For many new investors, wholesaling real estate is often the first step for a new real estate investor to learn the trade and make some money. When executed correctly as the middleman, wholesalers can make some quick cash without credit or personal financial risk.
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 your time and return on investment.
Tasks To Outsource to Virtual Assistant
1. COMPS/Market Analysis
COMPS or commonly called comparable market analysis (CMA) is a critical piece of a wholesaler's job/responsibility that has to be accomplished on every deal you are considering making an offer on. When done correctly, pulling comps can take a fair amount of time to ensure your SOLD properties are a fair comparison to the home you are evaluating. With ample training, this is a task that can be delegated to your Virtual Assistant (VA) and can free up your time to do other critical tasks in your business.
2. Package and Contract Creation
Collecting all the documents, including title reports, pictures, 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 buying and selling process helps you move the deal forward rather than getting stuck in presentation details.
There are a couple of 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 filled 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. Many investors implement systems such as Realeflow that their VA can manage for them for this purpose – to save you time.
3. Appointment Setting
Being successful at anything means you are busy. While you need to have meetings to buy 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 or delegate this to a Virtual Assistant who calls to make and confirm appointments and then gives you the details for your calendar or even enter it on your calendar. There are also online automated appointment calendars that allow prospects to look at your calendar availability and select a convenient time for both to meet. Either way, outsourcing the right tasks saves you time so you can make more money.
4. Rehab Estimates
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 and enter it into a tool such as RehabValuator pricing and marketing software or Realeflow HammerPoint Repair Estimator 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 by walking thru with the contractors. Asking questions and seeing the property through the eyes of a contractor may help.
5. Direct Mail and Marketing
Successful wholesalers send out a lot of direct 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 or other family members 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, do not need to perform yourself. You have a lot of other money-making tasks to accomplish to keep your business growing and profiting.
6. Scour Internet Resources for Opportunities
A wholesaler must always be on the lookout for the next 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 to your VA helps. Give an assistant the checklist of what you are looking for including location, price range, size, and type of home. Allow them to accumulate the information and present it to you for evaluation. This can save you a tremendous amount of time.
Once you have the list of potential properties, you can begin to crunch numbers on the most profitable ones and prioritize your time. This is where you will want to spend the majority of your time and energy.
In summary, putting some time and thought into the Tasks Wholesalers Can Outsource to Virtual Assistants is time well spent. When the right tasks are outsourced to the right VA along with the right training, it’s time and money well spent and freeing up your time to focus on the right tasks to make more money.
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