Real Estate Investors Can Do This Right Now to Stay Ahead of the Competition
Real estate investors know that staying ahead of the competition is the difference between winning and losing deals. These tips will show you how to get deals by working smarter.
There are a few common traits that make real estate investors successful. Among them are the willingness to keep learning and having solid exit strategies. No matter how well-researched your business plan is or how good your licensed contractors are, however, you still need to have a steady flow of potential deals. And, you need to find them before the competition does.
You can spend less time and find more off-market deals to fill your pipeline by working smarter. Use these tips to keep the deals rolling in before other investors do.
1. Source more leads
Successful, longtime property investors cultivate their leads from a variety of sources. This may range from the Multiple Listing Service (MLS) and real estate agents to wholesalers. These sources often have high levels of competition for deals amongst real estate investors.
Using Sundae’s Marketplace, real estate investors have access to another source of deals. These off-market opportunities come directly to your inbox based on your preferences. Fabi, an investor from Southern California, flips an excess of 30 deals per year. Another Sundae investor, Lawrence., uses the Sundae Marketplace to increase deal flow too. In addition to other more traditional lead sources, having Sundae as “one direct source” for leads gave him about one to two new options per day added to his pipeline.
Although not every lead becomes a deal, every deal comes from a lead. By increasing your lead volume, it offers the potential to scale your business. It also ensures that leads come across your desk that your competition might be missing.
Source leads from across the country
One way to increase the amount of deals you have flowing through your real estate pipeline is to expand your search. That means investigating new geographical areas.
When you open up your real estate investment business to deals around the country, you increase your potential for making more deals. Some investors enter markets where the price point works better for a given strategy. Others go where they see higher demand. It’s also a great way to diversify your investments.
See more benefits of investing in new markets via Sundae’s Investor marketplace.
2. Leverage easily accessible due diligence materials
Having lots of leads works best when you have a system in place. You’re still going to have to sort through them to decide which ones are right for you. You’ll need to do your due diligence. This can be time-consuming. When it comes to real estate investing, due diligence might include things such as obtaining and/or reviewing the following:
- Inspection report
- Neighborhood info, everything from crime stats to nearby parks to traffic
- Area comps
- Title report
- Property taxes
- Zoning ordinances
- Numbers on your exit strategy
Depending on the deal you’re making, you may explore different avenues of due diligence. Whenever possible, we offer available documents and information for listed properties— right at your fingertips. You’ll find the Sundae Marketplace makes it easy to research every property with information that may include some or all of the following:
- Interior and exterior property photos
- 3D tours
- Floor plans
- Home inspection reports
- Title reports
Buying a property often comes with so many “what ifs.” These documents are intended to help give investors confidence and to save time during the due diligence process.
3. Get creative and stay consistent
Local investors can craft a winning offer strategy on the Sundae Marketplace. Whether you’re competing for another deal on Sundae or elsewhere, creativity gives you an edge. Try employing three simple strategies:
Did you know that about 25 percent of sellers on Sundae’s Marketplace accept one of the first few offers they receive? To maximize your chance of winning deals, make your offers early. It helps you stand out from the crowd and gives you a leg-up on investors who wait until the last minute to place offers.
As you know, real estate investing is a numbers game. The real estate market is still very competitive across the country, so don’t fret over one property. Even if you don’t win one deal, there’s always another opportunity on our marketplace serving 23 markets. Real estate investors need to be comfortable making offers both early and often for the best results.
Consider unique properties
Creative investors win big. The ability to see value where others don’t is key to success as a real estate investor. Maybe that’s recognizing that with some landscaping a derelict yard can become an oasis. Perhaps it’s adding an ADU to a two-bedroom property for extra value.
Consistently following the advice above reaps rewards over time. Stay with it and trust the process.
Learn more: How to Win Big in Today’s Market
One step ahead of the competition at all times
Finding a steady stream of potential real estate investment opportunities is what Sundae’s Investor Marketplace does best. Our platform is the first to give its investors access to exclusive properties that come directly from homeowners looking to connect with and sell to a property investor. With access to properties not available anywhere else, you’re already one step ahead.