Every industry has to adapt and evolve with technological advancements and real estate is not immune. One of the most amazing things about instantaneously being able to connect with the other side of the world is that it expands your market area an infinite amount.
Much like virtual jobs and virtual assistants, virtual wholesaling is wholesale real estate done mainly through electronic means. The process can be amazingly simple, between smartphones and email, electronic document signing, and the new age of odd job contractors a deal can run from start to finish without any of the parties being in the same zip code.
Being familiar with how the real estate wholesale strategy works on a closer to home level first could be helpful, but is not necessary. If you are someone who is extraordinarily organized, then wholesaling (both virtually and in real life) will be a breeze.
Why Virtual Wholesaling?
There are a number of reasons why branching out of your own market area is a great option.
-Your local market is slow
-Other areas offer a greater return on investment
-Working from home is an important part of your business model
Every market has a life of its own and certain times are better than others. When investors experience a slowdown in their local markets, expanding their investment portfolios to other areas can have a significant financial return. Additionally, be sure to know about the different requirements that the area has for contracts, paperwork, and any other area specific nuances that are needed. All states, counties, and municipalities are unique!
With the increase of people who are creating careers from working at home it is easier than ever than make a place for yourself in the virtual wholesaling world. While it is a good idea to at least make a preliminary visit to the area you want to expand into, the majority of the work can be handled straight from your smartphone. So, why not?! Our phones have become another appendage anyway, let’s make the most out of it.
How To Get Started in Virtual Wholesaling
First and foremost is deciding on an area where you want to invest in the real estate market. Do the necessary research to be sure that purchasing investment property is a viable option in the location you wish to focus on.
Monitoring listing sites for a period of time will give you an idea of what is available, and be sure to check out what has recently sold to have an idea of what properties are selling at. Also, staying up to date on the financial and growth forecasts of the area you want to expand to is important. You want to be sure that there is a need and a desire for others to want property, as this is the crucial to keeping your wholesaling business flowing smoothly.
While virtual wholesaling is not yet a completely solitary endeavor (holograms will probably be here soon enough) investors do need to have a team in place to help them with the different tasks that happen during a real estate transaction.
One of the most important first steps is deciding on an agent, contractor, and attorney in the area you want to invest in. Taking a trip to meet up with them can have a positive influence on your investments. Having trusted colleagues available to help with things that need face to face attention will benefit your investment venture in the end.
Another important player in virtual wholesaling transactions is a national title company that you can work with in a number of different areas. Securing this help will have a tremendous effect on your real estate investment results.
Like any avenue of real estate, virtual wholesaling is a business that will flourish when the right people are brought together to make it happen. Real estate is a people oriented business and just because it is happening hundreds or thousands of miles away does not change that fact.