Wholesaling real estate is often the first step for a new real estate investor to learn the trade and make some money. As the middleman, wholesalers can make some quick cash without a lot of personal financial risk in Omaha or Council Bluffs.
That being said, as market presence builds and more deals sit on the table, some tasks that consume a lot of time pile up. Outsource these tasks to best manage time and return on investment.
Tasks Wholesalers Can Outsource to Virtual Assistants
Package and Contract Creation
Amassing all the documents including title reports, market assessments and rehab estimates into one cohesive, presentable document can be laborious. Most dealmakers don’t enjoy this part of the process. Staying focused on the sales process helps you move the deal forward rather than getting stuck in presentation details.
There are a couple reasons to outsource contracts and packages. First, you want to make sure that everything is complete and legally binding. Second, once you have a template in order, the rest is often filling in blanks. While you should always read the contract for accuracy, having someone else develop and plug in all the details can save you considerable time.
Being successful at anything means you are busy. While you need to have meetings to find and sell properties, you may have another job or be too busy with other areas of your wholesaling business to stay on top of your calendar.
You can outsource this with a virtual assistant who calls to make and confirm appointments and then gives you the details of your calendar. There are also online automated appointment calendars that allow prospects to look at your calendar availability and select a time to meet. Either way, outsourcing saves your time so you can make more money.
You may have walked the property and have a good idea of what the rehab cost will be. However, you may still get contractor estimates as part of the package. This isn’t something you may need to be on site for. Having a virtual assistant schedule and gather this information helps you focus on the sales process. Of course, you will review all the estimates, but you don’t need to waste valuable time dealing with contractors.
There is a flip side to this. You can learn a lot about how much work a property really needs from a contractor. Asking questions and seeing the property through the eyes of a contractor may help.
Direct Mail and Marketing
Successful wholesalers send out a lot of direct response mail and online marketing. These marketing efforts are designed to find those who seek to sell and ideally at a reduced price.
This is a necessary activity for wholesalers but is time-consuming and mundane. Some wholesalers hire their own children to do this. It gets the kids involved in the family business and gets the job done. Whether you hire the kids, a virtual assistant or a marketing company, this is a task that you, the wholesaler, don’t need to do.
Scour Online Resources for Opportunities
A wholesaler must always be on the lookout for another deal. This is probably the most time-consuming component of the business outside of actual contract negotiations. That being said, once marketing letters are sent, outsourcing the data collection of potential properties helps. Give an assistant the checklist of what you are looking for including location, price range, size and type of home. Allow them to amass the information 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 you will spend your time and energy.