How To Use Zillow to Quickly Analyze Real Estate Seller Leads|Wholesaling Real Estate
Have you ever found yourself frustrated with how long it takes to find out if a property is a good deal or not? We all have. Wholesaling is a fast-paced business and in order to scale you must have a way to get the answers you need FAST, otherwise, you will be left in the dust by your competitors. However, I do have a solution. In today's blog post I am going to share a simple "hack" that my team uses to cut the average time of analyzing a deal by 75%, create more freedom, while at the same time allowing you to close more deals. Sound good? Great...let's dive in.
How I almost Died (Well, not really) Analyzing Real Estate Leads
I remember it like it was yesterday. I was sitting at my computer with a mountain of seller leads to get back to, wholesalers were sending me properties left and right, my Property Locator team was sending me potential deals, and my Realtors relationships were sending me properties - my marketing was on fire. Now before you tell me "Chris, you have all this opportunity, good for you" let me share what happened next...
While at first, all this activity might sound AWESOME, however, I'll tell you that if you aren't ready for it, it can crush you and that's exactly what it did to me back then. As funny as it may sound, I was drowning in a sea of opportunity with no lifeboat in sight. Until...I discovered this quick hack for analyzing deals FAST!
The Simple Comping "Hack" I Used to Cut The Time Analyzing Real Estate Seller Leads By 75%
Think, think, think.” ― Richard Koch, The 80/20 Principle: The Secret of Achieving More with Less
Too many real estate investors get caught up in the endless cycle of activity, but it's not their fault. Heck, every Guru and their brother out there is preaching to "10X!" everything. Any given day you can watch YouTube and hear people say things like "Are you working a hundred hours a day already? GREAT! 10x IT!" or "Not spending any time with your family? That's only because you aren't 10X'ing enough in your family life." "Not have the health the way you want? It's because you are not 10X'ing your health!" LOL! Quick question for you, with all of this 10X'ing, when do you have time to THINK about what you are doing?
Thinking provides the greatest return on investment you can get. So that's what I did. I sat back and thought about what was going on and started to research and then I found the solution.
Here's a quick tactic I learned from Brent Daniels to quickly analyze seller leads. He said to multiply a property Zestimate by 66% and if the Seller is asking around that number then it could be a good lead and deserves more of your time. I later modified that percentage to 80% when the market started to shift and found that 80% works in up or down markets. So to recap all you need to do is take the Zestimate and multiply it by 80% and if the seller is asking around that number, then you may want to spend more time into crunching numbers on that opportunity. If you are not sure how to run comps or are finding that comping properties takes too much time, then check out my recent post on The Science of Comping.
Analyzing Properties Should Not Be Hard - Either Change Or Die.
When I was coming up in the real estate space it would amaze me how a friend of mine and fellow wholesaler would run numbers so fast on a deal. He would crank out offers faster than anyone I have ever seen and for the longest time, I marveled how he did it. Now, I know the secret and so do you! With this method, you can find out instantly if a property is worth your time. Once you get more comfortable with this method you will even start to assign percentages to different areas in your market and become more efficient! As a result, you will get to opportunities faster than the competition, analyze more opportunities faster and do more deals!
To Your Success,
- Chris Logan
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