Wholesaling real estate is often the first step for a new real estate investor to learn the trade and make some money. As the middleman, wholesalers can make some quick cash without a lot of 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 time and return on investment.
5 Tasks Wholesalers Can Outsource to Virtual Assistants
1. Contract creating and Packaging
Amassing all the documents including title reports, market assessments and rehab estimates into one cohesive, presentable document can be laborious. Most deal makers 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 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.
2. Appointment Setting
This is a good one, You can Have a V.A. (Virtual Assistant) screen incoming calls for you so you can focus on the more important stuff. I would suggest making a script for them to use when talking to your potential customers. We have used the same script for the past year and have had great success with it. To download Minnesota Home Brothers Official Script CLICK HERE. That is our actual script we have used and tested with 100’s of clients that we are giving you free of charge. We highly recommend using it
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 gather 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.
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 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 to do this. Get the kids involved in the family business and gets the job done.I myself am guilty of this one LOL. I hired my 3 year old daughter to help pull papers from the printer and stuff envelopes. She was having a blast helping dad. But whether you hire the kids, a virtual assistant or a marketing company, this is a task that you, the wholesaler, doesn’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.