Driving for Dollars with REsimpli
For investors in the real estate wholesaling business, the ultimate goal of closing deals is within arms reach–you just need to implement the proper strategy. If you’re looking to find motivated sellers, learn about the real estate market, and/or find cash buyers, then this one proven technique is for you. It’s called Driving for Dollars.
Driving for Dollars allows real estate investors to generate leads while driving through neighborhoods. It’s an old-school technique that combines several steps to formulate a tried and true strategy to find deals.
Read on to learn more about the steps involved in Driving for Dollars. And more importantly, how you, the real estate investor, will benefit.
How Driving for Dollars Works
Driving for Dollars can be broken down into several steps:
- Map out the target market area
- Determine and track the driving route
- Flag distressed properties along the way
- Record addresses and take photos
- Leave a note for the property owner
- Research the owner – Skip tracing
- Contact the property owner and make an offer
As an investor, you’ll want to start with a clear idea of who and where your target market is. This area should be large enough to produce greater opportunities or outcomes; try starting with a target area that you are familiar with.
Besides becoming familiar with the area or neighborhood you’ll be driving through, you will have to track your route, indicating the streets you have toured and those remaining on your map. This is the “driving” part of the “Driving for Dollars,” something that’s automatically tracked with REsimpli. Learn more about how it works
The goal while driving along the route is to pinpoint properties that appear to be neglected or distressed, so you’ll want to be observant and on the lookout.
Signs of distressed properties include:
- Notices on the door
- Boarded up windows or doors
- Gutters falling down
- Overgrown grass
- Paint peeling
- Roof in need of repair
- Piled up mail
- Driveway not shoveled
Once a distressed property is located, the next step is to keep an accurate record of the property for marketing purposes. With REsimpli, you can easily and safely add a property by a single tap, even while you’re driving. The property will get added to your list that you can later market to. Here’s a video on How Driving for Dollars works in REsimpli.
Before departing, you can leave a door hanger on the door inquiring if the property is for sale. The door hanger will express your interest in purchasing said property using keywords such as cash offer and close quickly. We use Ball Point Marketing to purchase door hangers for our real estate wholesalers. Check them out here.
A vital step in closing the deal is contacting the owner and expressing your interest in buying the property. This is sometimes difficult if the owner isn’t present or doesn’t live on the property, but made easier with REsimpli’s skip tracing capabilities. With just 2 taps on your screen, you can pull up owner contact information like phone numbers and email addresses.
When the property owner has been tracked through skip tracing, you can either call them, send them a SMS or email them. What usually works best is to send the owner a postcard expressing your interest in buying the property using keywords such as: for cash, fast, and closing cost. With REsimpli’s Driving for Dollars app, you can send the owner a postcard at their mailing address and include a picture of the house to get their attention.
Benefits of Driving for Dollars with REsimpli
Driving for Dollars is a very effective technique for lead generation that relies on being strategic and organized. Investors can learn about the market and find good deals. It also helps investors utilize their time effectively.
REsimpli’s Driving for Dollar gives you an edge over your competition because it’s fully integrated with REsimpli’s List Stacking and CRM so as you pull up a property info, the REsimpli Driving for Dollars app will let you know whether that property is already in your List Stacking and/or is already a lead. You will also know whether you have already marketed to the property owner and when was the last time you marketed to the property owner so you can be more effective and efficient with your marketing.
Interested in learning more? Request a demo today and get a 14-day free trial.