If you work in real estate and are curious about extending your services into the wholesaling space, you may want to learn more about how researching real estate comps and networking can help you find success as a wholesaler. Whether you plan to use an all in one real estate platform to find and sell property contracts or whether you would prefer to operate as an independent agent, having an extensive professional network of contacts and knowing how to look up comparable properties to set realistic contract structures and prices can help you find your footing in the wholesaling business. No matter how much or how little wholesaling experience you currently have, these tips can help you find potential buyers and even drive up your sales and profits.
Network to Build Leads
Before you can learn the specifics of how to find real estate comps, you’ll need to ensure that you have a large enough professional network. Your network can provide several key advantages over potential competitors. For instance, having connections can help you:
- Gain access to potential leads for homes that have not yet gone on the market officially
- Stay in the know about the latest trends in your field
- Establish a strong professional name, image, and reputation among your peers
- Gradually build up a large network of contacts that you can reach out to and fall back on when you need to
If you don’t currently know too many professionals in the wholesaling space, there are a few key venues to help you grow your network quickly. In particular, you may want to try:
- Real estate conferences
- Local open houses
- Local realtors’ offices
- Professional networking sites
- Social media
Take Advantage of Marketing Strategies
When you’re still learning how to get wholesale real estate leads, mastering the art of marketing and reaching out to as many professionals as possible can be a helpful start. Good marketing skills can help you gain valuable real estate information from:
- Home sellers
- Home buyers
- Value appraisers
- Home inspectors
- Financiers and investors
- Real estate agents
Perhaps the most effective wholesaling marketing strategy is to learn your market comps thoroughly and demonstrate that knowledge to prospective contract buyers. Make sure you:
- Contact a broker or a real estate agent to help you pull up comps in the areas you’re most interested in
- Research past sales on similar properties to determine typical going prices and contract structures
- Take key factors into consideration when looking at comps for your wholesaling business, including a prospective home’s condition, age, location, amenities, number of bedrooms and bathrooms, square footage, lot size, and proximity to schools, restaurants, shopping, and work sites
In the wholesaling business, having a large professional network and understanding how to research real estate comps is essential. Whether you’re a newbie or whether you have some experience but you want to freshen up your skills, these key tips can help you establish a strong foundation in the wholesaling space and start selling as many home contracts as possible. Make sure to expand your network in the real estate world, research potential comps carefully, and take advantage of some top marketing strategies to maximize your odds of wholesaling success.
