5 Tips to Make a Husband and Wife Real Estate Team Work (Mistakes We’ve Made and What We’ve Learned)
By Tarek El Moussa
You may not think that you need to pay a lot of attention to real estate marketing as a house flipper, but think again. A big part of making a profit flipping houses is having a full lead funnel and constantly researching properties to make bids on. In fact, that’s why bird dogging services are so popular in some areas. If you aren’t sure about real estate marketing, lead generation, or any part of the investment and flipping process, you might want to consider an introductory real estate class to give you a head-start. For now, though, let’s talk about how you can get going and keep going with a full lead funnel.
What’s a lead funnel? When you think about properties you could potentially buy to flip, think of a funnel. It’s wide at the top, and almost anything can fit into it that way, but as it narrows toward the bottom it allows you to filter out bad leads, and only the best properties pour out the bottom. You fill that funnel up with lots of leads, and while not all of them will be a good fit or a good flip, the more you have, the more potential you have for a great investment.
But how do you fill your lead funnel? Use these tips:
Join a Real Estate Club
Real estate clubs are made up of buyers and sellers, as well as realtors, brokers, insurance agents, and other real estate professionals. Networking in a real estate club can open up a lot of avenues for property leads. Be sure to always have your card with you and to follow up whenever you meet someone who has information on properties in the areas you’re interested in.
Check Out Tax and Foreclosure Auctions
Each month, homes are sold at auction if the owner was delinquent on taxes or if the home was foreclosed on. Keep a close eye on these auction listings. If a property going up for auction looks good, it goes in your lead funnel. From there you can research whether or not it has a second mortgage or any other liens that might be deal breakers and filter it out if necessary.
Pick Up a Local Paper
Each week take a look through the local newspaper. You’ll find a surprising number of listings for people trying to sell their homes as quickly as possible. You’ll also have a greater chance of taking a look inside these homes than you will with a lot of flips.
Check With Home Wholesalers
You can also find good deals through home wholesalers that buy houses at auction and then sell them “as is” to investors and flippers. This requires less research, as you won’t have to worry about any outstanding debts on these houses, but they do generally cost a little bit more than you’d pay at auction.
Get Into Your Marketing
Don’t be afraid to put up signs or to invest in an affordable direct mail marketing campaign to advertise your real estate investment business. A lot of people facing foreclosure don’t know that they have the option to sell their home to an investor and walk away. With the right advertising, you could get your leads to come to you.
Through targeted real estate marketing like this, along with spending time researching leads on your own, you shouldn’t need to pay anyone to get leads for you. That said, if you’re really up a creek, you can hire a bird dogging service to point you in the right direction and things going.
About the author
Tarek and Christina El Moussa have over a decade of professional real estate experience and have been featured in national print publications, online media outlets, and HGTV’s Flip or Flop. Tarek is known for his determination to get the job done and doing it right.
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