Real estate wholesaling is a great way to get started and make money in the real estate market. It involves finding undervalued properties and then reselling them quickly at a higher price to an eager investor or realtor. It is that simple.
However, being simple means it is easy for others to take pieces of the pie, one home at a time. The barriers to starting a real estate wholesale business are low, and with a little bit of luck anyone can make a quick buck, but making a living out of it is another whole game.
Here is a multi-point game plan to execute a real estate wholesaling strategy efficiently:
Use public records, online databases, and other sources to gather a list of potential properties. You can also network with other investors, real estate agents, and professionals in the industry to find leads.
Use a combination of online and offline marketing tactics to reach out to potential sellers. This can include social media marketing, direct mail campaigns, and targeted email marketing.
Invest in a customer relationship management (CRM) system to track your contacts, leads, and opportunities. This will help you stay organized and follow up with potential sellers.
When negotiating with potential sellers, be respectful, and empathetic, and try to find a win-win solution. Understand their motivations and needs, and use that information to structure a deal that works for both parties.
Once you've identified a property that you're interested in, negotiate with the seller to get it under contract. Make sure you have a clear understanding of the terms and conditions of the contract, and ensure that it's legally binding.
Once you have the property under contract, assign the contract to an end buyer. Make sure you have a solid relationship with your buyers and that they're committed to the deal.
Once the end buyer has completed their due diligence and is ready to close the deal, make sure you have all the necessary documents and paperwork to complete the transaction.
As a wholesaler, you have to divide your efforts between sourcing new properties and networking with investors interested in buying those properties.
By connecting and selling to a real estate investor like Simply Homes, you’ll find a fast, reliable source of business that gives you the fairest deal possible with little to no hassle. Selling to Simply Homes relieves the stress of having your sales pipeline full of opportunities, but nobody willing to take it
When you receive an offer from Simply, you can close in a matter of days. You’ll pay no real estate fees and have money on-hand to keep hustling. Click here to learn more about Simply Homes and take your business to the next level!