Both experienced and beginner investors understand the value real estate has to offer. Unlike other business opportunities, there are many different ways to get involved in the real estate industry. Some people are interested in renting out their spare bedrooms, while others prefer to flip houses.
Although some investors prefer to rent out properties on Airbnb, this is an extremely risky way to make money in the real estate industry. Short-term renters are likely to leave you with a costly mess and are more likely to damage your property. Other entrepreneurs choose to become real estate agents, but it takes time to grow a lucrative business, so many give up before earning a profit.
Are you looking for a different way to get involved in real estate? Modern technology has created a new form of real estate investing called virtual wholesaling, in which investors can earn money working from the comfort of their own homes.
If you’re not familiar with virtual wholesaling, it’s one of the quickest and easiest ways to earn a substantial profit in the real estate industry. With virtual wholesaling, investors can profit by getting homes under contract and connecting buyers with sellers. Plus, virtual wholesaling is growing in popularity as technology advances because investors aren’t limited by their location. Intrigued? Read on to learn more about the process, benefits, and how you can get started today!
What Is Virtual Wholesaling?
If you’re familiar with the business of wholesaling real estate, then you’ll see that virtual wholesaling is quite similar. Investors obtain real estate contracts during the virtual wholesaling process and assign them to buyers using only online resources. This process means that investors don’t have the responsibility of owning a property or seeing the property in person. Virtual wholesalers only need internet access, real estate software, and a smartphone to get started.
Since virtual wholesaling relies exclusively on technology for communication, it is accessible to investors from all walks of life. For instance, virtual wholesaling is the ideal option for investors in rural areas or oversaturated markets. Furthermore, virtual wholesaling is an excellent choice for investors concerned about how the pandemic has affected the in-person real estate market.
How Can Virtual Wholesaling Work for You?
Start with Research
To get your virtual wholesaling business off on the right foot, you’ll need to begin with research. Since virtual wholesaling requires buying and assigning contracts, you must also familiarize yourself with the legal basics. Don’t hesitate to contact an attorney if you have any questions about the verbiage in wholesaling contracts. You may also want to find real estate software to help you manage your virtual wholesaling business.
Find Profitable Locations
One of the best qualities of virtual wholesaling is that you are not bound to your physical location. Early on, decide which area will be most lucrative for you. Some people are overwhelmed by the freedom of choice, but you don’t need to find all your deals in the same location. To find an area that’s good for wholesaling, research expanding real estate markets by looking at the occupancy rates, available listings, and job growth.
Search for the Right Properties
Successful wholesaling requires you to find properties under the market value and convince the buyer that it is a successful investment opportunity. You will find the best properties by finding distressed properties and motivated sellers. Although most wholesalers exclusively use online listing websites, you can boost your success by calling potential sellers directly. For the most rewarding results, form a lead-generating partnership with a professional cold calling company. They will send qualified leads your way so you can focus on other aspects of your business.
Analyze Your Investment Property
After you find properties that appear profitable, you’ll need to crunch the numbers. Research the property’s market value and compare it to similar properties in the same neighborhood. It will be easier for you to secure the contract and negotiate with potential buyers with this information. It is also helpful to research other important figures, including potential rental income and occupancy rates. Understanding these numbers will simplify the negotiation process.
Write & Execute Your Contract
Up and coming virtual wholesalers often struggle to get their first property under contract. Although creating a contract for the first time is challenging, you will be able to use this template for future deals, so take your time and be thorough. If you wholesale in various states, you may need to make a few changes, but the contract will mostly remain the same. In addition, as a virtual wholesaler, you need to implement software that enables you to sign and send contracts online.
Contact the Seller
After finding the right property, contact the seller and get the property under contract. It could be difficult to find the seller’s contact information in some cases. If you don’t have their contact info already, try looking for it in public tax records. Then, ensure that you know any relevant information about the property and have a perfect pitch before speaking with the seller.
Assign the Contract
Lastly, you’ll need to assign the contract to your end buyer. Digital contract software makes this process a breeze because you can instantly send the contract to the buyer. At this point, you’ll receive your wholesaling fee, which will be a percentage of the transaction.
Start Virtual Wholesaling with Call Motivated Sellers
Want to begin virtual wholesaling? To start building your network, acquiring properties for your portfolio, and turning a profit, enlist the assistance of Call Motivated Sellers.
Our team of professional cold callers saves you time and effort by vetting leads for your team. Informing interested buyers and sellers about the benefits of your wholesaling services, we’ll use our expertise to warm up leads, find the best prospects, and set your sales team up for success. With cold callers on your side, you can leave the hard work of lead generation to us and focus on other aspects of your business.
Call Motivated Sellers is an American-based real estate cold calling service that can help raise your sales and provide hot leads year-round. We have years of experience cold calling in the real estate industry, along with access to the best information for buyers, sellers, and agents to help you close more deals.
If you’re ready to leverage the power of cold calling for virtual wholesaling, Call Motivated Sellers is here to help. To learn more about the services we offer, just contact our team today!