When I was learning to flip houses, the rule of thumb was, if it’s a good deal, it’ll sell. Well… let’s just say that’s not exactly the case today.
Why? Because there are a ton of wholesalers out there. And, because cash buyers have a lot of buying options. So, you need to be smart, clever, diligent and effective in your marketing. If not, you’ll end up canceling a lot of contracts.
Canceling contracts sucks. It’s a ton of wasted time, effort and since time is money… MONEY!
Not to mention the profit you missed out on.
So, I’m going to give you a step-by-step blue-print on exactly how to effectively market your available properties… so they sell. This is the exact stuff I teach my students… so pay attention.
Days 1 – 3 after you’ve received a signed contract:
1. Record and a video walk-thru, and take pictures, of the house.
It doesn’t have to look like it was produced by Marty Scorsese. It just needs to be something your buyers can see. And, don’t shy away from the parts of the house that need repair. Buyers want to see that stuff. Doing this will endear you to them and gain their trust. And, if you add a quick intro and outro to it, it’ll stand out that much more.
2. Upload the video to your “buyer” website… or use VFlyer.com as your site.
Add the video, but also add all of the info about the house, including % of ARV, CAP Rate and Rate of Return (if applicable), repairs (especially), taxes, HOA fees, pool, curb appeal, neighborhood, etc, etc, etc. And, really sell it!
3. Call all of your VIP buyers.
Let them know what’s available and where to find all of the information (either direct them to a website or send them an email). Throw in a few of the benefits, like “You’re going to love this one. We’re talking 30% annual ROI! It’s a landlord’s dream.”
4. Blast out an email to everyone you know.
Send it to your buyers, friends, family members, realtors, other wholesalers, etc, etc. You never know who is going to either want to buy it, or know someone who will want to buy it.
Make sure you offer cash at closing for referrals ($500). And, also make sure your email has this on it somewhere… “Non-refundable $2,000 deposit required.” This is a big one. No deposit… No deal. And include the pictures you took earlier. Your “buyer” website should include a feature allowing you to turn your posting into an email. Use it.
5. Put out 50 yellow bandit signs.
Put something like this on it:
3/2 block at half price!
20% annual ROI!
won’t last long
6. Post your property on online classifieds.
This needs to be done every other day. Post an ad on craigslist, backpage, kijiji, oodles and any other online classified you can find. To post to many at once, use postlets.com. And make sure you point out the benefits of buying thisfixer-upper you’re selling.
7. Use biggerpockets.com and connectedinvestors.com.
Biggerpockets.com has hundreds of thousands of visitors each day to the site. It’s a real powerhouse in our industry. And, you can post properties for free.
Connectedinvestors.com was created by a good friend of mine. It’s Facebook for real estate investors. It’s also free. Use it.
8. Print out flyers and plan to pass them out at a REIA meeting.
If you’re not attending your REIA meetings on the regular, you’re simply not trying very hard. You may meet a hundred chumps. But, if you meet just one guy who can help you make money, it’s worth it. Plus, there is usually a lot of good free info available.
OK, this is the end of part 1 in this series. Hope you liked it. Parts 2 – 4 coming in the next week, or so. Keep your eyes out for them.
Andrew “The Maestro” Massaro