Wholesaling Marketing Leads: Are Home Renovations A Precursor to Divorce?
Does remodeling signal a divorce is in the works? If so, what does it mean for U.S. homeowners and real estate investors?
In a recent Wall Street Journal report, one New York property appraisal firm reported that its divorce case load has recently soared by 20%, while another revealed 67% of their volume of appraisals on high end properties had either recently completed a gut renovation or were in the process of one.
The data isn’t actually precisely clear whether the stress of remodeling is the cause or remodeling homes is a consistent indicator of deeper relationship issues and pending divorce. Either way the correlation is startling and identifies a unique opportunity for wholesaling marketing and lead generation.
So what does this all mean for couples and your wholesaling marketing?
For couples, it is important to recognize just how big the losses of splitting real estate can be. Beyond the regular expenses and outrageous legal fees associated with divorce, divvying up real property can eat up even more. In the above mentioned report, another Florida based appraisal firm revealed that they regularly charge 4 times the fee ($4,000) for an appraisal in a divorce situation. Then there are the disputes and money lost on interior design. In one recent case, a couple who spent $650,000 on custom furnishings, and had yet to use them when they split, found they were then valued at just $56,000. So while divorce is ugly, and should only ever be a last resort after all other options have been explored, it may be better to approach the situation amicably and early, versus trying to makeover the home.
This also signals an opportunity for real estate investors to do more to serve and help distressed couples facing situations like these. Of course, any situation like this involves many heated emotions and must be approached in a sensitive and caring way. However, this is a situation in which investors can find that they can truly be helpful and provide a great and needed service.
By stepping in to buy these homes, investors can save couples a lot of wasted dollars and stress and take them off their hands without the splitting parties having to throw away more money.
These opportunities can be found by cultivating relationships with divorce attorneys and relationship counselors who need someone to refer their clients to, though looking for permits and stalled renovation jobs may also be a sign of these situations too.
Obviously a lot of care must be taken when working with these types of leads and it is essential to ensure both parties are completely on board. However, if your wholesaling marketing can hit home at the right moment, with the right tone, these can be very profitable deals to do.
In fact, for some wholesalers this could become a very important niche to master, especially for those who are running up against more competition for foreclosure homes and REOs.
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