Short Sales in today’s society are inevitable and when executed properly, can generate great profits. What are the potential benefits and draw backs of Short Sales? The fundamental core of Short Sales is being able to turn an “upside down” property, to a property that has equity and can be sold for profit in 45 days or less.
The main benefit of a Short Sale is that there is a lot of potential money to be made.
However, be advised, that Short Sales do not happen at a snap of a finger, nor in a matter of a few weeks. Short Sales are timely and can take months to finally close on the property. As an investor, keeping this in mind can either make or break your business. As long as you are organized, have created a Short Sale system that can sustain needed changes, and are not needing an immediate turnaround on profits, your business has potential to succeed. Furthermore, gaining knowledge and implementing certain business tools can make all the difference.
The first step to a successful Short Sale business is obtaining leads in Short Sales through the power of marketing and advertising. Signs on the side of the road, billboards, radio broadcasts, TV commercials, or newspaper articles, are all good ways of gaining recognition as a company. However, be advised that marketing can be expensive. Understanding the fundamental aspect of Advertising can prove to be crucial: knowing your target audience and potential buyer!
Marketing and advertising are not the only business tools that can lead to a successful company. Getting to know people within the community, such as attorneys, realtors, and mortgage brokers, can prove to be helpful. Furthermore, remember that you are trying to start a successful business, and thus need to be trustworthy and reliable. Good credibility and word of mouth can often be the most successful tool in gaining new clients. There are many ways to build credibility and a successful business:
1)Build a website like the Jacksonville Short Sale web site with a free report.
2)Make articles about Short Sales. Help sellers to understand “Short Sale options in Jacksonville, FL" and the Short Sale process.
3)Understand your client. Get to know them and their family. What are their likes and dislikes? And most importantly, what is their ultimate goal in selling their house.
4)Above all, strive to be the most informed investor in your area. Knowledge is contagious, and with expanding knowledge, brings an expansion in the number of leads and clients.
5)Micro-management. Although everyone wants to control every aspect of a business, it is not only draining, but near impossible. Delegate time and tasks such as marketing, business writing, client relations, office management, and building an online website.
6)Lastly, not only get to know your clients, but learn about your employees. Which employees are more organized? Which are more personable and persuasive? Knowing your employees weaknesses and strengths will bring in not only clients, but money.
SHORT SALES: Investor/Seller Relationship
As an investor you need to educate your buyer. Many sellers are confused and overwhelmed with the process of Short selling their home. Sellers are already stressed out due to financial burden so ease your seller’s worries! Explain to them the benefits of Short selling rather than foreclosing. Let them know that it will lower their credit score, however, not nearly as much as a foreclosure would. Remind the client that in little as one to three years, their credit score will start to improve. This is not the end of the world. And, in the real estate world, reassure them that this is the best scenario.
CLOSING WORDS TO THE ASPIRING INVESTOR:
Educate and continue to build on your Short Sale System and business design. Join your local REIA and become the most informed investor in your area. Get to know your clients, potential leads, and employees. Not every Short Sale will be a triumph, but do not get down. With practice and a diligent work ethic, Short Sales are the answer to success.
Good luck, and may this article be as one small step to your financial freedom!
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