resimpli Archives

Developing a Brain for Real Estate Success

Posted on October 7, 2024December 17, 2024 by Sharad Mehta

In the realm of real estate, sometimes attitude defines success more than does the condition of the market. Expert real estate consultant and personal development coach Patrick Precourt points out the mental hurdles and behaviors that could either hinder or drive investors.

Many real estate problems begin with fear, usually resulting from uncertainty regarding outcomes. Fearful investors may get frozen and incapable of acting as required. Furthermore, one’s perspective is quite important; if an investor does not really feel they can reach it, their actions and choices would show uncertainty, therefore restricting their possibilities.

A great success depends primarily on consistency. It’s about consistently doing daily chores that are really vital in real estate, not about one-time spectacular success. Building confidence by action is the concept; small, reasonable objectives and their accomplishment generate momentum that could lead to more significant achievements.

Also very important is knowing the fundamental concept of objectives. It is about emotionally connecting with financial independence or more time, not just with aspirations for such things. This emotional link might be the gasoline required to go over obstacles and remain dedicated even when motivation runs low. A positive attitude relies on your honesty about the sacrifices you are ready to make and in your integrity to meet obligations.

Patrick also offers logical mental techniques for conquering challenges. Psychologically, for example, being ready and seeing challenging situations might help one to face them in real life much more easily. It’s about teaching the mind to regulate possible errors before they materialize, therefore lowering anxiety and increasing confidence.

Watch on YouTube:

Key Takeaways:

Rewiring Mindset:

With over two decades of experience, Patrick dove into the power of mindset for success with electrifying insights! He revealed how fear and limiting belief systems can be the ultimate roadblocks to achieving goals. With his experience in health and fitness, Patrick showed how people often limit their own potential simply by doubting their abilities. The key to breakthrough? New evidence and real experiences to shake up those old beliefs! When Sharad asked how to rewire these beliefs, Patrick shared that while affirmations, reading, and masterminds help, they may not be enough for a true mindset shift in adults. (00:01:00)
Building Belief Step by Step:

Patrick emphasized the power of belief in achieving goals, sharing Joe’s story of weight loss and running a 5K. He explained that success comes from changing beliefs first, not just focusing on diet or exercise. By breaking goals into smaller, manageable steps, each victory builds confidence and momentum. This step-by-step approach helps rebuild self-trust and solidifies belief in reaching the goal. (00:06:32)
Master The Mundane:

The discussion highlighted how success stems from focusing on the process rather than fixating on the outcome. Belief in achieving goals grows when small changes become evident, leading to a mindset shift. Successful real estate investors and fitness enthusiasts achieve results by consistently executing daily tasks, like marketing or working out, without obsessing over the end goal. By concentrating on what they can control, the desired results naturally follow. (00:10:00)
Mastery Through Consistency:

Success comes from being patient with results but relentless in the process. By consistently performing simple, mundane tasks—like daily calls and follow-ups—investors and professionals gain an edge. Mastery, in real estate or martial arts, is achieved through repetition of the basics over time. (00:14:30)
Daily Wins for Long-Term Success:

The focus was on the importance of daily behaviors over fixating on the end goal. Success is seen as steady, forward progress, with small daily wins increasing the likelihood of future achievements. Tracking habits, like reading and listening to books, helps maintain consistency and leads to long-term success. (00:18:58)
Start Small, Act Now:

Setting clear, achievable goals and breaking them into manageable steps was emphasized. The focus was on aligning daily behaviors with these goals, starting small and gradually increasing efforts. Motivation should not be a prerequisite; action creates progress. (00:23:49)
Know Your ‘Why’:

The discussion centered on the challenges of real estate investing and the role of motivation. Understanding one’s ‘why’ and setting meaningful goals are key to success. Emotional energy and perseverance are crucial in overcoming obstacles and staying committed to the path. (00:29:25)
Meaning Fuels Success:

The conversation highlighted the power of meaning in driving success. Using the example of a father saving his daughter, Patrick illustrated how deep meaning fuels motivation and resilience in the face of challenges. Motivation, he noted, should be reserved for extraordinary moments, not relied on to get started. (00:33:05)
Commitment and Sacrifice:

The discussion emphasized the role of commitment and sacrifice in achieving goals. True commitment means following through, despite challenges, and making necessary sacrifices. If one isn’t willing to sacrifice, they may not genuinely want the goal, and it’s okay to acknowledge that. Self-awareness and resisting external influence are key. (00:36:48)
Grow Through Failure:

The discussion highlighted the importance of personal and professional growth through failure, with insights from Patrick’s upcoming book “Fail Forward.” They emphasized pushing beyond comfort zones to avoid stagnation and using mental strategies to overcome challenges. Both agreed that discipline and mental preparation are key to success. (00:42:48)

Strategic Funding for Real Estate Investors Involving Nate Mack

Posted on October 7, 2024December 18, 2024 by Sharad Mehta

Residential lender Nate Mack gave great insights on financing techniques for real estate investors in a recent Mastermind session with Founder & CEO of REsimpli, Sharad Mehta. Expert in managing investors, Nate underlined the need for keeping an eye on the state of the market and optimizing cash flow. Although interest rates are down, Nate urged investors to concentrate on cash flow instead of attempting to precisely time the market as refinancing prospects might materialize shortly.

Nate pointed out the appealing investments in middle-American towns such as Gary, Indiana and Columbus, Ohio, where declining property prices and rising rental demand provide possibilities. He also spoke about the freedom investors have when financing houses—that single-family homes might have as low as 15% while multi-unit complexes need 25%.

By dividing debt with their partner utilizing loan consolidation techniques, investors might avoid the 10 financed properties restriction and open space for more properties. Considering potential increased value, Nate also noted inventive financing options include deferred financing and renovation loans, which allow investors to use home equity to cover both purchase and remodeling expenditures.

Avoiding typical blunders including erroneous reporting of rental revenue, which may restrict an investor’s financing alternatives, depends critically on a qualified contractor, friendly lender, and professional CPA. Nate emphasized at last the need for having a qualified team in place. Combining the appropriate tactics and personnel lets investors navigate the always shifting real estate market and boldly increase their holdings.

Watch on YouTube:

https://youtu.be/GI2ZVC8j3O0

Key Takeaways:

Expert Insights on Real Estate Lending:

Sharad introduced Nate, an expert residential lender, sharing his gratitude for Nate’s assistance in securing a loan for his own home. Nate reflected on his 5-year journey working with investors and stressed the value of having a team that aligns with the investor’s goals, not just a loan officer. (00:01:00)
Navigating Interest Rates in Real Estate Investing:

Sharad and Nate tackled the current interest rate environment and its effect on investors. Nate shared that rates are trending downward but cautioned against paying too much to lower rates, as future refinancing opportunities may arise. He noted that a 1% drop is typically a good indicator to refinance. They also explored market trends, highlighting the strength of middle American markets for investors. While Sharad inquired about 30-year fixed loan rates, no specific figures were mentioned. (00:03:27)
Refinancing and Market Opportunities for Investors:

Nate discussed the current decline in interest rates, advising investors to avoid spending too much on buying down rates, as future refinancing opportunities are likely. He suggested waiting for a 1% drop in rates before refinancing. Nate highlighted middle American markets, like Columbus, Ohio, as strong areas for investment due to lower taxes and growing property values. He also noted that investment property loans come with higher rates compared to primary mortgages. (00:05:00)
Investment Property Requirements and Strategies:

