Ever thought about scaling up your fix and flip business? Well, you should. As returns are shrinking in the house flipping business, you need to work on high volumes to ensure that you’re able to earn decent profits.
Here are a few ways in which you to scale up your business:
It’s extremely important to understand how to market your message in order to grow your fix and flip business. According to statistics, 50% of homebuyers find their homes on the internet.
You should identify your target audience and devise a bulletproof marketing campaign to effectively deliver your message to potential buyers.
Automate your follow-ups
It takes more than a single call to close a deal—a lot more, actually. Dealing with new clients requires consistency if you want it to pay off. Using automation tools to follow up with your clients is a great way to stay connected with them.
Also, your clients will receive regular updates and timely replies while you’re sleeping or perhaps closing deals.
Properties are everywhere. So it’s important to pay attention to identify vacant properties around you. It’s a great way to identify hidden properties that aren’t on the market yet, allowing you to get a head start and seal the deal before others get the opportunity.
This way, you’ll be able to close more deals and increase your earnings in no time.
Now that you’ve sorted out how to scale up your fix and flip business, it’s important to sort out your source of finances.
How to raise finance to scale flip and fix business?
House flipping market can be highly competitive, so it’s crucial that you have sufficient finances at your disposal to close the deal before someone else swoops in.
When dealing with multiple properties, it can get even more difficult to arrange finances on time.
If you really want to scale up and earn more profits, you must stop depending solely on your own capital and seek finances from external sources.
What’s the best option?
Unfortunately, conventional loans can take months to process, causing you to lose the sale. Hence, hard money loans are an ideal choice to scale up your flip and fix business
Private loans offer low processing times and flexible terms, allowing investors to quickly raise finances and seize good opportunities in the market.
Hard money loans are also a great choice to finance renovation costs and cover maintenance costs during the vacant months.
Hard money lenders might charge higher interest rates, but the margins that you can make on a good house flipping deal can easily justify the additional costs that you incur.
That’s it for now! Remember, market your home right, automate follow-ups, pay attention, get hard money loans, and you’ll be on your way to successfully scale up your business.
Looking for low-interest hard money loans for your flip and fix business in Boston? Get in touch with Harper Financial. Based in Massachusetts, we’re a premier direct hard money lender that provides private financing solutions to our clients.