Coronavirus Updates

6 Things You Can Do NOW to Be Prepared as an Investor Post-Pandemic

Expertise: Personal Development, Real Estate Wholesaling, Real Estate Investing Basics
96 Articles Written
consistent-communication

As an investor, tracking and securing a deal is invigorating. The hunt is tantalizing, talking with sellers gets the blood rushing, making offers is nerve-wracking but exciting. (Well, I should only speak for myself. This is what it does for me.)

Want more articles like this?

Create an account today to get BiggerPocket's best blog articles delivered to your inbox

Sign up for free

It takes some special characteristics to become a successful investor. I believe one of the most essential traits is drive, or self-motivation.

But how do you keep your drive while being quarantined for an uncertain amount of time and without experiencing the rush that investing previously provided?

At a tragic time like this, it’s easy for us to focus on the negatives that are all around us. We can look at the increasing number of infected people, the rising death toll, the innumerable layoffs, the demise of the financial markets, and the ignorance of our politicians—just to name a few.

This crisis and its effects can definitely kill productivity. So today, I want to take a moment to discuss five things you can do to remain productive throughout the coronavirus crisis.

6 Things You Can Do to Remain Productive

1. Follow Up On Old Leads

Follow up, follow up, follow up.

If you don't know, the art of the subtle follow-up is essential in securing deals. Take this time to contact old leads that were not interested in your prior offer—especially those who did not accept your offer due to price.

Guess what? Things are different; the market is changing.

Those who were interested in listing their house are reconsidering. Due to social distancing, real estate agents are not showing houses, and buyers are not touring properties.

Therefore, this is an ideal time to re-engage that seller, because the market is getting very cold.

This is also the best time to reach sellers, because 95 percent of them are likely to be at home. Getting them on the phone should be very easy. They might have nothing to do. So, give them something to think about, give them a fresh perspective on what you can offer them. Provide a service.

Related: 12 Influential Investors Weigh in on How to Survive the Coronavirus Crisis

2. Contact & Build Your Buyers List

man sitting at desk working on a computer

This one is specifically for wholesalers.

True real estate investors have been waiting for a moment like this for years. No, I'm not referring to the pandemic but the decline in the market and possible recession.

I know there are investors (including myself ) who have been standing by, patiently waiting for an opportunity to get under-market deals. It’s been a seller’s market for quite a while, and now the tables are turning.

Use this time to vet your buyers. Find out who is ready and who is sitting on the fence.

Also, use social media to target new buyers. One strategy we’re currently doing is sending out prior deals we completed—with all the numbers on what we wholesaled it for and what the investor sold it for—and simply asking in all the investor Facebook groups and on Instagram who would like deals like these. We simply ask them to DM (direct message) us with their contact info.

3. Contact Real Estate Agents

Again, I can’t stress this enough, real estate investing is about marketing and relationships. This is a great time to research all the fix and flips in your target market and see who the listing agent was on those deals.

Why, you ask?

These real estate agents work with other investors. What better way for agents to remain viable during a time of crisis or recession than to be able to provide their investors with off-market deals.

If you have access to the MLS, you can get the agent's contact info. Just give them a call! Believe me, most real estate agents love to talk shop anyway.

Let them know you provide direct-to-seller off-market opportunities for investors, and it would be beneficial for them to be able to provide these deals to their buyer pool.

It’s just another great way to reach more buyers!

If you don’t have MLS access, you can use Redfin, as well.

Related: 12 Influential Investors Weigh in on How to Survive the Coronavirus Crisis

4. Position Yourself Well Financially

Although no one knows what the future will look like for lending, those who are positioned well with good credit and access to capital will likely benefit from these turbulent times.

Use this downtime to re-evaluate your finances. Then, write down your post-pandemic objectives and goals, and create a strategy for achieving them.

budget-strategic-reserves

5. Get Feedback

Similar to No. 2, you want to reach out to your existing buyers/investors and feel out their post-pandemic plans. This is a great time to get feedback on what they believe the market will look like, which areas they believe will suffer the most, and how they predict lending will be impacted.

This information can help you align your strategic plan with theirs.

Related: How to Build a Real Estate Investing “Team” With the Skill Sets You Need

6. Evaluate Yourself and/or Your Business

Let’s use this time to be prepared for what comes next. Review your KPIs (key performance indicators). What is working in your business and what is not? Make adjustments accordingly.

Here are just a few things you can review:

  • Which team members are productive
  • Which marketing strategy is working
  • What area is yielding the most activity
  • What is your average close amount

Do not let the coronavirus crisis interrupt your productivity and creativity. These are a few things we’re doing while quarantined to be prepared once this is all over.

Although no one knows what things will look like afterward, a savvy investor is a prepared investor. So take this time to get yourself ready to hit the ground running once it’s all over.

Blog ad for Wealth magazine

Questions? Comments?

Join the discussion below.