Nate explained that purchasing investment properties comes with higher interest rates and typically requires a 15% down payment for single-family homes and 25% for multi-unit properties. He also noted strategies like consolidating debts or moving them out of personal names to bypass the 10-financed properties limit. When Sharad asked about avoiding the 20% down payment and property limit, Nate confirmed these are standard but mentioned there are ways to work around them. (00:10:44)
Loan Strategies and Debt Consolidation:

Nate discussed how investors can handle the 10-loan limit, suggesting strategies like splitting loans between spouses or consolidating smaller loans through refinancing. He also mentioned moving debts out of personal names and into the commercial space, which can free up room for additional conventional loans. This approach helps investors continue expanding their portfolios while managing existing debt. (00:14:00)
Strategic Planning:

Nate and Sharad stressed the need for a solid investment strategy, including working with a knowledgeable CPA and lender to assess cash flow. They pointed out common mistakes by new investors, like failing to document rental income or claim depreciation. Nate also emphasized how lenders view investment properties as both assets and liabilities. They wrapped up by discussing potential benefits from programs and incentives available in specific cities and states. (00:16:21)
Boosting Cash Flow and Using Incentives:

Nate emphasized documenting rental income accurately and claiming depreciation to maximize cash flow for future investments. He also mentioned underused city and state programs offering incentives, particularly in areas like Indiana, that can help investors finance properties more creatively. (00:20:00)
Lender Strategies and Asset Protection:

Nate and Sharad discussed lender incentives for low-income areas, like closing cost discounts. Nate recommended using a trust for asset protection instead of an LLC. They also covered transferring property titles post-closing, which doesn’t typically cause issues if debts are paid. Lastly, Nate explained that buying properties with existing financing or assuming loans is possible if lender guidelines are followed. (00:23:47)
Market Growth and Property Valuation:

Sharad and Nate discussed rising property values in Midwest markets, especially Gary, Indiana. Nate explained that appraisers focus on recent purchases and renovations when assessing values, with some flexibility in their evaluations. They also explored how this market growth influences investor activity. (00:29:58)
First-Time Investor Tips and Loan Options:

Sharad and Nate discussed buying multi-unit properties with FHA loans, living in one unit, and renting the others. Nate also covered cash-out refinance rules, delayed financing, and renovation loans. Sharad expressed interest, and Nate shared his contact for more details. (00:33:46)

How to Evaluate Real Estate KPIs

Posted on October 1, 2024October 18, 2024 by Sharad Mehta

Real estate investing is a numbers game.

You need to kiss 500 frogs to find five princes (or, you know, deals). By tweaking the ponds where you find those frogs, maybe the number drops to 400. Maybe blue frogs work out better than yellow frogs. The metaphor is falling apart, but you get the point.

That begs the question though: which metrics matter most to real estate investors?

Start tracking the following real estate KPIs (key performance indicators) to get a better pulse on your investing business. You can use a real estate CRM like REsimpli to track these numbers automatically, so you can check them any time.

New Leads

Real estate deals start as leads. If your leads stop coming in, you stop closing deals.

When you first log into REsimpli, you’ll see your New Leads listed front and center on the dashboard. You can track their volume over time, to keep an eye on their flow and consistency.

Abandoned Leads

You can stay in touch with leads through an automated drip campaign, or manually contact them on a regular rotation through scheduled tasks.

But what happens if a lead isn’t hearing from you through either scheduled tasks or automated drip campaigns?

They aren’t hearing from you at all, and they become abandoned leads. They subsequently lose all value to you.

REsimpli automatically tracks these abandoned leads for you, so you can quickly identify them and get them back on a drip campaign or assign a task of contacting them. You paid good money in your marketing campaigns to collect these leads — don’t let them go to waste.

Seller Appointments

Likewise, you need to track how many seller appointments you’re making. And how many appointments successfully result in you or your team member seeing the property.

Appointments help move your leads further down the funnel toward closed deals. REsimpli lets you filter these by time period, and track appointments for each of your team members.

Completed Deals

How many deals are you actually closing each month?

This metric starts getting to the heart of your results. The more deals you close, the more money you can earn in a given month.

Revenue

Speaking of which, what was your gross revenue last month? Last year?

Without revenue, you don’t have a business. You have an expensive hobby.

Net Income (Profit)

The ultimate goal isn’t actually revenue — it’s profit. After all, your business could earn $100,000 per month, but if you spend $101,000, you’ve lost money.

You can track your completed deals, gross revenue, and net profit on the KPI Analytics page in your REsimpli dashboard.

Leads Per Channel

Not all marketing channels are created equal. You may have raked in 20 leads from one channel and 100 from another, even if you spent the same amount of money on each.

REsimpli helps you track the source of all leads, through dedicated landing URLs, email addresses, and tracking phone numbers.

Cost Per Lead

How much do you pay for each lead on average?

At the top of your marketing funnel sit your leads, and they cost you money.

Cost Per Deal

Meanwhile, the bottom of your funnel is your closed deals.

How much does each deal cost you on average?

Marketing ROI Per Channel

For every dollar you spend on leads from each marketing channel, how many dollars do you earn?

You may discover that you earn $3 for every $1 you spend on marketing to probate leads, but earn $10 for every $1 you spend on preforeclosure leads. By accurately tracking the return on investment (ROI) for each marketing channel, you know where to double down versus where to scale back.

As a general rule, the longer you run a marketing campaign, the better you can optimize it. Aim to focus on marketing channels that you think you can keep running for longer periods of time.

Success Rates at Each Phase of the Funnel

Leads come in at the top of your funnel. To move them toward your ultimate goal of closing a deal, you first need to meet the owner for an appointment at the property.

The next step in the funnel is to make an offer — for the properties that warrant it, that is.

And at the bottom end of your funnel, you need to close on the deal by buying the property.

So how do your conversion rates look at each step down the funnel?

Leads/Appointment: The percentage of leads that result in an appointment.
Appointments/Offer: The percentage of appointments that result in an offer.
Offers/Deal: The percentage of offers that result in a closed deal.

Then step back and look at the funnel as a whole. What percentage of leads can you close as deals? What percentage of appointments?

Ultimately, you want to put each of these conversation rates under the microscope and look for ways you can improve them. By closing more deals for every 100 leads, you reduce your cost per deal, and become a leaner, more efficient, more profitable real estate business.

The Big Picture

Your numbers tell a story about your real estate investing business. The better you are at reading these numbers, the better you’ll diagnose both problem areas and opportunities in your business.

Use a real estate CRM to track your real estate KPIs automatically, so you can review them at a glance. As time goes by, you’ll get better at reading their story — and using that information to grow your profits.

Scaling Your Real Estate Business: Insights from the REsimpli Mastermind with Ian Horowitz and Sharad Mehta

Posted on September 20, 2024October 26, 2024 by Sharad Mehta

Sharad Mehta welcomes former firefighter turned real estate investor Ian Horowitz for this REsimpli Mastermind episode. Ian recounts his story of managing a $70 million portfolio of self-storage and varied real estate from purchasing a $25,000 house in 2012.

Starting with single-family houses, Ian stresses the need to learn basic skills before entering the commercial real estate market. Fortune favours not only the brave but also those who work hard and arrive ready. Based on experience, he counsels readers on their own degree of preparedness as well as on little gestures.

Emphasizing openness and clear expectations for equity investors, the conversation also examines the variations between debt and equity investments. The useful ability to observe little details and keenly notice changes can go a long way in this business. Clarity is power, because it helps save time by avoiding miscommunications and conflicts.

