5 Key Considerations for Building a Virtual Real Estate Investing Business

What if you had access to any market in the U.S.?

What if you had access to the most profitable markets? Or the most under-leveraged markets?

What if you could invest anywhere you wanted instead of settling for the real estate market that you call home?

Further, what if you could live anywhere you wanted without your business deciding where you have to settle down?

What if you could manage your business from anywhere in the world?

Sounds pretty great, right?

Well, the Justiniano Bros are “virtual wholesalers” who use Carrot to do just that – and they’re making a killing.

You can do the exact same thing.

This blog post will explore how real estate wholesalers can make the most of virtual real estate business opportunities.

What is Virtual Real Estate Wholesaling

Real estate wholesalers traditionally relied on physical interactions with properties, buyers, and sellers to conduct their business. However, with the rise of technology and changing times, virtual real estate businesses have become the new norm.

Virtual real estate wholesaling is a method of buying and selling properties without physically visiting them. It involves using technology such as virtual tours, video conferencing, and other online tools to evaluate and market properties to potential buyers.

Virtual wholesaling is a natural fit for the current technological era, where people are increasingly comfortable conducting business virtually.

Real estate wholesalers who operate virtually have fewer geographical limitations and can reach a broader audience. They can market properties to potential buyers from anywhere in the world, which can help them close deals faster and more efficiently.

Virtual wholesalers can also save time and money by avoiding traveling to properties physically or meeting with clients face-to-face.

The virtual real estate wholesaling process typically involves finding properties that are in distress or need significant renovations. Virtual wholesalers can find these properties through online listings, public records, and other online resources.

They then negotiate with the seller to buy the property at a discounted price and market it to potential buyers. Virtual wholesalers often use virtual tours and other online tools to showcase the property to potential buyers.

Once a buyer is interested in the property, the virtual wholesaler uses video conferencing to negotiate the deal and finalize the sale. This process allows wholesalers to close deals quickly and efficiently without needing physical meetings or travel.

Virtual Real Estate Wholesaling Pros and Cons

Virtual Real Estate Wholesaling Pros

Virtual real estate wholesaling has several advantages that can benefit both wholesalers and their clients. Here are four virtual real estate wholesaling pros:

1. Broader audience: Virtual real estate wholesalers can reach a broader audience because they are not limited by geographical location. They can market properties to potential buyers from anywhere in the world. This can increase the chances of finding a buyer quickly and closing deals more efficiently.
2. Lower costs: Virtual real estate wholesaling can save time and money by avoiding physical travel to properties or in-person meetings with clients. Wholesalers can conduct business from anywhere with an internet connection, reducing overhead costs and increasing profitability.
3. Efficient deal-making: Virtual real estate wholesaling enables wholesalers to close deals quickly and efficiently. They can use online tools such as virtual tours and video conferencing to evaluate properties and negotiate deals with potential buyers. This can save time and resources, enabling wholesalers to close more deals and increase revenue.
4. Increased flexibility: Virtual real estate wholesaling allows wholesalers to work remotely and operate on their own schedules. They can conduct business from anywhere with an internet connection, giving them more freedom and flexibility in their work. This can increase job satisfaction and help maintain a healthy work-life balance.

These benefits make virtual real estate wholesaling an attractive option for anyone looking to enter the real estate industry.

Virtual Real Estate Wholesaling Cons

While virtual real estate wholesaling has several benefits, it also has some potential drawbacks that should be considered. Here are four virtual real estate wholesaling cons:

1. Limited personal interaction: Virtual real estate wholesaling lacks the personal touch of in-person meetings, making building relationships with clients challenging. Wholesalers may struggle to establish trust and rapport with potential buyers and sellers when they are not meeting face-to-face.
2. Limited property evaluation: Virtual real estate wholesaling relies heavily on online tools to evaluate properties, such as virtual tours and photos. This can be challenging, as these tools may not always provide a comprehensive view of the property. Wholesalers may need to rely on third-party professionals, such as inspectors, to provide more detailed property assessments.
3. Technology limitations: Virtual real estate wholesaling depends on technology such as video conferencing, virtual tours, and other online tools. Technical issues can occur during online meetings, which can cause delays or make it challenging to communicate effectively. In addition, not all clients may be comfortable using these tools, which can limit the pool of potential buyers and sellers.
4. Competition: Virtual real estate wholesaling is growing, and competition can be fierce. Wholesalers may need to work harder to differentiate themselves from their competitors and build a strong reputation in the industry. This can be challenging, particularly for new entrants to the market.

Limited personal interaction, limited property evaluation, technology limitations, and competition are all factors that can affect the success of virtual wholesalers.

5 Things to Know Before Committing to Virtual Real Estate Wholesaling

Virtual real estate wholesaling can be a lucrative and rewarding career, but it is essential to prepare carefully before jumping in. Here are five things a real estate wholesaler needs to know before trying virtual wholesaling:

1. Familiarize yourself with local regulations: Real estate laws and regulations can vary significantly from state to state and even from city to city. Researching and understanding the laws that apply to your area before starting your virtual wholesaling business is essential. You should consult a real estate attorney to ensure you comply with all relevant regulations.
2. Build a strong online presence: Virtual wholesaling relies heavily on online tools and technology. Building a strong online presence through a professional website, social media, and other digital marketing channels is essential to attract clients and establishing credibility in the industry.
3. Understand the local real estate market: As a virtual wholesaler, you can operate in any market, but it is essential to understand the local real estate market where you will be working. Research the area’s market trends, demographics, and property values to identify potential opportunities.
4. Develop a network of industry professionals: Virtual wholesaling requires working with a network of professionals, such as attorneys, title companies, inspectors, and contractors. Building relationships with these professionals is essential to ensure your transactions go smoothly.
5. Invest in the right technology: To succeed in virtual wholesaling, you need the right technology tools. These can include video conferencing software, virtual tour software, CRM software, and project management tools. Investing in reliable and high-quality technology is essential to ensure that you can conduct business efficiently and effectively.

Conclusion

Overall, virtual real estate wholesaling is innovative in buying and selling properties. It enables wholesalers to reach a broader audience, close deals faster, and operate more efficiently. As technology advances, we can expect virtual real estate wholesaling to become an even more prevalent and essential part of the real estate industry.

Ready to build a virtual real estate business or transition your local business into a virtual one?

Use the above 5 steps to get started. And hit us with questions in the comments as you have em’. :-)

Good luck!