Marcus Maloney is a value investor and portfolio holder of residential and commercial units. He has completed over $3.3 million in wholesale transactions. Currently, Marcus is a licensed agent who ...
Read more
    Robert Biggins
    Replied 5 months ago
    Well composed and positive minded article!
    Marcus Maloney Wholesaler from Queen Creek, AZ
    Replied 5 months ago
    Thanks for reading we have to look to what we can do and not worry about what's out of our control.
    Dalia D. Real Estate Broker from Bellingham, WA
    Replied 5 months ago
    Thank you Marcus for these reminders that will keep us ahead of the game and posed for numerous investment opportunities. Enjoy today. dalia d
    Marcus Maloney Wholesaler from Queen Creek, AZ
    Replied 5 months ago
    Dalia, thanks for reading these are some of the activities I have our team doing to make sure we're positioned when this is over.
    Jasmine Collins Rental Property Investor from Los Angeles, CA
    Replied 5 months ago
    Great article and insight provided!
    Marcus Maloney Wholesaler from Queen Creek, AZ
    Replied 5 months ago
    Thanks for reading Jasmine
    Jen Bastian Rental Property Investor from Portsmouth, RI
    Replied 5 months ago
    Great article, sound practical tips thank you!
    Marcus Maloney Wholesaler from Queen Creek, AZ
    Replied 5 months ago
    Jenny, thanks for reading glad I can help
    Dusty A. from Minnesota
    Replied 5 months ago
    Many great points Marcus! Always nice to see upbeat articles during these tough times. Thank you, Dusty
    Marcus Maloney Wholesaler from Queen Creek, AZ
    Replied 5 months ago
    Dusty, thanks fro reading just trying to add another perspective.
    Luis George Investor from Baltimore, Maryland
    Replied 5 months ago
    Thanks marcus, i just inked a letter to the owner of an abandoned 5 unit next to a12 unit that i recently submitted an LOI on. My commercial refi is on hold due to the epidemic but hope to settle soon and take down this 12 unit and hopefully the 5unit as well. Thanks for the inspiration.
    Marcus Maloney Wholesaler from Queen Creek, AZ
    Replied 5 months ago
    Luis, man that's great news it will come through just stay persistent blessing to you closing on 17 units I'll speak it for you.
    Tawanda Thomas
    Replied 5 months ago
    Great article like everyone else said. As a Realtor and investor, I love reading positive articles like this. No matter what the situation, there is always something you can do to push the needle forward even if it is to sit still.
    Marcus Maloney Wholesaler from Queen Creek, AZ
    Replied 5 months ago
    Tawanda, thanks for reading keeping pushing through.
    Tomer Versano Investor
    Replied 5 months ago
    Great article and ideas. Thanks for sharing, Marcus
    Marcus Maloney Wholesaler from Queen Creek, AZ
    Replied 5 months ago
    Tomer, thanks for reading glad I could be some an inspiration
    Deirdre Castellanos
    Replied 5 months ago
    Great article Marcus. If this isn’t enough to do during this downtime, we can always learn new skills and technology that will help us with our business and also research new markets that you can start doing business in. Thanks for sharing.
    Marcus Maloney Wholesaler from Queen Creek, AZ
    Replied 5 months ago
    Deidre, your absolutely right; there's always something we can do. Thanks for reading
    Andrew Jennings Investor from Brandon, MS
    Replied 5 months ago
    Hello Marcus, Good information to add to the toolbox during this pandemic, specifically contacting real estate agents that have sold fix and flip deals. Keep them coming, thanks!
    Marcus Maloney Wholesaler from Queen Creek, AZ
    Replied 5 months ago
    Andrew, that one tip will go a long way in building your network. Thanks for reading and try and implement all 6 during this time.
    Raquel Rigby from Spanish Fork, Utah
    Replied 5 months ago
    What if you don't have access to the MLS? How can you find out what houses were flipped and who the Real Estate agent was?
    Marcus Maloney Wholesaler from Queen Creek, AZ
    Replied 5 months ago
    Raquel, you can use Redfin or Zillow that information is available and you can tell if a house was flipped by the pictures.
    Nadia Jarrett
    Replied 5 months ago
    Great article Marcus..practical and actionable steps anyone can take!
    Marcus Maloney Wholesaler from Queen Creek, AZ
    Replied 5 months ago
    Nadia, thanks for reading.
    Stephan Cheek Rental Property Investor from Sacramento, CA
    Replied 5 months ago
    Well organized and presented advice. Putting your personal development skills to good use I see... Thank you. And as they say, luck is what happens when preparation meets opportunity, right? Question. Where are you posting wholesale opportunities? Have a few suggested investor forums?
    Marcus Maloney Wholesaler from Queen Creek, AZ
    Replied 5 months ago
    Stephan, always looking for room to improve so during this time we are focusing on some action items that we left on the back burner. We currently send our properties to our email list or we send them via SMS. We used to post them to sites but in some of the groups we find individuals that try and mark up deals and resend them to their list (daisy chain) and that is not cool without permission.