The discussion also covers how political circumstances and municipal rules affect property investments; as self-storage facilities provide greater operational freedom than residential buildings. Ian considers his 12-year route and wonders whether early engagement with commercial banking and real estate might have hastened his development.

The program ends with an offer to network with colleagues from the real estate sector, therefore underlining the need for cooperation in this sector.

For real estate investors striving to grow their company and change their strategy, this episode offers a lot of smart advise. Discover the complete podcast to learn and interact with the most recent breakthroughs in real estate management with fresh ideas from REsimpli!

Ready for expansion of your company on real estate? Acquire these techniques and begin immediately to change your business!

Key Takeaways:

Start of Something Great:

Ian describes a tough time with overtime and company closures, prompting him to seek financial security through real estate. His first purchase was a $25,000 house, with $25,000 to $35,000 in improvements. It generated $1,250 in Section 8 rent and $600 monthly cash flow. This success hooked him, and now he owns and operates nearly $70 million in real estate nationwide.(00:03:57)
Big Deals, Less Efforts:

Ian explains that he prefers fewer but, larger deals now. Previously, he did 30 to 40 deals a year, flipping or adding houses to his rental portfolio. This year, doing five deals would be significant. He mentions closing a million-dollar deal quickly and working on a $13 million deal projected to be worth $20 million. This approach allows for a more methodical and less rushed process.(00:06:10)
Do What Makes You Happy:

He acknowledges that many people get discouraged because they’re not yet where they want to be in their real estate journey. He advises focusing on the present and making the best of current opportunities, aiming to reach desired goals in a few years. Ian highlights that different people have different aspirations; some may start with one flip a year and scale up, while others might aim for commercial deals. The key is to pursue what makes you happy. (00:11:54)
Success Factor:

Ian reflects on the fear and risk involved when first entering real estate, emphasizing that growth requires taking risks and getting uncomfortable. He notes that people often get too comfortable, but advancing from single-family to commercial real estate required him to rebuild the underwriting process and learn to communicate with banks. He highlights that success in real estate isn’t about the properties themselves but the willingness to push beyond comfort zones to achieve the next level. (00:20:18)
What It’s Like Being An Equity Investor:

Ian discusses the importance of setting transparent expectations when raising capital. Using the movie “The Big Short” as an analogy, he illustrates how equity investors are in it for the long haul, experiencing ups and downs. He emphasizes that success relies on the ability to navigate challenges, making sure they understand it will be a wild, bumpy ride, but they are along for the journey. (00:23:31)
Difference In Transaction Cost:

Ian explains the differences in eviction timelines across various states. In Mississippi, Louisiana, and Texas, he can evict tenants within 30 days if rent is unpaid. However, in Arkansas, the process takes 75 days, which he finds lengthy. He contrasts this with even longer timelines in states like Illinois and California, highlighting the varying challenges landlords face depending on the state. (00:31:28)
Eviction Timelines: Comparing States:

Ian advises identifying states that are easier to operate in based on property taxes, transfer and recordation taxes, and whether they are pro-tenant or pro-landlord. He highlights Louisiana as an example, describing it as a blue state with favorable tenant laws. He shares an experience where, after filing an eviction on a Thursday for a special needs tenant, he had a court date the following Wednesday and the sheriff was involved by Friday, completing the process in just eight days.(00:15:43)
Lead Communication Order:

Ian explains that commercial real estate offers more opportunities to create and scale a true company. He notes that unlike some investments, you don’t always see the inner workings or need to broadcast every deal.(00:43:00)
Investment Sizes and Accreditation Requirements:

Their average investment size is around $50,000, but they accept amounts as small as $10,000 and as large as investors wish to contribute. For non-accredited investors, a pre-existing relationship must be established before proceeding, highlighting the need for ongoing interactions rather than a one-time meeting. (00:44:20)
No Hesitation:

Previously, he lacked the maturity to enter commercial real estate sooner, regretting his eight-year delay. Fear of financing held him back despite opportunities. He now wishes he had trusted their capabilities earlier but remains optimistic about making up for lost time. The host commends Ian for his openness and approachability in sharing his business experiences. (00:19:24)

The Art of Cold Calling: How Ty Franklin Closed 78 Deals Over the Phone

Posted on September 20, 2024October 26, 2024 by Sharad Mehta

REsimpli CEO and founder Sharad Mehta hosted real estate investor Ty Franklin in the REsimpli Mastermind. Ty is doing rather well approaching complete strangers.

If Ty wants outstanding leads converted into sales, he first contacts a reputed virtual assistant. Ty moves fast from wholesale to full-time real estate investor. His artificial intelligence analyzes 17,000 phones calls daily for possible buyers with property criteria. His method greatly facilitates lead development and certification procedure. His concentration on property prices and market movements sharpens knowledge and preparedness. Ty looks at consistency, follow-up, and leadership.

Ty additionally includes virtual assistant management training, targets, and standards. Many times, potential real estate buyers seek him advice on rapid cold contacting using technology. He chooses nice properties to boost sales for certain vendors. Depending on Ty’s example quality over quantity rule, every cold call should have suitable objectives, training, tool and website automation of tasks based on Ty’s example, thereby improving virtual worker productivity.

While cold calling is challenging, Ty’s success points to possibilities based on carefully considered ideas. Including his concepts into your real estate company can assist to raise closure rates and investment returns.

With this extended interview or transcript, one may better grasp Ty and his style.

Key Takeaways:

1. Cold Calling Insights:

Sharad, founder of a property management and investment company, learns about Ty’s successful cold calling strategies, which have led to over 78 closed deals. Ty emphasizes the importance of investing in cold calling software and acquiring more data to enhance the process. (00:02:47)

2. Success in Cold Calling:

Ty’s core caller in the Philippines earns $7 per hour plus $300 per closed deal. Ty plans to train her for more tasks while he handles follow-ups. Ty also shared his data retrieval process, getting information directly from the city or county. (00:06:07)

3. Managing Cold Callers and Lead Startegies:

Ty focuses on qualified leads and contacts, not call volume. He holds bi-weekly meetings with his cold caller, to review scripts and leads. Qualified leads are sent via Discord, and Ty contacts them within 1 minute, ensuring efficiency. (00:12:34)

4. Lead Qualification Tips:

Ty and Sharad agreed that serious leads often respond if the price is 10% below the Zillow estimate. Ty offers more for properties in disrepair to lower prices. Sharad suggested new callers work 2-3 hours daily, noting that Saturday calls can be valuable. (00:19:55)

5. Lead Follow-Up Strategies:

Ty pulls and prioritizes pre-foreclosure and probate lists daily, updating other lists quarterly. He follows up immediately on leads and plans to add SMS marketing. Ty’s strategy includes recycling data and multiple calls per lead, with numbers sourced from a skip tracing service. (00:29:33)

6. Lead Generation Tactics:

Ty maintains strict qualifications for serious leads and tailors campaigns by list. He recycles unresponsive leads and uses aggressive follow-up calls and texts. Sharad and Ty discussed voicemail usage and setting rules for follow-up calls. (00:35:47)

7. Investing, VAs, Rehab:

Sharad and Ty discussed best practices for estimating rehab costs and managing VAs. Ty emphasized investing in software, regular VA communication, and a strong mindset for cold call rejections. Sharad agreed, suggesting hiring a VA after a few deals instead of spending earnings. They concluded by discussing Ty’s dialer tool. (00:44:29)

