Wholesaling real estate is often the first step for a new investor to learn the trade and make some money. As the middleman, wholesalers can make some quick cash without much 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 manage time best and return on investment.
5 Tasks Wholesalers Can Outsource to Virtual Assistants
1. Package and Contract Creation
Amassing all the documents including title reports, 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 sales 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 filling 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.
Managing and consolidating various documents, such as title reports, market assessments, and rehab estimates, into a cohesive and presentable package can be a time-consuming task in the real estate dealmaking process. Many dealmakers find this aspect laborious and often prefer to stay focused on the sales process to keep the deal moving forward, rather than getting bogged down in the intricacies of document presentation.
Outsourcing contracts and packages can be a strategic decision for a couple of compelling reasons. Firstly, ensuring the completeness and legal validity of documents is paramount. By outsourcing, you can tap into the expertise of professionals who specialize in contract development, ensuring that all necessary components are in place and legally binding. This is crucial for safeguarding the integrity of the deal.
Secondly, once you have established a template for your contracts and packages, the subsequent work often involves filling in specific details. While it’s essential to review the contracts for accuracy and compliance, having someone else handle the development and insertion of these details can save a considerable amount of time. Outsourcing this aspect of the process allows dealmakers to streamline their workflow, focus on core sales activities, and move the deal forward more efficiently.
In essence, outsourcing contracts and packages not only ensures legal compliance and completeness but also frees up valuable time for dealmakers to concentrate on the aspects of the deal that truly drive it forward. This strategic approach helps strike a balance between attention to detail and maintaining momentum in the sales process.
2. Appointment Setting
Being successful at anything means you are busy. While you need to have meetings to find 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 this with a virtual assistant who calls to make and confirm appointments and then gives you the details of your calendar. There are also online automated appointment calendars that allow prospects to look at your calendar availability and select a time to meet. Either way, outsourcing saves your time so you can make more money.
Achieving success in any endeavor often translates to a busy schedule, and in the world of real estate wholesaling, managing meetings and appointments is crucial. However, juggling these responsibilities can be challenging, especially if you have another job or various aspects of your wholesaling business demanding attention. To address this challenge, outsourcing becomes a valuable strategy.
One effective way to streamline your schedule is by enlisting the assistance of a virtual assistant. This individual can take on the responsibility of calling to schedule and confirm appointments, ensuring that your calendar remains organized and up-to-date. By offloading this task to a virtual assistant, you free up your time to focus on the core activities of finding and selling properties, ultimately contributing to increased productivity and potential profitability.
Alternatively, there are online automated appointment calendars that offer a self-service approach for prospects. These tools allow potential clients to view your calendar availability and select a suitable time for a meeting. This not only empowers prospects by providing them with flexibility but also reduces the administrative burden on your end, as the scheduling process becomes more streamlined and efficient.
In essence, whether through a virtual assistant or automated tools, outsourcing the management of your calendar is a strategic move to optimize your time. This enables you to allocate your efforts where they matter most, maximizing your potential to make more profitable deals and ensuring that your business operations run smoothly.
3. 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 gathering this information 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. Asking questions and seeing the property through the eyes of a contractor may help.
In the realm of real estate wholesaling, accurately assessing the rehabilitation costs of a property is a critical aspect of the deal-making process. While you may have already conducted a thorough walk-through and formed a preliminary estimate, obtaining contractor estimates is often a prudent step to ensure a comprehensive understanding of the potential costs involved. However, managing this aspect of the business doesn’t necessarily require your direct on-site involvement, and this is where leveraging a virtual assistant becomes beneficial.
Assigning the task of scheduling and gathering contractor estimates to a virtual assistant allows you to streamline the process and maintain focus on the sales process. The assistant can efficiently coordinate with contractors, gather the necessary information, and compile the estimates into a cohesive package for your review. This delegation of responsibilities frees up your valuable time, enabling you to concentrate on the strategic aspects of your business, such as negotiating deals and driving the sales process forward.
Nevertheless, there is a valuable flip side to this dynamic. Engaging with contractors directly can offer you insights that may not be apparent during a regular property walk-through. By asking questions and viewing the property through the experienced eyes of a contractor, you can gain a deeper understanding of the scope of work needed. This hands-on approach allows you to refine your knowledge of potential challenges and opportunities associated with the property, contributing to more informed decision-making.
In summary, while a virtual assistant can handle the logistical aspects of scheduling and gathering contractor estimates, there is undeniable value in personally engaging with contractors to gain a nuanced understanding of the property’s condition. Striking a balance between delegation and direct involvement allows you to optimize your time, make informed decisions, and maintain a robust focus on the sales process.
4. Direct Mail and Marketing
Successful wholesalers send out a lot of direct response mail and online marketing. These marketing efforts are designed to find those who seek to sell ideally at a reduced price.
This is a necessary activity for wholesalers but is time-consuming and mundane. Some wholesalers hire their children 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, don’t need to do.
5. Scour Online Resources for Opportunities
A wholesaler must always be on the lookout for another 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 helps. Give an assistant the checklist of what you are looking for including location, price range, size, and type of home. Allow them to amass the information and present it to you for evaluation.
Once you have the list of potential properties, you can begin to crunch numbers on the most profitable ones. This is where you will spend your time and energy.