Want 100% better results from your real estate investing efforts this year? It may be easier to achieve than you think!
They say that if you can create just a 10% improvement in 10 areas of your business, you amass a 100% overall improvement. So, where do you start?
Flip or Rent 10% Faster
If you’ve been taking 100 days to turn a property, or get in a paying tenant, and can get that down to just 90 days, that’s an easy 10% improvement. Try wholesaling real estate or begin marketing your rentals and taking applications from the day you take ownership, and you might slash that by 50%.
10% Lower Acquisition Prices
Why not set a goal to get your acquisition prices 10% lower, or to create 10% better spreads on the buy side. That may sound like a tough squeeze if you are already buying properties at 50% of ARV, but many investors could be doing a lot better than they are. You may have to look a little harder or look in new areas, and try different sources of distressed property, but it is worth the effort.
10% Lower Financing Costs
Refinancing your portfolio could reduce your financing costs by much more than 10%. On new acquisitions you may find it very easy to negotiate 10% lower loan costs. A little off your loan fees, 10% less interest, and negotiating slightly better rates with appraisers, title companies, and insurance agents is all possible. If you have been feeling the pinch by using conventional banks or hard money lenders, try using private money lenders.
Pay 10% Less in Taxes
Challenge the property tax bills on each of your properties. Get another CPA to review your annual tax returns, or start using 1031 exchanges or self-directed retirement accounts to invest, and you could be paying double digits less in taxes each year. That goes straight to your bottom line.
Resell for 10% More
Selling by owner instead of using an agent, offering seller financing, choosing a different buyer pool, and upgrading your marketing and brand are all ways to increase offer prices and sell for more.
Get 10% Better ROI on Your Marketing Budget
Despite real estate professionals and businesses constantly saying they are tight on their marketing budgets, many waste so much. They commission materials and never use them, or create a big wave of leads but never answer the phone or follow up, or they allow minor mistakes, like sending mail and emails at the wrong time to burn campaign potential. Better targeting, autoresponder follow up, and using the data available can all make a big difference.
Get 10% Better Conversion Rates
Generating real estate leads is one thing. Converting those leads into real deals, customers, and dollars can be something quite different. Picking up some new sales skills, hiring a pro copywriter to tweak your website content, or simply targeting your ads better can make a double digit difference in conversions.
10% Higher Rents
One of the easiest ways for landlords and income property flippers to boost cash flow, returns, and values is to raise the rent. Tenants should expect a 10% rent rate increase every year.
Get 10% More Done in the Same Amount of Time
Put in 10 hours instead of 9 each day, skip the lunch break, block personal social media during office hours, get an assistant, and block your time better, and you could get a lot more done each week and month.
Do 10% More Deals
If you are doing 10 real estate deals, adding 1 more isn’t much of a stretch. That applies whether you are doing 10 a year, quarter, or month.
This short list alone could easily help many real estate investors see 10%, 20%, and even over 100% better results over the next year. Those incremental advantages can really add up. Choose those that stand out to you, and add your own. Identify ways you could try to improve in those areas. Put your team on it, or pick up the phone and negotiate.