8. Effective Cold Calling Strategies and Systems:

Ty provided tips on cold calling, emphasizing using multiple numbers, limiting daily calls, and adding fresh data. He highlighted understanding tools, training VAs to handle objections, and implementing an IVR system. Sharad encouraged consistency and the importance of systems and processes. Ty also shared he hasn’t been sued for cold calling. (00:52:14)

9. Marketing:

Ty often requests property pictures from sellers but prefers visiting in person. He advised new investors to target absentee owners with two or fewer properties, at least 60% equity, and 7+ years of ownership. (00:25:04)

10. Monitoring and Motivation:

Ty Franklin ensures his VA stays productive and motivated by holding bi-weekly meetings to review call performance, critique scripts, and identify missed opportunities. By monitoring key performance indicators, such as daily contact rates, he maintains efficiency and addresses issues like time theft, ultimately enhancing the effectiveness of their cold calling efforts. (00:13:07)

Scaling to Success: Stratton Brown’s Entrepreneurial Journey

Posted on September 20, 2024October 26, 2024 by Sharad Mehta

This time in REsimpli Mastermind, seasoned real estate investor Sharad Mehta, CEO and REsimpli Founder, hosted the inventor of many seven-figure companies, Stratton Brown. Currently attempting to expand his company from $0 to $1 million in net income in six months, Stratton is finding added difficulty. Stratton offered keen analysis of his approaches and experiences, therefore arming anybody wishing to run virtual teams or create their own businesses with useful information.

Stratton started his road into business after an NFL career and eventually found real estate wholesaling. Currently building a virtual assistance company, he expands it fast using virtual teams. Social media is displaying his six-month objective net income of $1 million as well as real-time strategy analysis.

Stratton underlined during the conference the need of performance monitoring and responsibility in managing virtual assistants (Vas). Hiring from aspiring talents from abroad can work wonders. Speaking on the need of strong communication, frequent check-ins, and key performance indicator (KPIs), he made sure virtual teams stay involved and active. The multicultural environment often bring diversity in ideas and a health sense of competitive inspiration. The conversation also centred on how remote teams should support the preservation of a strong corporate culture that guarantees people feel appreciated and involved.

Either read the transcript down below or listen to the whole episode!

Key Takeaways:

0 to 1 Million in Revenue Challenge:

Stratton Brown is doing a challenge where he’s aiming to reach to net 1 million in revenue from 0 revenue within 6 months and he’s going to share his business strategies there. (00:01:20)
Journey and Remote Team Management:

Strat and Sharad discussed their company’s evolution and challenges. Their company pivoted from ‘call Magicians’ to ‘virtual help’ and is aiming to reach a million in revenue within six months. They also shared their experiences in managing remote teams, emphasizing the importance of clear roles and daily communication. (00:04:52)
Building Positive Company Culture Across Locations:

Strat and Sharad prioritize company culture for happy, loyal employees. They recommend a welcoming atmosphere, team events, and birthday recognition. Remote teams pose challenges, but regular communication, shared values, and occasional gatherings can bridge the gap. (00:13:29)
Strategies for Hiring and Managing Talented Teams:

Stratt’s on the hunt for top talent. He emphasizes finding quick learners who can solve problems (“firefighters”) and suggests skipping personality tests in favor of problem-solving interview questions. He also sets performance metrics: 300-500 calls per day for cold callers and quality over quantity for lead managers. (00:19:52)
Improving Cold Call Strategies and Systems:

Going from zero leads to four in a day with lots of voicemails. They brainstormed solutions for wrong numbers, hangups, and voicemails, considering a single line dialer for better connections. Sharad hinted at a future update with list stacking and click-to-dial. (00:25:14)
Transitioning to One Million Dollars in Net Revenue:

Sharad and Stratt tackled the million-dollar hurdle. Stratt’s plan involves setting goals and overcoming sales & hiring challenges. They’ll juggle multiple contracts and agreed on a commission-only model (10% + $20k bonus) and fair salaries for overseas teams. (00:30:28)
Overcoming Challenges and Leveraging Financial Incentives:

They talked about needing people who can solve problems and might use bonuses to motivate their team, especially overseas. This worked well for their government tax credit company with sales reps in the Philippines and Colombia. (00:38:24)
Real Estate, Marketing, and Metrics Discussion:

Stratt shared his real estate and marketing secrets. His winning formula combines cold calling with PPL, PPC, and inbound leads. They navigate regulations and explore direct mail, but recommend measuring results for success. (00:43:10)
Business Strategies, Outsourcing, and Lead Generation:

It focused on building a strong team through hiring and outsourcing. He recommended “Unique Ability 2.0” to identify strengths for outsourcing tasks. Lead generation and virtual assistants were discussed, clarifying their use in real estate marketing (separate from tax credits). Easy REI Closings, their transaction management service, was also mentioned. (00:50:17)
Best CRM:

Stratt Brown highly praised REsimpli as the best CRM product he has ever used, commending Sharad and his team’s ability to rapidly implement new updates. He expresses his love for the system, stating that even though they weren’t using it before the challenge, REsimpli surpasses other CRMs he has spent thousands of dollars on. (00:03:23)

Top 5 Tips for Building Your Real Estate Wholesaling Business

Posted on August 4, 2022October 28, 2024 by Sharad Mehta

If you’re looking to take your real estate wholesaling business to the next level, then you’ll need to use the right tools. In this blog, we’ll discuss the top 5 ways to grow your real estate investing business.

The best-performing real estate asset classes right now are single-family rentals (SFRs) and multifamily buildings, both of which have drawn billions of dollars in investment capital from family offices, institutions, and individual private investors.

This article will examine 5 tips for building your real estate wholesaling business, curated by our team based on things they wished they knew when they started wholesaling real estate to begin with. These include how to identify deals, assess potential returns, handle money wisely to optimize earnings, and how to break into the real estate industry with marketing.

analytics page showing lead data and charts

Use a CRM system.

Tech solutions can assist real estate investors in taking advantage of listings before other buyers in the face of a strong demand for rental property. A CRM system will help you keep track of your leads, prospects, and customers. It will also help you stay organized and efficient in your real estate wholesaling business.

While it might seem like a hassle to integrate a CRM system with the handful of leads you’ve already picked up, it’s important to think forward–how much more of a burden will it be to transition when your company grows over the next several months? Moreover, how many leads are passing you by while you’re limited to your current lead generation venues?

By utilising the appropriate software, investors may boost their productivity and, in the long run, generate larger returns. It might also significantly alter how your business grows, setting the foundation for your company to flourish and grow.

Many real estate wholesalers use a pre-fab CRM not specific to real estate, like Salesforce, Zoho, or Hubspot. While these are fantastic solutions to automate the sales journey, store and sort information, as well as analyze data sets, we will go into detail about real estate specific CRMs.

Property M.O.B. offers pre-trained Virtual Assistants to help organize, automate, and scale your Real Estate Wholesaling business.

diagram of the benefits of a CRM with a laptop in the middle

Use specific real estate wholesaling or real estate investing software.

Real estate investing software can automate many of the tasks associated with real estate wholesaling, such as lead management, contract management, and deal analysis.

CRMs as mentioned above do have more capabilities than your old paper-and-pencil methods or complicated Excel spreadsheets, but success in our digital age depends entirely on choosing the appropriate tools for the job.

Leveraging the advantages of technological instruments simplifies real estate wholesaling. Real estate investment software can be quite useful for managing rental properties, researching potential deals, and forecasting remodeling tools.

