What contract should I use?
Always use a contract approved by your attorney. Each state has laws that cause a change in one state's contract to another. There are state real estate board contracts that can be used while getting your attorney to approve your contract. Click here to access State Contracts.
How do I find sellers?
- FSBOs located online (Craigslist, Zillow, ForSaleByOwner, etc.)
- Direct Mail Marketing - mailing letters or postcards to homeowners
- Signs (roadside signs, vehicle magnet signs)
- Ask your mailman, UPS driver, etc to give you addresses of vacant homes on their route or take pics of for sale signs in front of homes. You can offer them a "finder's fee".
- Programs like Dealbot and MyPlusLeads can deliver leads to you. MyPlusLeads can also get you Expired listings with phone numbers. Expired listings are more motivated since they already tried to sell with agent.
How do I find buyers?
- Online marketing and website
- Signs (roadside signs, vehicle magnet signs) and flyers
- Email and/or text blasting to buyers' list (after you start building it)
What do I say to sellers when calling them from a VA lead sheet?
- Review basic info from lead sheet (asking price, location, repairs, etc.).
- Especially review asking price and motivation
- Schedule time to see property and get contract.
Where and how do I start to do deals? (new investor starting out)
- Stick to an area within 1 hour driving distance and not war zones, unless you are comfortable in these areas.
- Look online for FSBOs or get a virtual assistant to do it for you.
- Call seller and get home info (or have VA do it).
- Check out the home and get seller to sign contract.
Which is better, an IVR (automated system) or live person answering my calls?
- IVR system is easy way to handle buyer calls, but you will get more hangups. Live person answering the call and able to answer the caller's questions shows better customer service and makes you look better.
Do I need a website first?
- It's always best to get a website up and running right away. You don't have to have it to get started, however having a website shows buyers and sellers that you are a legit business and it builds your business branding.
Do I need a virtual assistant?
Do I need a virtual assistant?
- When first starting off, it's always good to do it yourself. This gives you an idea of what you need the most help with and how long it typically takes to do the tasks you want the va to do for you. However, as you start going on appointments, you will want help with the seller and/or buyer screening so you can focus on closing deals. VirtualOfficeVA.com is recommended for US trained virtual assistants,
What's the difference between a foreign virtual assistant and a US virtual assistant?
- An overseas virtual assistant can quickly be a turnoff to buyers and sellers, if you use them for phone calls. There are language and cultural barriers and major time differences that cause you to not look as professional to buyers and sellers.
- If looking for a cheap assistant to do research projects or back end computer stuff, then a foreign va could be the answer for cost-effectiveness.
- A US virtual assistant is best for your buyer and seller calls. They cost a bit more, but speak fluent English, not as much of a time zone difference and no culture barriers.
Do I need a CRM (lead management system)?
- You need to have a system you are comfortable with. Whether it be folders organized on a desk, folders/files organized on your computer (or on the "Cloud", like Google Drive), or a CRM, you need to have something to keep leads/deals organized.
- Good options are: Google Drive (no cost, but not most efficient), RealeFlow and Podio.
Where do I advertise my properties to get buyers?
- Craigslist and Zillow are top Free places to post effective ads. If doing lease purchase deals or rental properties, then Rentlinx is good, but it costs.
Should I work with real estate agents and/or brokers?
- Absolutely! You should have agents and brokers as part of your team. They can help you with buyers and expired listings.