneurs. San Diego wholesaler and his podcast co-host Rich Cohen recommend that as soon as you can delegate this task to someone that will enjoy owning it.

6. Use the Right Metrics, Right

Be wary of metrics. They can be your best ally or worst enemy. You have to make sure you are tracking the right sales metrics, in context. Demanding all salespeople meet certain call quotas or talk time quotas, or lead quotas can be counterproductive if it isn’t improving the bottom line, and strengthening the team.

7. Maintain a Strong Team Bond

Hiring great, having tons of reports, and making rapid progress to sales, market share, and profit goals won’t mean much if you don’t proactivity work on team building and sustainability. Make sure you are making gains you can keep, and optimize sales team hiring and costs by retaining the best.

 

Authored by Best Transaction Funding BestTransactionFunding.com is the leading source of transactional funding and hard money loans for real estate wholesalers in the US, where 100% financing, and saying “Yes” is what we love doing all day long.

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[Wholesaling Houses] 5 Unexpected Channels To More End Buyers

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on Thursday, 12 March 2015
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While many US housing markets are on fire in 2015, getting paid as a real estate wholesaler is all about getting the end buyers. So where are they?

Many individuals might be buying the media spin about declining foreclosures and default rates, but not the serious wholesalers with the real data. However, even though inventory may be plentiful, properties are selling in hours, and transactional funding allows real estate investors to scale instantly, the dots are only connected to the cash when the end buyers are lined up.

Obviously the challenge is that everyone is after the buyers. The solution is gaining referrals where others aren’t.

How about…

Probate Attorneys

Probate attorneys are sometimes sought out by real estate investors and wholesalers as a source of acquisitions. However, these professionals are also in touch with all of the heirs inheriting property and liquidating estates, and in course of other business – heads of estates who are often investors. Why not tap them for buyer leads?

Realtors

Okay, real estate agents may be hit up by investors and wholesalers all the time. But rarely are they approached in the right way. Offering 3% or more commission to a Realtor with a consistent volume of business, and in particular off market deals can leave them to focus on feeding you more buyers, and making your deals the ones they push hardest to their most qualified clients.

Mortgage Brokers

As with the above mortgage brokers are often sorely under tapped as a resource. Forget the refinance turndowns. They often make a lot more on purchase loans. They have great relationships with repeat buyers and end investors that are qualified and stuck until they can find deals to jump on.

Bartenders

Local bartenders are privy to so many conversations that others aren’t, and for some reason they are often perceived as trusted referral sources. Why shouldn’t the best bartenders in the best establishments in town have your business cards to hand out to those that are looking for property to buy at just the right moment? This is particularly true in gateway cities and tourist destinations where visitors don’t know anyone else and need answers fast.

Vacation Rental Owners

Building on the above; why not reduce the chances of missing out on leads in popular vacation and business areas by connecting with vacation rental owners, and corporate housing or extended stay operators, and leveraging them to market to business and vacation travelers who may be prime prospects for buying?

Authored by Best Transaction Funding BestTransactionFunding.com is the leading source of transactional funding and hard money loans for real estate wholesalers in the US, where 100% financing, and saying “Yes” is what we love doing all day long.

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Tricks & Treats For Wholesaling Houses This Halloween

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on Monday, 30 September 2013
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Halloween is coming up fast, and it’s a great time for wholesaling houses if you are prepared to capitalize on it…

Consistency in marketing and income is great to achieve when flipping houses, but it is unique annual occasions like this that hold the opportunity to help real estate investors really maximize their potential.

What far too many investors overlook during October is that many sellers are sweating it during these months following the summer rush. This turns them into far more motivated sellers meaning great discounts can be negotiated.

Plus Halloween brings plenty of fun opportunities for turning these homes around quickly for big profits.

For marketers with even minimal creativity events like Halloween can deliver far higher ROI than normal. Even the most unadventurous can capitalize on the moment to gain more clicks and keep website visitors on page longer with Halloween themed content. This works for Google Adwords, email campaigns, blogging, direct mail and social media.

Those real estate wholesalers really ready to have a good time will really love their jobs at this time of year. You can simply act to capitalize on increased foot and car traffic with more bandit signs and getting your business cards or listing fliers in candy bags.

Extroverts can use every trick or treating family as a chance to network or even organize a community event and connect with everyone. While even the most introverted can set up candy stations outside and get the job done without constantly having to get up and answer the door or hide from the pranksters.

Of course it is an awesome time for flipping haunted houses too. Themed open houses can be a big hit and are great for as-is nightmares. For those that even have real haunted houses under contract, with the right stories in the media this could lead to amazing PR opportunities and big paychecks.

Don’t let cash hold you back either. Ramping up the volume this year is made incredibly easy thanks to the availability of transactional funding. So if you need more cash to do more deals check out how BestTransactionFunding.com can help with your short term financing needs…

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