For those that specialize in a particular specialty, such as house flipping, wholesale real estate, rental properties, and commercial properties, there are numerous real estate software solutions available. While real estate investing and wholesaling real estate are similar in nature, it’s important to note these differences when shopping for a CRM for your specific real estate needs.

The real estate industry reached an all time high since 2007 this past winter, with residential properties having a revenue share of 35% in the United States alone. As such, the real estate market has been saturated with newfangled technology to aid real estate investors in their business ventures.

Among the top-ranked real estate wholesaling software includes REsimpli, our intuitive real estate CRM built specifically for real estate wholesaling.

REsimpli app shown on different mobile devices

REsimpli boasts a customizable user interface that’s ready to go in a minute or less, with comprehensive features and app functionality including driving for dollars, list stacking, and several internal API integrations including Zapier, Podio, and more.

Use a real estate investor website.

A real estate investor website can help you find motivated sellers and market your properties to a wider audience. Statistically, real estate investor websites help close more deals by tracking and anticipating the customer journey.

While other forms of marketing and outreach can help broaden your brand awareness, the best way to draw in target leads and turn them into converted customers is to utilize a specific website for your real estate wholesaling business.

Integrated tools for real estate wholesaling both boost productivity and include unlimited follow-up with autoresponders and automated reminders. From there, you can select from a variety of simple plug-ins for your real estate wholesaling business model, whether that’s buying and selling homes, wholesale buying and selling, home flipping, commercial real estate, etc.

You’ll find there are a variety of adaptable, scalable, and mobile-responsive designs built to convert leads, oftentimes available as an addition to your current real estate investment CRM.

REsimpli includes many of these features, as well as a designated landing page for your business. This is all included in your monthly subscription, effectively replacing over 7 tools for less than the price of one.

Use direct mail marketing.

Direct mail marketing (also known as direct marketing) can be an effective way to reach motivated sellers and generate leads for your real estate wholesaling business. Direct mail in regards to real estate investing essentially means just that–directly mailing homeowners from specific lists of motivated sellers with investment properties or distressed properties.

While direct mail is one of the most effective marketing types for wholesaling real estate, it can often be costly and time consuming. From buying individual postcards, to curating lists, to designing and proofing as well as printing, buying direct mail postcards even from discount printers still ends up costly if leads are not converted.

It makes much more sense, fiscally and organizationally, to find a product that can handle your specific direct mail needs while curating your marketing lists.

REsimpli’s direct mail feature includes very competitive pricing, no minimum quantity, prefabricated lists, as well as a variety of easy to use templates.

Use online marketing.

Online marketing can be a cost-effective way to reach motivated sellers and generate leads for your real estate wholesaling business. Wholesaling real estate companies that use digital marketing might see significant returns on their investments, moreso than other marketing venues.

For real estate investors seeking to buy houses and find motivated sellers, REsimpli provides examples of tailored digital marketing campaigns and methods. Among the most popular methods of online marketing include pay-per-click (PPC), display advertising, paid social media or influencer marketing, as well as search engine optimization.

Marketing specialists are available for hire on websites like UpWork and Fiverr, but the best way to get going? Just start! Having information on the internet about your real estate investments means sellers will be able to find you more easily.

Our advice is to start whatever way you can, either on Twitter, Facebook, or other social media, or by writing a blog similar to this with your thoughts and findings on the industry, your business, and wholesaling real estate in general.

If you want to learn more about how to grow your real estate wholesale business, and get tips from other real estate investors in our online community? Join our FREE Mastermind for Real Estate Wholesalers.

What is List Stacking in Real Estate Wholesaling?

Posted on August 3, 2022December 19, 2024 by Sharad Mehta

List Stacking in Real Estate Investing

In the real estate world, buzzwords come and go just as often as industry trends. Like everything else, some come and go, and some are here to stay. List stacking is one of those trends with inevitable staying power.

List stacking is one of the newest industry trends, with high promises of generating leads and connecting wholesalers with highly motivated sellers.

Are you curious as to what list stacking is and how it’s applied by real estate investors to locate and target highly motivated sellers? What about real estate CRM software, and how do the two work together?

In this blog, we’ll define real estate wholesaling, list stacking, and various list sources, as well as take a deep dive into the pros and cons of each method and how you can best choose your real estate software and list stacking software to track and optimize these leads.

What is real estate wholesaling?

Real estate wholesaling is the process of finding deeply discounted properties and assigning them to another buyer for a higher price. Real estate wholesalers make money by pocketing the difference between what they paid for the property and what they sold it for.

Each method has its own set of benefits that can be helpful to you and your business. Real estate investing can be a great way to find deeply discounted properties.

Generating leads comes with a combination of inbound and outbound marketing tactics, including paid ads, social media, cold calling and emails, search engine optimization, and online networking. Of the more hands-on approaches, list stacking and driving for dollars have become very popular choices.

List stacking can help you focus your efforts on a specific list of properties, and driving for dollars can help you find properties that are vacant or in disrepair.

Pro Investor Tip: Combine multiple lists to create a more targeted list of motivated sellers.

What is list stacking?

List stacking is a technique used in real estate wholesaling that involves compiling a list of potential properties for wholesale. This can be done by driving for dollars, searching online listings, or working together with a real estate agent, most often in tandem with one another.

One of the benefits of list stacking is that it allows you to quickly and easily identify potential properties for investment, saving you both time and money. Additionally, it provides you with a valuable database of potential leads that you can use again in the future, cross-reference, and use to curate valuable information about specific neighborhoods and demographic lists.

Many real estate investors use list stacking software, which often comes as part of their real estate CRM.

Where do I buy these lists?

In order to list stack, you need to have multiple lists available first. There are many different methods that real estate investors use to acquire lists, from old-fashioned banging on doors to data mining or even purchasing their lists from outside sources.

We’ve listed several of the most popular methods for acquiring your lists to start building out your database:

Driving for Dollars

Driving for dollars (drive for dollars, or D4$) is another method real estate wholesalers use to find leads. This involves driving around potential neighborhoods looking for vacant or in disrepair properties. These properties may be good candidates for real estate wholesaling and help real estate investors focus their efforts on a specific list of properties.

ListSource

ListSource is another company REsimpli offers full integration with. As active real estate investors and wholesalers, ListSource is an invaluable resource for building local and national lists based on various filtering options.

ListSource caters directly to wholesalers, investors, and brokers, ensuring their lists come with motivated sellers and high-quality leads. These lists can be directly imported to REsimpli or your CRM of choice and cross-referenced further using list stacking functions.

PropStream

PropStream is another tool that is ubiquitous throughout the real estate investment industry. At REsimpli, we work with and offer integrations with PropStream in order to make your list stacking and segmenting as pain-free as possible.

PropStream provides one of the most efficient list management and list stacking technologies available to real estate brokers, investors, and agents. Using their software, you can quickly create bespoke reports using their many filter options to find possible sellers immediately. For the purpose of building a targeted directory of the most likely sellers, the list stacking feature aids in your understanding of which properties are duplicated across multiple lists.

County records

Public records are a great way to start your lists. These don’t come with the same vetting and filtering options as PropStream or ListSource, but they are a perfect launchpad for new real estate investors who need a starting point. Most of the time, these are acquired for free online either through the County Recorder’s Office or County Treasurer, but some real estate investors have had great success in reaching out to county tax assessors, or city and county inspectors for multiple code violators or other red flags.

County records provide lists based on various criteria, most of which include bank-owned properties, bankruptcies, delinquent taxes, liens, foreclosures, tax sale properties, and more.

What are the top real estate wholesaling lists to buy?

