No matter where you are at the moment in your career as a real estate professional no matter if you're just starting out or have been in the business for 20 years Now is the best time to create your strategy for exit. How many people do you know who have been able to quit real estate and actually sell their business for any large sum of money? I'd bet that it's very few, if any. Why is that? A professional who is successful in real estate must be able of selling their clients' lists as well as their business , just like any other professional.
Anyone https://www.redfin.com/CA/Fremont/35935-Mission-Blvd-94536/home/123808296 who has been working in the field for at least three years ought to have a list of clients they have worked with. It is a good asset to sell. However, there's no guarantee that the clients are going to be willing to cooperate with the person who buys your business. Therefore, what you'll likely do is to sell your client list for a minimal amount of money or you will be offered the opportunity to earn a referral fee from anyone who chooses to engage in transactions with them. That's not a good exit strategy.
Then, instead of having to show them a complete list of every client that you've ever had and show them how you got these clients? How about showing that they your "book of business"? What if you could tell your clients how much money you earned each year and precisely how you did it?
Now you'd be able to sell something. Now you'd have something more valuable than a 20percent referral fee.
Your business's book must include a list of your clients, your marketing strategies and products, the results you have gotten from those ads and therefore should show how your success can be duplicated. The main thing you need to consider when writing your business book is to document everything you've done.
One of the best method to accomplish this is to utilize ad tracking technology such as a call capture hotline. This is among the hidden benefits of these systems that are generally only used to generate leads. With a call capture hotline that includes ad tracker, you are able to keep track of all of the ads you run and the responses that they provoked. The system will record every person who calls and record their name, address and phone number, monitor them throughout your system, inform you which extension they called from (and it is the ad, which elicited the response), and many times record whether or not they left a voicemail or demanded to talk to you.
This is a powerful tool. Now you be able to see reports showing the number of leads that each of your successful advertisements generated, the percentage lead's turned into clients, and the names and numbers of everyone who responded to the ads. Add that to the actual marketing materials used as well as your list of customers and now you've got something.
You've got your book of business. It can be duplicated. This is a saleable asset. This is a way to exit.
We operated the world's largest real estate wholesaler across the globe. We sold properties to investors across 280 US markets and the entire wholesaling process is broken down into 6 simple daily checklists that you can follow. These are listed in their order of importance. Also, coincidentally, the order they should be completed each day.
To begin, constantly remind yourself of the direction you're going and what you want to achieve. Stephen Covey says, "begin with the end in mind," and so we want to review our goalsand ask ourselves daily questions in the first place. Also, you should make affirmations. It's only going to take 5 or 10 minutes but it will set your tone for the remainder of the day and is a critical step that is often overlooked as the first step.
Second, and this is an important one second, you have to manage all aspects of your marketing. When wholesaling real estate you need to focus on marketing in several primary areas: purchasing (or controlling properties), selling (and creating your buyer's lists) and hiring help.
In the process of marketing to buy properties , you'll have to do things which will lead sellers to contact you to inform you of the properties they're looking to sell. Simple things such as using Craigslist effectively can bring about an ongoing flow of wholesale sales.
You can also rely on Craigslist for marketing properties you are in control over and to expand your buyer list. However, there are powerful, inexpensive direct mail strategies for locating the most serious, active buyers that are buying deals just like the ones you control and are trying to buy wholesale as well.
One of the easiest methods to automatize your wholesaling business is to look for help that costs you nothing in front and that is only payed when you've concluded the deal. If you post just one or two ads each week to locate the bird dog and researcher can deliver a multitude of investors and buyers and puts you in the situation of sorting and separating which investors and sellers you collaborate with.
The third checklist for the day is taking care of your buyer inquiries throughout the buying process starting with the initial phone call to the research stage, to making offers and then following up until you receiving your wholesaler's charge as you give ownership of your property the buyer.
The fourth day of your daily checklist is making contact with potential buyers (both both investor and retailer). One of the main benefits to wholesaling is the capacity to depend heavily on the work you've accomplished in the past on your existing buyers list. The growth of your buyers' list numbers and strengthening your connection to your buyer's list is essential daily activities.
The fifth day of your daily checklist is where you work with your other real estate dream team members. The focus is on cooperating with the title firm along with hard money lenders, real estate agents, mortgage brokers and much more. A well-functioning team can make even the most ineffective leader effective, so you must focus on forming the strongest team possible and let them do their best. If the sale is funding the person on the team you want to join, why should you not collaborate with the best?
Sixth and last checklist: the business management checklist that covers all of the business-related tasks such as accounting, business maintaining the assets of your entity and backup of important information.
The following six tried to be effective checklists, you will help you grow a profitable real estate wholesaling business.