Wholesaling real estate is often the first step that a new real estate investor takes that helps them learn the trade and make a bit of money.
As a middleman, wholesalers can make a decent amount of quick cash without taking on a lot of financial risks.
That being said, as your market presence builds and more deals come to you, tasks that consume a lot of your time and effort with inevitably pile up. That’s why it’s a great idea to outsource these tasks. That way, you can efficiently manage your time and return on investment.
Don’t Get Weighed Down By Admin Tasks!
Package and Contract Creation
It can be a time-consuming and laborious task getting all the paperwork including title reports, market assessments, and rehab estimates all together into one cohesive, presentable document. As a wholesaler, it’s also often best to move the deal forward and stay focused on the sale process rather than getting stuck in the presentation details.
There are a couple of reasons why you should outsource contracts and packages.
- You want to make sure that everything is complete and legally binding.
- Once you have a template in order, the rest is often filling in blanks (which can be done by anyone to save you time).
While you should definitely read the contract for accuracy and to make sure nothings been missed out, having someone else put in the time and plug in all the necessary information will save you a lot of hassle.
Being successful means, you are busy. While meetings, appointments, and presentations are an essential part of finding and selling properties, you might have another job or be too busy with other tasks to stay on top of your calendar.
Consider outsourcing your calendar, meetings, and other appointments with a virtual assistant who calls to make and confirm meetings and then tells you where you need to be when. There are also online automated appointment calendars that allow prospects to look at your calendar availability and select a time to meet. Regardless of whatever you choose, outsourcing saves your time so you can make more money.
You may have had a good walk around the property and reckon you know what the rehab cost will be. However, you may still get contractor estimates as part of the package. You might not need to be on-site for this, though. Having an assistant schedule and gather this information for you can help you pay more attention to the sales process and keep the deal moving forward. Of course, you should review all the estimated costs, but you won’t need to waste time working with each contractor on a personal level.
Though, there is one benefit to working closely with contractors. If you’re new to the industry, you can learn a lot about how much work a property really needs by meeting the contractor in person. Asking questions and looking at the property from the perspective of a contractor may help. But, if you already have experience in this area, then consider outsourcing this to save time.
Direct Mail and Marketing
Successful wholesalers will send out tons of direct response mail and online marketing. These marketing efforts are designed to find homeowners who want to sell and are happy to at less than market value.
This is a necessary but time-consuming and mundane activity for wholesalers. Some wholesalers even get their children to help with this. It gets the kids involved in the family business, gives them a sense of responsibility, and saves you the trouble of doing it yourself. Whether you’ve got teenagers who want to help out, or you hire a virtual assistant/marketing company, this task is certainly one that you, the wholesaler, doesn’t need to do.
Scour Online Resources for Opportunities
A wholesaler must always be on the lookout for more deals. This is probably the most time-consuming component of the business besides actual contract negotiations. That being said, once marketing letters have been sent out, outsourcing the data collection of potential properties can genuinely help save time. Draft up a checklist of what you’re looking for in a property, including location, price range, size, layout, and so on. Then pass this information onto your assistant. Allow them to amass the data and present it to you for evaluation.
Once you have the list of potential properties, you can begin to crunch numbers on the most profitable ones. This is where your time and energy should be spent – deciding which homes are worth investing in after the data has been gathered for you.