Pre-qualified or high-quality lead lists will most likely give you a higher ROI. There are many things to consider when list building, including how worthwhile it is to buy lists (like those on ListSource) as opposed to doing more legwork and acquiring free ones (like county records or driving for dollars), but ultimately there are a few specific criteria to look out for.

Probate lists are the most popular, given the homes are vacant without much legal implication, as probate essentially means the homeowner died without a will bequeathing the house or leaving a will. Niche lists like these, shutoff lists, divorce lists, eviction lists, etc., often return a 20-30% close rate.

List stacking with pre-foreclosure properties

Another type of property rising in popularity within real estate investment is pre-foreclosures. These lists are becoming more and more populated during and after COVID as the rates of pre-foreclosure are high.

The property type gaining the most popularity since 2021 is absentee-owned or absentee-owner properties. The most important part to take note of in absentee owner deals is to ensure the owner does own substantial equity in the property.

Oftentimes, absentee owner properties are owned by multiple owners or are tied up with current renters. Establishing that the owner is motivated and there won’t be complications with a third-party management company is essential.

list stacking info shown in the leads pages

What criteria should I consider when stacking my lists?

Starting out, based on their previous sources, a real estate investor might pull multiple lists from their current software or database. Organizing these based on specific criteria is the best option for amalgamating your data and “stacking” them to target them directly. Most often, these groups look something like this:

Vacant
Tax Delinquent
Inherited Property
Code Violations

Where does list stacking come in? Once these lists are all curated, you’d further categorize them to send your marketing (whether that’s email or direct mail), and instead of sending out four or more campaigns with different messaging, marketing campaigns can then be tailored to groups who fit multiple criteria, such as:

Absentee & Vacant
Absentee & Tax Delinquent
Absentee & Vacant & Tax Delinquent & Inherited Property

This is one way to cut your leads in half, and you will certainly see a decline in the amount of records you pull, but list stacking also saves you money by helping you seek our more motivated sellers.

Similar to any kind of demographic targeting, it’s easy enough to get granular or broad with your targeting. For example, our CEO, Sharad Mehta, uses definitions similar to the below to get specific with his targeting:

Absentee: The property is uninhabited

High Equity: Owners with more than 50% equity

Vacant: The owner nor any tenant or family lives at the property

Inherited: The owner inherited the property recently

Tax Delinquent: The property is behind on taxes or mortgage payments, sometimes an indication that the new owner might feel burdened by the inheritance.

Single Family: Only one family resides, or can legally reside, at the property

What software do I use to stack my lists?

So you have your lists–how do you compile them? While REsimpli offers one-click, intuitive list-building and segmenting options, many CRMS offer similar features at a smaller scale. When starting out with smaller lists, it’s often feasible to stack lists on Excel or Google Sheets as well.

List Stacking with REsimpli

REsimpli offers many integrations, as noted above, with software like Propstream and ListSource, as well as a one-click import for other Excel or spreadsheet files. You can quickly and comprehensively tag and sort your leads en masse or individually and, from there, set up your direct mail or other marketing campaigns right in our CRM.

For more information on how you can use the REsimpli list stacking function to close more deals faster, you can watch a free full demo on YouTube demo.

Excel, Numbers, or Google Sheets

Spreadsheets work best on a very tight budget and if you only have a handful of properties to work from. They are notoriously hard to scale but very easy to customize.

Using conditional formatting and formulas, you can remove duplicates and sort data based on specific criteria relatively easily; however, it’s important to note that spreadsheets require a lot of manual input before they are able to be sorted and formatted properly.

How do I choose a real estate CRM for list stacking?

Choosing a real estate customer relationship management system (CRM) is an important decision for any real estate wholesaler or business. A real estate CRM will help you track your leads, prospects, and clients. It is important to choose a real estate CRM that fits your specific business needs.

There are many different real estate CRMs on the market, so it is important to do your research before choosing one. You may want to consider features such as lead management, contact management, and automation.

More recently, CRMs have been incorporating more up-to-date features such as driving for dollars and list stacking.

If you’re interested (or already participating) in real estate wholesaling, learning how to stack lists is a valuable skill to have.

The best software for list stacking

REsimpli’s software was built for real estate wholesalers by real estate wholesalers, helping save you time and close deals faster. Aside from driving for dollars and list stacking functionality, our CRM software for real estate investors also include:

Skip Tracing
Direct Mail
Vacancy & Absentee Checks
Filters for Target Marketing
Zapier, BatchDialer & Other Integrations

Interested? Contact us for the full rundown on all our features, access to our exclusive coaching calls and sales groups, and a 14-day free trial.

How do I use Driving for Dollars to Find Motivated Sellers?

Posted on July 15, 2022December 19, 2024 by Sharad Mehta

What is driving for dollars in real estate, and how does it work? More importantly, how can you use it to find distressed property leads or off-market deals? Find out here!

Experienced real estate investors often discuss how they use this strategy to find their next deal. Finding motivated sellers can be a tough task, even for long-term investors skilled in finding real estate deals.

Hate using multiple software? Simplify your business with REsimpli.

Pro Investor Tip: Use driving for dollars to find hidden real estate opportunities in your area.

What is Driving for Dollars?

Driving for Dollars is exactly what it sounds like – driving around a neighborhood to find distressed or vacant properties, as well as investment properties that can be wholesaled for a profit.

It is one of the most powerful and inexpensive marketing channels that real estate wholesalers use, especially those just getting started in the business.

Why? Because it’s one of the most effective ways to look for distressed properties or off-market properties.

How to Start with Driving for Dollars: Six Steps

We have put together a comprehensive six-step guide to help you find off-market properties. Follow these steps.

Step 1. Pick a Target Area

Now, choose the area where you want to find your next real estate investment property.

Use these criteria to pick your target area:

Safety – you feel safe driving around in the area
Home Prices – targeted neighborhoods with median home prices for the area
Real Estate Investor Activity – popular area to invest in for any local real estate investor

Pro Tip: Driving for Dollars(D4$) is a great way to learn more about a specific neighborhood and become an expert.

Step 2. Planning for Your Drive

After you have picked your target area to drive, you want to prepare for your drive.

Some things to consider for your planning:

Notepad – to write down addresses of the properties
Smartphone or camera – to take exterior pictures
Timing – Best time is weekdays between 10 AM and 4 PM

Between 10 AM and 4 PM, when people are typically at work, you’ll face fewer inquiries while taking pictures of houses.

Also, you want to drive at a time when there is plenty of daylight to assess the condition of the property.

Step 3. Look for Signs of Distress or Neglect

Drive slowly and safely through your target area, paying attention to signs of property neglect, distress, or possible vacancy.

Look for these signs of distress:

Roofs with holes or tarps
Broken or boarded windows
Busted shutters or torn blinds
Signs of hoarding
Overgrown lawns or shrubbery
Stuffed mailboxes or newspaper piles
Notices on doors or windows
Peeling paint
Fire damage
Window units
Parked cars in the yard
Cracks in the foundation
Sandbags or signs of flooding

An AC unit in the main window of a house could indicate an owner who can’t afford major repairs. Spotting multiple different satellite dishes on one building could help you uncover rental properties.

If you’re unsure about a property’s condition, be cautious and record the address and important details. Begin with a wide list of properties and narrow it down through research on the property and its owner.

Pro Tip: Look for seasonal clues like unshovelled snow or missing holiday decorations as well.

Step 4. Note Down Property Addresses and Take Pictures

It’s time to start building your list of motivated sellers that you can market to later on.

