What is Driving For Dollars?
Route tracking, or “driving for dollars” (D4$) as it’s commonly known in the real estate business, is the more manual, direct approach to finding wholesale properties that are either off market or distressed. It’s exactly like it sounds—you or one of your team members drives around a prospective neighbourhood to find unique properties that are then put into lead lists.
This is often a very profitable, albeit time consuming method. D4$ has picked up popularity due to the return on investment. Oftentimes, while it can be more physically demanding and/or time consuming, the payout (be that short term or long term) is well worth your while.
Is Driving for Dollars really better than all my phone and email campaigns?
Driving for Dollars isn’t meant to replace or co-opt emails, phone, and direct mail campaigns. Instead, D4$ targets different areas and different types of homes. Specifically, this type of cataloguing means that you’re seeing homes that are pre-market or entirely off market. These are homes you might not otherwise be contacting via direct mail or drip campaigns. The numbers don’t lie—you’re making a sale for roughly every 200 homes you canvas.
Doesn’t D4$ give me a negative return, as I’m spending money and time on manpower and gas?
Not necessarily. While many people balk at the price of gas and cars and labour, it’s important to note that these costs can be compared to the similar expenses of printing, mailing, marketing, and more. The ROI of D4$ is significantly greater than that of mailing sequences. In most cases, driving for dollars produces a four-fold return on investment compared to mail sequences. Marketing in addition to driving for dollars, can help you save time and money in the long term.
REsimpli’s Driving for Dollars app utilizes many different technologies to help you make the biggest bang for your buck while implementing D4$. It can track your routes in real time, monitor zip codes, and ultimately target fresh, high yield areas so you can maximize your profits in less time. The best part? REsimpli’s Driving for Dollars app is integrated with the rest of REsimpli’s intuitive systems, so you don’t have to plug any additional information into yet another software after a long day of driving and cataloguing.