Quick Tips For Thriving In A Down Real Estate Market
If it hasn’t hit your markets yet, all the data is suggesting a softening housing market is coming your way. How can real estate wholesalers thrive during these times?
Recognize It
Don’t pretend it’s not happening. That won’t stop it. Don’t be scared. It’s just temporary. Instead, focus on being over-prepared. Be objective. Expect an over-correction. Know your numbers and what you’ll have to do each day to make your goals.
Don’t Stop Marketing
90% of the players in today’s real estate market have only gotten in the game post 2008. They haven’t planned for this. They don’t know how to handle this. That’s good for you if you get out in front of it. Whatever you do, don’t stop marketing. That’s what will keep the house deals and income coming in. In fact, try to find the budget to do more, and soak up the void being left by competitors.
Slash Unnecessary Overhead
To survive and thrive in a declining market you’ll need to be lean. Cut unnecessary bills, and gain more flexibility so that you can move faster, and aren’t fooled into making desperate decisions.
See the Opportunity
When the market falls in one city, it rises somewhere else. This may be a different segment of your own city. Like luxury versus affordable housing. Or it may be time to expand to a new market for more value and deal volume. Keep an eye on where other end investors are heading and where lenders are most likely to keep lending.
Bid Smart
Don’t overpay for deals. You can still make great money on wholesaling real estate every day. Providing you don’t pay too much for them. Price in enough profit for your end buyer, and to account for any further dip in prices before you flip it.
Work on Those Relationships
The strength of relationships with lenders, end buyers, vendors, and sellers will get you through. Show they can trust your recommendations, judgement, and service.
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