For any distressed property you find, you want to get the following information:

Complete property address
Exterior pictures of the property
Anything noteworthy about the property – loud music coming from the house, code violation notice on the door, etc.

Pro Tip: once you have completed your first Drive for Dollars, write down the time of the day you started and the time you ended your drive. Also, note the number of properties you identified during the drive.

This information will help you see over time how each of your drives has gone.

Step 5. Research the properties in your Driving for Dollars List

Once you have created your list, the next step is to search property records, which are typically accessible through public records.

Visit your local county’s assessors and recorder’s website to gather more details about the property and its owner.

The information you want to look up is as follows:

Owner Name
Owner’s mailing address (if different from property address)
Previous sale price
Previous sale date
Ownership type – individual, LLC, or trust
Tax or public records

Based on the information you researched, remove any properties that don’t meet your criteria like:

Low equity
Bank owned
Properties only sold in the last year or so

Pro Tip: A homeowner who bought his property in the last year or two will likely be less motivated to sell than someone who has owned the property for 5-7 years or longer.

Step 6. Contact the property owner

Once you have selected the properties that meet your criteria, the next step is to begin marketing to their respective owners.

You can choose from one of the following marketing channels to contact the property owner:

SMS
Cold Calling
Direct Mail
Door Knocking
Door Hanger

Pros and Cons of Different Marketing Channels

SMS and Cold Calling

🤩 PROS:

Quick
Inexpensive
Easy

😐 CONS:

Turn off for most people to receive
a cold text or call
Not being TCPA compliant can lead to lawsuits

Direct Mail

🤩 PROS:

Personalized
Tangible format
Targeted marketing

😐 CONS:

Relatively more expensive
Response rate can be lower

Door Knocking and Door Hangers

🤩 PROS:

Instant
Personal
Potentially build a great rapport

😐 CONS:

Not applicable for vacant properties
Time-consuming

How do I find a property owner’s phone number to send an SMS or call them?

To contact a property owner through SMS or phone call, you’ll need to find their phone number. You can use Whitepages or Been Verified to find the property owner’s contact info.

Many successful real estate investors and business owners utilize Skip Tracing services to conveniently find phone numbers, email addresses, and more.

What is Skip Tracing?

Skip Tracing helps real estate investors locate a person’s contact details using their name and property address.

REsimpli has a built-in Skip Tracing platform that you can use to easily find out the property owner’s contact information.

Pro Tip: when sending Direct Mail, you want to make sure you send the postcard or letter to their mailing address and not the property’s address, which can be different.

What is Virtual Driving for Dollars?

Virtual Driving for Dollars is similar to physically driving around a neighborhood to find distressed properties.

However, instead of driving, you use Google and Street View images to assess the property’s condition by virtually exploring the neighborhood.

Is Virtual Driving for Dollars Effective?

While this offers convenience for property assessment from home, it relies on potentially outdated Google Street View images.

These images might show signs of distress, like a tarp on the roof, but their age makes it uncertain if the property is still distressed or not.

What’s the best way to handle Driving for Dollars?

There are a few Driving for Dollars Apps available for you to make the process an effective and efficient marketing source.

REsimpli has built-in Driving for Dollars features that cover the entire process, all in one place — the Driving for Dollars app.

The great thing about the REsimpli app is that it’s fully integrated with List Stacking.

Here’s a quick video on how driving for dollars works in REsimpli:

https://help.resimpli.com/en/articles/6272190-how-to-use-driving-for-dollar-app

Benefits of using a Driving for Dollars app like REsimpli

Driving for Dollars can be an effective and affordable method for finding wholesale deals. However, doing it on a large scale can become inefficient.

The REsimpli app streamlines the process, allowing you to perform all the necessary steps with just a few taps and keep everything organized.

Look up complete property and owner information
Saved driving and property history
Add property images
Skip Trace within the app
Send a postcard with a property image from within the app
Fully integrated with REsimpli List Stacking and CRM

Look up complete property and owner information

Just by one simple tap on your smartphone with the REsimpli app, you can look up complete property information like:

Owner’s name
Bedrooms, Bathrooms, Sq Ft., etc.
Estimated Value
Last Sale Date
Last Sale Price

Saved driving and property history

With the REsimpli app, you have a complete history of all the driving routes you have completed and the properties you added during each drive.

With REsimpli driving route tracking, you can keep track of streets and neighborhoods you have already driven. This will prevent you from wasting any of your precious time and effort repeating the same route.

Add property images

REsimpli’s app is fully integrated with Google Maps, so you can add Google Street View images without even pulling over and taking a picture of the property.

You also have the option of adding a different image of the property if you don’t prefer to use the Google Street View image.

Skip Trace within the REsimpli app

Skip Tracing is built right within REsimpli app for you to look up the property owner’s phone number and email address with a simple tap on your phone.

Send a postcard with a property image from within the app

In addition, to Skip Tracing within the REsimpli app, you can also send a postcard to the property owners with a picture of the property in the postcard.

Fully integrated with REsimpli List Stacking and CRM

One of the most powerful features of the REsimpli app is that it is fully integrated with REsimpli List Stacking and REsimpli CRM.

With REsimpli, you will instantly know:

Whether or not the property is already in List Stacking
Is the property already a lead that you might be working on
Whether or not the property is vacant per USPS
Have you already done any marketing for this property

Having the above information helps you build a super-targeted marketing list and saves you marketing dollars by not marketing to anyone that’s already a lead or someone you have already marketed to.

In Conclusion

Driving for Dollars is an effective way to discover distressed properties, including vacant bank-owned homes, and uncover potential investment opportunities.

By making this approach a part of your daily routine, like during errands or walks, you can create a focused list of motivated sellers for your marketing efforts.

To optimize your efforts, consider using a dedicated app. This approach provides a significant advantage over other real estate investors who rely on traditional and inefficient methods.

The REsimpli app, integrated with REsimpli List Stacking and REsimpli CRM, empowers you to create a highly targeted marketing list and maximize your marketing budget to reach more motivated sellers.

If you’d like to learn more about REsimpli and its services, contact us for a demo.

Frequently Asked Questions

What is the driving for dollars system?

Driving for dollars strategy is a real estate investment method where investors driving around a neighborhood looking for distressed or vacant properties, or properties that are in need of repair.

What is the conversion rate for driving for dollars?

Typically, running a successful driving for dollars campaign entails receiving a response from approximately 1% of the homeowners you reach out to, which translates to about 1-in-100 conversions.

What is List Stacking?

Posted on July 8, 2022December 20, 2024 by Sharad Mehta

Have you wondered what list stacking is, and moreover, how to even get started?

If so, you’re in the right place.

This article provides an essential guide on what list stacking is, how you should stack your list and why you should be using this tried-and-true method beloved by real estate wholesalers and real estate investors alike.

What is list stacking?

List stacking is essentially when you take all your lists from different marketing channels and sources, and put them into a list stacking software like REsimpli.

REsimpli takes all your lists and stacks them, thereby helping you build a more targeted marketing list.

The primary benefit of list stacking is the very “stacking” function, as it helps you build a very targeted marketing list by segmenting them according to different criteria and cross-referencing them.

So, if you’re starting in real estate, you need to have an articulated marketing list because when you’re just starting, you’ll have more time available than money.

Your resources when it comes to money are going to be limited, so you’re going to make sure you don’t blow it away with superfluous tools.

Pro Investor Tip: Do marketing to highly-targeted lists only, or you’ll quickly run out of funds!

Create highly targeted lists for Free!

