6 Simple Steps to Residential Real Estate Success By Atchut neelam
Networking, this should be your number 1 priority always.
Sourcing and pricing inventory, to maximize profits and
mitigate downtime
System tracking, to keep organized and knowledgeable about
operations
Prospecting, to find more and better opportunities
Making Offers, to secure properties
NETWORKING
When I say networking i mean talking to people, making
connections, making friends, knowing people and all that it entails. A
successful investor never knows where the next deal is going to come from, and
I have seen the biggest deals come from the most unlikely of sources.
Therefore, you must be talking to everyone. When you take the time to build a
web of contact and connections, you then have a greater chance of snatching up
all sorts of opportunities that get stuck in your networking web.
SOURCING
Where did that deal come from? Where did we get this
inventory? Where can we get more houses? These are some questions you have to
answer when you do sourcing. If you experience success you have to know where
that success comes from, whether it be from a certain type of house or a
certain area so on and so forth. Aside for that, when you source you have to
take into account your exit strategy as well as your profit margin.
SYSTEM TRACKING
System tracking involves using tracking tools, internal
systems that will help you to determine the correct price at which to buy and
sell your inventory. Aside from that, system tracking deals with keeping your
inventory organized so you don't miss anything, and convenient to navigate for
important information like the certain part of the process each house is in.
MAKING OFFERS
Next you need to be making your offers. A good way to do
this is to send several contractors to get multiple bids. Though it might cost
a lot initially, this method actually saves us money in the long run.
For example, after sending out offers, three contractors
look at a property. One says he could do the work for $5,000. Another says he
would do it for $4,000. The third offers to do the job for $6,000. We need to
hire the contractor that's going to do it the fastest and with the best service
while still staying within budget. While it may be tempting to always go for
the cheapest offer, the often repeated saying, "You get what you pay
for," rings true. Once you've hired a contractor, you need to have the
property inspected as soon as possible. This is so that we can be sure that
there is no structural damage to the property; such damage is a great concern
and would severely lessen the worth of a property.
PROSPECTING
For continued residential real estate success, you must keep
prospecting for additional inventory. In the same way, you're always looking
for buyers, you must always be on the lookout for houses. When you go
prospecting, you start by cross-qualifying buyers. Then you allow open houses
in the properties. The point is to look for buyers who are looking for a
certain type of house in a certain area. That way, when one of our houses comes
on the market, we have offers immediately.
CONCLUSION
This is just a summary of what you have to do to be
successful in the business. As with always, you must always NETWORK, NETWORK,
NETWORK. If you've got the skills and the determination, you'll quickly be seen
as the go-to company that gets the job done.
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