How to Double Your Flipping Business in a Flash
One of the biggest challenges when flipping houses is scaling up to the next level. Double your business potential by optimizing your lead generation with networking, prospecting, and using other essential strategies.
Flipping houses is a fast-paced, yet rewarding investment strategy with substantial potential. One of the largest barriers with flipping houses is scaling up everything. Your flip business is only as strong as your next lead, followed by a done deal.
Successful real estate investors understand the importance of growing their business and keeping the pace steady in the right direction. So how do you double your flipping business? Utilize these strategies.
Generate more quality leads
Without leads, you don’t have a business. A lead is any piece of information that guides you in the direction of a flip-worthy property to close on. There are a variety of ways to increase awareness that target potential sellers. Some examples include:
- Google ads
- Social media platforms
- Getting deals from wholesalers
- Direct mail
- Door knocking
Then there’s the matter of determining whether a lead is qualified. These efforts are time consuming without a guarantee of bearing fruit. However, creating a streamlined process of lead generation optimizes your time and investment. Sundae’s Marketplace operates in a variety of markets, bringing sellers to you without any marketing efforts.
Know your buy box
When you find prospective purchases, you need to set certain criteria in place to ensure the property is best suited for your business.
Do you know the pain points of fixing a 2 bedroom single family home? Do you know what features earn the highest ROIs? Or perhaps you know your local neighborhoods inside-out in terms of popularity. The list goes on and on. These are the types of questions and formulations that make your strategy crystal clear. It’s almost as if you’re niching down and specializing in one focus area. It’s important to stick to your buy box. That doesn’t mean you should be close-minded, though. You need to think creatively.
Instead of saying that a 2 bed 1 bathroom house doesn’t meet your criteria, consider ways that it could. For example, adding an ADU on the property might be a lower effort way to add both a bedroom and bathroom. There’s a plethora of ways to add more living space, and incorporate other enticing features. With limited inventory, creative investors win big.
Network to build your team
Real estate is a large industry with specialists working together to share knowledge and make fix and flip projects come together. As you network, your business becomes easier with more accessibility at your disposal. Here’s a list of key team members to focus on building:
Real estate agent
Perhaps nobody has more knowledge about your target market than a real estate agent. Not to mention, when you purchase and sell in large volume agents help you scout properties, understand listing prices, and locate easy to work with sellers. While acquisition is most important with house flips, they always know up to date information and deliver quickly while you focus on projects.
A reliable and licensed contractor spearheads your flip projects and has an efficient crew. Trying out new contractors is risky because they may not fully understand your project deadlines while they juggle other projects. Trustworthy contractors provide extra information about the price of specific upgrades and put your project first once you build a steady working relationship.
In case anything goes wrong with your flipping process, an attorney could stop your ship from sinking. They guide you and give advice for negotiation, closing, foreclosures, and settling disputes. You’ll always be prepared for the technicals of flipping including titles, building codes, and taxes.
Flippers utilize their leverage as much as they can. A mortgage lender could fund a majority of your flip project so you could focus on scaling up without trying up all of your capital. You want a lender that could close quickly, process documents, and have somebody on call when you’re ready to purchase.
During acquisition, inspectors are crucial for finding property flaws. While flipping requires renovation, major problems with a home are time consuming and increase your risk of missing out on profit. Working with the right inspector will locate major structural or electrical problems so you can find optimal leads.
To grow your business, you need to have deals, a coherent strategy, resources, and an ever-expanding network.
At Sundae we bring you deals on our marketplace in a variety of places across the country. Our premium membership, Edge, offers a suite of features that help you win opportunities against your competitors on our platform. In addition, we host webinars and provide reporting that can help you determine your buy box and compete in any market. All of this can be done while working with your personal Investor Advisor who can help you put everything together.