If you intend to run a successful residential real estate business, then you have to know how to sell your properties quickly. That means you have to know how to — and when to — market your inventory west Hollywood apts for rent.
One of the ways you’re able to turn over your inventory is by actually marketing the property correctly and timing the marketing of the property properly. That means time is of the essence. In real estate, what may seem like sufficient time: 30 days, 45 days, 60 days, etc., often passes much quicker than it seems.
At HIS Real Estate, the moment we acquire a property, we open escrow immediately. We have placed our deposit in escrow so we’re ready to go. That same day we’ve already sent out inspection and/or construction crew to get quotes on repairs.
The next day we’re already marketing that property, even without the rehab. We already know what we’re going to do on the property. We have our team in place; our agents, helping us exit the property. They already know what’s going to happen to this property, so they go out there and start finding their buyer.
Even without any rehab, I want to turn my money over tomorrow. Even if I make 5% or 10%, I don’t care. I just want to sell my residential real estate quickly. The point is, it’s better to make a smaller return quickly than to hold out for the larger return that may or may not materialize. If you have an opportunity to make a profit, take it!
The reality is, I would rather make a little bit today than make that same percentage tomorrow. If you buy your inventory right, you’re not going to lose money. Anybody with a little bit of knowledge in this real estate market should not be losing money. At worst, might make less than what you were expecting. But that’s not such a bad problem to have provided your still making money.
That’s the goal. We do not want to lose money. Being able to make those decisions in a timely manner is necessary. Act fast, be bold, and move as if your life depended on it.
Granted, we are able to take advantage of these situations because of the business we have built. This includes the infrastructure and systems we have in place, and the philosophies we adhere to. However, this should show you what is possible with the right planning and right goals in mind.