REAL ESTATE NICHES, MAILINGS AND DESCRIPTIONS. OH MY!
If you are new to real estate investing and don’t know what niche to choose from, this short post will help you to understand what is involved in a few of the most popular markets. Also, take a look at our previous post “6 Marketing Strategies Every REI Should Know” to learn more about marketing strategies to your chosen niche.
A pre-foreclosure/short sale specialist is someone who will work with homeowners who are in pre-foreclosure and the mortgage companies who these owners owe to.
You will have to send out multiple mailings, find contact information, drop out door packets to these distressed homeowners. You need to understand that these homeowners are not going to just talk to anyone. They may be trying to avoid the mortgage company. So, that’s why we use multiple ways to contact them and get them to call us.
You will offer them solutions to ridding themselves of their property that will help them to get a fresh start. You will also need to contact the mortgage company and negotiate a lower price for the money owed, this is called a “short sale”.
You will need to have scripts and other materials to help you with this process. Keep in mind that this is a long process but it can be very rewarding for all parties involved if the sale goes through.
If you want to work out of various markets, then virtual wholesaling will be the strategy you will want to employ. A virtual wholesaler is someone who seeks to find large active cities to get their business involved in.
You will locate real estate agents, contractors bird dogs, buyers, title agencies, and any other power team member needed to find a property, get it under contract, and close on it.
You will need to have materials, scripts, and any other information needed that will help you to successfully research and market to find these power team members.
You will need to set-up systems that will allow you to track the different stages the wholesale process, multiple ways for your power team members to be able to keep in contact with you, and a program to collect signatures for contracts that need to be signed.
Seeking private money is a necessary strategy if you would like to buy and hold properties, fix and flip properties, or wholesale properties through a double close. You would be considered a private money specialist which is someone who seeks and markets to find investor lenders to fund our deals. These private money lenders will want to earn a high return on their investment funds (ROI).
When seeking to find private money, you must be very familiar with the materials needed to show that you are an expert and know what’s going on in the investing market, like retirement, 401K, bank CD’s, etc. You will locate a list, receive a referral from someone, contact people you know, market your company, and speak at events to build a private money list.
You will need to have scripts to help you to go through multiple conversations. It will be your duty to keep in contact with them even if you don’t have a project for them to invest in currently. You will also contact them when you do have a deal for them to see if they would be interested in that deal or not.
A co-wholesaler is someone who markets to find other wholesalers who are putting properties under contract and need to find a buyer to purchase those deals.
You, as the co-wholesaler, will search online to find these wholesalers and offer to find them a buyer if they would be willing to split the finder’s fee.
When working with other wholesalers, you don’t have to search and market for a seller, they have done that for you, which makes this a great strategy.
You will need a script to use when speaking with these wholesalers. It will be your duty to keep in contact with them, find out what types of properties they are looking for, buyers, etc.
There are many other strategy niches to choose from but the ones mentioned in this post, can be lucrative if you do your research, develop or find scripts, market consistently, and get your name out there. We suggest you start working on one strategy at a time so you don’t become overwhelmed. Once you see that your knowledge and business have grown, then start to add on more strategies to continually grow your business.
We hope you enjoyed reading our post. If you have any questions, comments or concerns, please leave a message below or contact us by email at firstname.lastname@example.org.
We wish you the best in your chosen field,
Supreme Investing Group, LLC Team