How do you stack your list?

REsimpli is the best software for stacking your list.

It’s easy to use and all-in-one so you can list stack along with utilizing several other features in tandem.

For more detail, there are concise explanations of how to go about this on our YouTube channel.

Let’s get started:

The above image is a basic flowchart of list stacking when you’re using the feature, gleaned from multiple marketing lists.

You might use different marketing channels or sources to pull into your list.

For example, you might be using a minor source, like Propstream, you might be Driving for Dollars, you might be removing lists from your county register, or you might be using some other source to buy the inventory.

Here is a simple illustration of how REsimpli’s list stacking function works.

In this example, we’ve taken an absentee list with 4000 records, a probate list with about 3000 records, a pre-foreclosure list with another 3000 records, and a driving-for-dollar list with 1000 records.

When they are combined, they give you 11,000 records. What we want to achieve is to have a targeted marketing list.

We start by adding the list on REsimpli. We achieve this by clicking browse, then choosing a pre-loaded file of absentee listings.

The absentee list is in the left column of the spreadsheet.

green box around a list in the resimpli software interface

First, there is a header column, and then the right column is how you want your header column from your file to be mapped while list stacking.

You’ll notice that most fields already mapped both the first name and last name.

After uploading all the lists, REsimpli breaks them down into valid, invalid, duplicate, and updated sub-lists – the great thing about REsimpli is that we check against USPS to ensure they are valid addresses when we upload any list.

Based on our 4000 absentee records uploaded, 3559 are valid addresses, and two were updated from previous.

Let’s give a brief explanation of what “updated” means.

For this purpose, “updated” means that those addresses were already on some of the other lists we’d preloaded into our system.

The 34 duplicates were removed, and after that, we uploaded a Driving for Dollars list.

showing list with specific information in green circles

If you look closely at the image, no addresses were added, but 998 records were updated; there were no duplicates.

This means that the 998 records already existed in the list, and it’s not adding them again.

We uploaded 3000 records for the pre-closure list, and there were no valid or invalid addresses.

Therefore, we have 2977 updated addresses; 23 were duplicates. For the probate list, 3000 were uploaded, out of which 123 were valid addresses, 25 invalid addresses, 2831 were updated, and 21 duplicates.

REsimpli helps you eliminate duplicate lists by producing a stacked list of records.

Many investors are successful because this is what they do; it’s so successful, it’s precisely what we do in our businesses. We pull lists from different sources.

We use a list source propstream and driving for dollars, and then as we get our list, we ensure that before we do any marketing to them, we put them intp REsimpli, and then we could do direct mail to inform them that we would go in.

This kind of fact and background checking is paramount to your business.

In conclusion, list stacking saves you a hundreds of dollars in marketing by producing a very targeted marketing list.

As a result, you don’t have to waste your money and time by marketing to the same person multiple times. This also saves your image in the eyes of the seller.

REsimpli empowers you with real-time data to help you make better decisions which mean higher net profit.

If you want to scale your business, contact us for a demo and a free 14-day trial.

List Stacking with REsimpli

Posted on June 30, 2022November 6, 2024 by Sharad Mehta

List Stacking

Knowing who to market to can help real estate investors save time and money – one valuable process to use is list stacking. If you’d like to learn more, you can also watch this helpful video, or watch our newest product update about list stacking and driving for dollars below:

List stacking is a process that narrows down a list of owners using set parameters to identify duplicate listings and build a more targeted marketing list of motivated sellers.

Let’s start with some basic questions:

What is list stacking?
Should you use this method in your business?
How do you stack a list?

REsimpli list stacking extracts your overlapping leads. The system will consolidate your starting number to a more targeted marketing list.

For instance, if your total number of leads from various sources was 11,000, the list stacking feature in REsimpli could reduce this to over 4,000.

red circle around leads with address list-stacking

By finding these overlaps, you avoid duplicating your marketing efforts for the same person. Why is this important or beneficial? You are saving money!

The targeted marketing list built by this process allows you to use your resources more efficiently. Resources that can be focused on skip tracing these motivated owners, calling them, and sending them handwritten notes.

Step-By-Step Using REsimpli

Using REsimpli is straightforward and can be completed in a few steps.

Click add on the List Stacking page
Click browse file on the Import List page
Select the file to add
Map columns (last name, first name, mailing address, property address)
Name list
Click Submit to upload the list

The uploaded list gets checked against USPS to validate addresses. The system will identify and indicate how many of those addresses are:

Valid
Invalid
Updated
Duplicates

At the end of this process, the various lists you started with are consolidated and you are still reaching every single person from your lists. All without duplicating your efforts.

Have any remaining questions? REsimpli has answers! Contact us with queries or to request a personalized demo today.

Lead Flow for Real Estate Investors

Posted on June 23, 2022October 27, 2024 by Sharad Mehta

Lead Flow for Real Estate Investors

Team members are an invaluable asset in real estate. With each member playing a specific role, the goal of closing more deals becomes easily attainable. More so, with the effective use of lead flow.

The lead flow process is about converting newly created leads to appointments. And the goal of these appointments is to get the property on a contract. It is attained with the expert skills of a lead manager and an acquisition manager.

Here’s a straightforward walk-through of the lead flow process starting with the lead coming in through the final step of scheduling an appointment.

Breaking Down the Lead Flow Process

The steps in the lead flow process are clear and precise. And can be completed using REsimpli. Listed below are the steps involved.

Incoming lead
Call Porter
Completion of REsimpli’s Webform
Call with Lead Manager
Appointment with Acquisition Manager

Continue reading for a brief description of each role and how to optimize the real estate lead flow process.

Incoming Lead

The lead flow process starts with marketing! And thanks to your (your team’s) marketing efforts there are incoming leads.

Regardless of the marketing route, Cold Calling, Pay-Per-Click, Direct Mail, and SMS, every lead goes through Call Porter.

SMS leads that desire to be removed from the listing will have the option to do so by leaving a voicemail message. These leads are the only ones that do not go through Call Porter.

Call Porter

REsimpli uses Call Porter, an answering service built exclusively for real estate investors.

Call Porter will answer the call from your incoming leads and ask the seller a series of “motivation” questions.

The motivation questions asked by Call Porter include:

Why are you looking to sell the house?
How soon are you looking to sell (30 days vs a year)?
Is the house vacant or occupied?
How much is the mortgage on the house?
What repairs does the house need?
Do you have a price that you are looking to sell the house for?

All information collected gets input into REsimpli’s web form. The form is submitted and creates a lead. Any additional information provided by the seller is entered on the form as notes.

Webform

While listed as an additional step, the web form process is actually completed by Call Porter. The information on the web form includes:

Name
Phone number
Email address
Lead source
When the lead was created
Property address
Motivation questions

Lead Flow Manager

The lead manager step entails reviewing the lead and calling the lead to schedule an appointment.

It is important to mention that all calls with Call Porter are recorded. This recording is reviewed by the lead manager to gain perspective on the seller. Because understanding the tone can help determine if an urgency to sell is present.

The main goal of the lead manager is to schedule an appointment between the seller and the acquisition manager.

Appointment with Acquisition Manager

The lead flow process culminates with the appointment scheduled by the lead manager for the acquisition manager and the seller.

The goal for the acquisition manager is to successfully make an offer to get the property on a contract.

What makes this whole process successful is the thorough gathering and reporting of information with the use of REsimpli, the webform, the answering service, and the lead manager!

Interested in learning how REsimpli can help you do all this and more? Request a demo and get a free 14-day trial!