Wholesaling Houses: Finding Buyers for Homes in Distressed Neighborhoods
One of the biggest problems facing those wholesaling houses today is finding end buyers for properties in distressed cities and neighborhoods. So how can wholesalers get better at turning these units around faster and for more money?
Contrary to the impression being dished out by many media outlets foreclosures, and in particular new foreclosures are surging in many areas of the country. This also brings plenty more cheap house ‘deals’ for real estate wholesalers. However, it doesn’t matter how cheap you can get them if you can’t sell them and cash in.
Unfortunately, recently there has been more negative press about some of the nation’s hardest hit areas like Detroit (whether deserved or not), and real estate investors are becoming more educated on the potential perils of buying dirt cheap properties. This doesn’t mean that there aren’t’ huge profits to be made even in the hardest hit neighborhoods, in fact they can hold the biggest paydays if handled right. But some may be finding it a little more challenging to keep up volume and enjoying wholesaling all the houses they would like.
3 ways to attract more buyer leads and flip more houses in hard hit foreclosure zones…
1. Increase Visibility
If investors that are focused on wholesaling houses are not getting any leads or at least the type of volume of home buyer leads they want, perhaps the first step is to increase visibility. If you or your homes for sale aren’t seen they aren’t going to sell. Options here range from Craigslist to online networking with other real estate investors to setting up a global network of referral partners or listing home on the MLS.
2. Reduce the Fear Factor
If leads and inquiries are coming in but are bouncing quickly it’s likely the fear factor that comes with low end or distressed properties. Build confidence and value by providing accurate repair quotes, access to discounts with contractors and vendors, and if possible contacts with the city for applying for tax breaks and getting permits fast.
3. Improve Area Appeal
Work to boost the reputation of the area. Collaborate with tourism boards, local government, Chambers of Commerce other real estate professionals and travel networks to increase the attractiveness of the area and keep your marketing spend down. Maybe you are in the next hot tech startup spot or investment hotspot. Get innovative, command the market and wholesale more houses.
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