Backflip Blueprint
As a Real Estate Investor, it’s all about your leads. In our Sourcing Basics Part 1 we urged you to know what you are looking for; In Part 2, we said subscribe to as many relevant lists as you can. Here in Part 3, we talk about how to surf your incoming leads, so that you always find the gems among the junk without ever breaking a sweat. After all, you don’t want to be one of the hamsters of real estate investing, always scampering after your next deal.
With the vast array of properties out there, you can find yourself constantly digging through emails for those rare wins. Going through every email alert and distribution list, determining the properties in your buy box, manually analyzing each one, deciding where to commit—it’s a tidal wave! If you don’t have a system to surf it, you’re drowning. Perhaps you’re paying someone to do it. Worse, you’ve given up on reviewing your leads, and are missing some hot ones.
To help you, we came up with the 7 Strategies that every investor should bring to their leads review process. In fact, we took it one step further, and built a new feature on the Backflip app to bring them together. Read on!
Explore the automation tools and features provided by your preferred platform to handle repetitive tasks. For example, set up rules to automatically categorize certain types of emails, or use an ARV calculator to run your initial profit analysis and pull relevant comps, rather than doing it all manually.
Instead of you going through your alerts to find deals, the My Leads AI on the Backflip app scans your emails and automatically analyzes each property to tell you what great deals came in. It’s like an Easy button for investing.
Don’t let sourcing clutter your life. Set up a dedicated Gmail for your property alert inbounds. This allows you to immediately identify your deal leads without wading through a million other messages. Set up a free Google Voice account so that you can text or call wholesalers without fear of a spam deluge.
My Leads goes one step further in centralizing your deal leads by placing them all into one scrollable Feed in the app, with all the key info laid out.
Resist the urge to constantly check your emails. Instead, set specific time slots in your day to review and respond to leads. This prevents constant interruptions and helps in maintaining focus on other critical tasks throughout the day.
With My Leads, you can opt for one “daily drop” of all your new leads from the last 24 hours. Now you’ve set focused time to review your leads.
Define specific criteria for the deals you’re interested in. This will help you quickly filter out irrelevant offers and focus on those that align with your goals.
With My Leads, you set up your Buy Box for purchase price, year built, bed/bath, square feet, profit and ARV you are looking for. Filter by Buy Box, or See All.
Establish a system for prioritizing leads. Flag urgent or high-profit opportunities so you can address them first. Consider factors like deal value, deadline, and fit.
In the My Leads feed, you can flag, delete, and sort your properties. My Leads also pulls in available images online, so that you can better evaluate a given lead.
If you’re part of a team, collaborate with colleagues to share the workload. Delegate specific roles to team members, ensuring a more efficient process.
With My Leads you can share a particular address and link to the analysis with an investing partner or a GC, or get in touch with your financing team (us!).
Periodically assess your process and identify bottlenecks and issues. Ongoing evaluation will help you optimize your REI strategy. Refine your approach based on the types of deals you win, learn from experience and improve over time.
My Leads keeps all of your flagged properties and loan apps, so you can review what’s going well in your investment strategy, and what can be improved on.
When it comes to leads, smart real estate entrepreneurs, automate, ring-fence comms, make time, have clear criteria, prioritize, delegate, and always optimize. Implementing these tips, or simply using My Leads, should help you manage your deal leads more efficiently, cut out bad real estate deals, and get you those higher profits! Check it out:
Disclaimer: This article is for informational purposes only and is not legal, financial or investment advice. To obtain advice tailored to your particular circumstances, you should consult a licensed professional advisor.