Tips For Winning In This Competitive Market
This has been an interesting year in real estate for investors and business owners . During crisis , many fold and lose , and few know how to use the opportunity to create new levels of wealth .
Right now , Brandon says it is an extremelycompetitive realestate market . Since the birth of the travel roadshow real estate guru ’ s coming to town and pumping out hundreds of new investors in a weekend , it ’ s become much tougher to find deals .
So , how do you still get the deals ?
Here are some of Brandon ’ s top tips .
Do What Others Won ’ t
As with any business or career , standing out and blazing a trail for yourself , and becoming a valuable goto resource for your clients , is all about doing what other people won ’ t .
You can put in the extra hard work and hours , be more responsive , and go the extra mile to make customers happy , but it starts with identifying what your customer ’ s want that competitors are not giving them .
Brandon says one of the big challenges his clients face are tenants . Many retiring landlords are willing to sell , but buyers want the property vacant . When there is a tenant , it can leave the property in limbo . Brandon ’ s competitors make offers based on the house being vacated most of the time , so his company started offering tenant relocation services with their offers .
In his recent feature in Forbes magazine , he says this alone can get you a $ 10,000 to $ 15,000 discount on the price of the property and win you the deal , if you ' re willing and able to help the tenant find a place to live and cover moving expenses . you could have done better ? What about which deals really made the most money ? Or what happened to those properties after you exited and sold them off ?
You might be surprised at what you find . Brandon certainly was . They found they missed out on a deal that would have made $ 107,312 .
Even more surprising was the fact that they came across deals like this twi to three times a year and were completely missing them ! So , they adjusted their strategy when they came across these special opportunities , and after acquisition , and rehab costs are now able to sell them for almost double , with around $ 70,000 to $ 100,000 in gross profit .
Select Your Customers Carefully
How selective are you being with the customers you take on ?
Brandon ’ s construction company , HBG Construction , offers rehab services to others outside his house flipping business . Savvy business owners and independent professionals learn that they can work much more efficiently , profitably , enjoyably , and with less risk and stress , if they are more selective in who they do business with .
At first , it may seem like a good idea to take on various jobs within your space and Brandon did just this . His company would service builders , home owners , rehabbers , basically anyone who needed work done on their house .. until it became a big headache ..
Just trying to work with anybody and everybody can be a big trap . You might feel busier chasing the money , but that doesn ’ t mean you ’ ll really net more money .
Brandon suggests figuring out who your ideal customers are , and to fire everyone else . Brandon discovered that his construction company loved working with other rehabbers . Because Brandon is an investor himself , he was able to understand and pinpoint all the pain points rehabbers have when it comes to dealing with contractors .
Image by Shotkitimages from Pixabay
Review Your Past Deals
When was the last time you went through your past deals and evaluated what went well , what didn ’ t , and what
Brandon ’ s construction company now works exclusively with other rehabbers on their flips , and that moment when he fired all his other customers changed everything . Now , his team deals with customers whose needs they understand and serve best .