Database Building – Part 1
As a full-time Canadian real estate investor, we must be creating massive and passive income for ourselves. We will have a hard time creating financial independence by allowing a realtor to be the sole supplier of your deals.
In a previous article, I spoke about assignments and that they are one of the keys to creating massive and passive income on a regular basis. I detailed the fact that this strategy requires investors or end buyers to assign these great properties you have found to in order to make money.
How do people find what you have?
Of course you need a marketing system that gets your phone ringing with lots of potential money on the other end of the line (I have another series of articles on marketing for success). The key to being successful at the assignment strategy or any strategy for that matter is having a database that contains qualified people in a variety of categories.
You need to have enough people out there looking for good deals on property that you have under contract that will take them off your hands and pay you a fee for that service. These people will typically include real estate investors and end buyers among many others.
The biggest reason for the creation of database is the fact that if you understand the needs of people, understanding what kind of property they want, the area they desire, the price they can afford and the time-line they have, you’ll have a lot more of a chance of finding a property that can meet the needs of the “client”. You can turn that property over more quickly and get money in your pocket.
Further, if you have a number of people looking for the same kind of property in the same area at around the same price, you can create competition for that property and potentially get a higher assignment fee.
The Importance of building a Database
The process of building a database for the purpose of assignment is paramount to the success of this and many other strategies, but funnily enough, it is rarely done. It is “too much work” for a lot of investors and a discipline for most investors…that’s a huge reason why there are many broke real estate investors out there, and clearly demonstrates that this line of thinking is wrong.
As a full-time Canadian real estate investment trainer, I continuously harp to my students on the fact that a database, if worked on constantly and nurtured can pay many dividends for years to come, over and over again.
In the next article I will go through the process of qualifying your prospect in order to determine if they are “worthy” of your database.
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