Take a look at some essentials of marketing a real estate business. You might be surprised by what you learn.
You’ve probably been slaving away at your real estate investment business for years, and don’t think you could possibly learn anything new, right? Well, maybe. Take a minute to check out these points raised by some of the most successful real estate professionals in the country. These folks are in it to win it, and they’re making millions by following a few basic marketing strategies. Why not take a look at what they have to say about running a successful house flipping business.
Don’t be afraid to expand your market area.
Many investors get complacent and determined to stay in a certain neighborhood, town or city. But the fact is that sometimes you have to expand the areas in which you’re investing. Why? The problem is that in recent years there are more and more people out looking to buy properties. For that reason you may be forced into expanding your area of operation in order to stay successful. If you think outside the box and look outside your area you might be surprised at what you can accomplish. If the deal makes sense and you can make money on it, then go for it. You need to go where the money and good deals are. Many investors live out of state. The point is the location doesn’t really matter – you should be ready to go where the deals are, no matter where they are.
Work with the right real estate agent.
It’s important to find a real estate agent that sees your vision, that knows what you’re looking for and understands what you want. Some real estate agents can be a bit lazy and don’t want to put offers on houses and go look at properties. Finding someone that sees your vision and understands what you’re trying to accomplish is very important because you’re not going to buy every single house on which you put an offer, so you need someone representing you who is energized and actively looking out for your interests.
Network to find the best deals.
It’s important to network with everyone in the business in order to find the best deals, and find the numbers of deals you need.
You should be networking with these real estate folks:
- Home inspectors
- Appraisers
- Title companies
- Mortgage brokers
- Real estate agents
You need to network and talk to as many people as you can and let them know what you do. If you buy and flip houses, tell everyone you come into contact with so if they see something they will let you know.
Get, and stay, organized.
You should keep track of every property you put an offer on. Use Google Spreadsheets or Excel to keep you up to date on your latest activities. Your spreadsheets should contain this kind of information:
- All the deals you put offers on
- All pending offers
- Agent’s name
- Amount of the offer
- Property address
- How much you think you can buy the house for
- Estimated After-Repaired-Value
- Other offers on the property
- Any other relevant information for each deal.
Even old deals should stay on your spreadsheet for comparison purposes.
Maintain strong relationships with the people you deal with.
You never know where your deals are going to come from, so you need to stay on top of every deal and stay organized. Remember to write everything down. Be sure to stay in contact with all the listing agents you deal with because often those same agents will have additional listings. Maybe the agents are involved with banks or they have a network of people from whom they get good deals. Just because your deal didn’t go through on one particular property doesn’t mean you will not be able to do a deal with that same agent down the road.
Your reputation is important.
That’s why being professional, being organized, having all your ducks in a row, and closing on time will be remembered by the people you’re dealing with. If you’re organized and do what you say you’ll do, these people will want to work with you again. When that next property comes up maybe they’ll give you first crack at it because they’ll remember that you closed with no issues. A lot of people will put offers in on a property and then when the offer is approved they’re scrambling around for money or something equally crazy. So an organized person is usually appreciated and rewarded.
Small markets can make or break you.
This is especially important if you’re working in a small city where your reputation, good or bad, will precede you. If you’re in a smaller market you can’t afford to run a sloppy operation. You need to stay on top of everything and close when you say you’re going to close. In a small market word travels quickly. If you’re sloppy word will get around immediately. And if you are on top of things word gets around about that as well, and it can help you tremendously. You just never know when a referral or a deal is going to result from your professional demeanor and the way you conduct your business.
You can find deals in a lot of different ways. There are plenty of On-Market deals on the MLS. There are plenty of foreclosures out there, there are plenty of estate sales, there are plenty of short sales. Eventually you can end up with a really great deal through one of these venues. And remember, your market area, the area in which you conduct your business, is critical. Don’t be afraid to expand beyond your comfort zone to make deals wherever you can, and not just in your current area. All of the above is basic advice but if you follow these points you will tend to expand your success – and your bank account.
