A quick synopsis: I am in my first year of wholesaling and rehabbing residential property. I have rehabbed two houses. Recently, I have re-geared my pursuits. I have selected just a few towns in my area with the strongest market and plan to focus on higher end (in my market) rehabs. Collectively, a sizable market to get deals too. So, with a specific target market - the ultimate goal is to dominate this chosen market - which we all likely strive for.
Quickly brainstorming actions to accomplish dominating a chosen market:
Market Research - I.E. - Town sales, avg. DOM, Median Prices, desired neighborhoods, desired features and qualities that sell a house
Surf the MLS - Gauge idea of what is selling and for possible deals
Attend open houses: Meet RE agents
Direct Mail to target market
Contact Real Estate and Probate Attorneys
Leaving cards and/or other market material at local shopping areas
Website designed for the area to generate leads
Local Paper Ad
Network - become friendly - with town officials/inspectors - maybe fire department for leads - if possible
Network with other active investors. Also, local REIA.
What other tactics can propel you to dominating your market and become a top investor in the area? Also, any opinions on my listed strategies?
Great post... I'm also very interested in what the experts have to say about this so I'll be monitoring.
In regards to the market research, how do you intend on obtaining this data/info?
What is your definition of "dominate", and why exactly do you want to do it?
@Luis Lopez Various real estate data collectors. I.E. - Berkshire Hathaway provides quarterly data for states, towns, counties.
@Richard C. The goal is to consistently generate solid leads in your target market. Ideally, generate leads by referral. Help out your bottom line any way you can, right?
The objective is when a potential deal is realized, whether it be from the very seller, an attorney, or reo agent etc., your name comes to mind first. Maximizing this objective is "dominating" your target market.
So, in terms of defining dominating, Id' summarize it by a superior network that is generating mostly referral leads coupled with a well known trustworthy professional reputation.
Reputation is the sum of long term production in all business facets. That takes time, but starts with action.
In short, I'm just encouraging a healthy brainstorm of all the creative ways that influence accomplishing this objective.
Those are great strategies to market your properties. Don’t just say that you are the expert; be the expert. It is important to tour every possible home for sale in the area and know the floor plans and inventory. Know what has sold and for how much. Learn about the HOA, the schools, and the locations of all the parks and local businesses which will help RE agents know their market. Thus, when you make contact with a prospective buyer or seller, you are on top of your game and can visualize their home or the home of their dreams before even beginning an area search.
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