Sept. 24, 2020

3 Signs You're Targeting the Wrong Deals


There are 6 areas in your house flipping business that need to be optimized for the most efficient business. 

In this episode, we're diving into the Targeting of your business and 3 signs that can tell you if you're off track. 

The great news is that it's all FIXABLE! Just have to know where to focus your fixing efforts first.

GOODIES

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Transcript

Unknown Speaker  0:01  
You're listening to the flip houses like a girl podcast where we educate, empower and celebrate everyday women who are facing their fears, juggling family and business, embracing their awesomeness and wholeheartedly chasing their dream of flipping houses. Each episode delivers the honest to goodness tools, tips and strategies you can implement today to get closer to your first or next successful house flip. Here's your spiky haired breakfast taco loving host house flipping Coach Debbie DeBerry.

Unknown Speaker  0:38  
Hey, welcome to today's episode. It's Debbie here. And we are going to continue a conversation we have been having for the last couple of weeks. All right, we will keep talking about the six key areas in your house flipping business that need to be tweaked, possibly, right, so that it's fully optimized. Okay, but first, I want to fill you in on some awesome things that are happening inside my coaching program. Of course, we have more and more women doing the thing, actually saying, Yeah, I'm doing this and then not just saying, Yeah, I'm going to do this, but going and doing the thing. That's the trick, right? How to bridge the gap between saying you want to do the thing, and then going out and actually doing it. And that gap right there. bridging that gap is exactly what my program does. And then some, Okay, anyway, this past weekend, I went to Houston to visit a couple of properties, a couple of projects that are going on actually some flips that some of my students have in going on right now. And I got to meet, gosh, maybe 10 or 11 students who live in the Houston area who was amazing, I am. So into the connection piece of getting to coach other women, it is so important to me, which is why I'm always so involved in our Facebook support group and on our coaching calls, etc. The connection part is just so important to me. And I know that the women that are attracted to the program, that's important to them to getting to connect with me, and also getting to connect with other women across the US who are doing this. It is so helpful to see other everyday women out there not just chasing their dream, but actually doing the things, taking the scary action steps to get there. Alright, if you want to get on the waitlist, I highly recommend going to first flip dunrite.com and getting on that waitlist. Alright, let's continue the conversation we've been having. Remember, the six key areas of your house flipping business are the foundation, the targeting, the attracting the converting the rehabbing, and selling, those are the six key areas, obviously, within each of those areas. There are lots of layers, right? So we have talked about the signs that your foundation, maybe off, maybe there are some cracks there that need to be filled. So today we're going to talk about the targeting piece. So targeting is how you're finding deals where you're looking for deals, that kind of thing. Okay, so the number one way to know that you're targeting is off, or might need some tweaking is

Unknown Speaker  4:22  
you're not doing it. So I'm in Austin, Texas, we have like 400,000 houses here, right? Like something ridiculous like that. I don't know the exact number but it's hundreds of 1000s of houses. I am in no way trying to flip all those losses. I'm not trying to attract those as leads. I'm not trying to know every single nuance of every single street that those houses are on. All right. You have to be an expert on the areas that you're targeting. And if you're not targeting if you're just blanketing a city, that's going to be problematic. One of the big things that I see newbies do that ends up being really costly for them is they don't know the nuances of the neighborhood. You know what, scratch that, because I've seen seasoned flippers do the same thing, right? They get cocky, and they don't really pay attention to what's going on around them to the nuances of the neighborhood. Meaning, if there are two streets in a neighborhood, just because they're in the same neighborhood, doesn't mean that each of those streets is equally appealing. It doesn't mean that a house on the street is going to sell for the same amount as a house on this street. If they're both equal, it doesn't mean that Okay, so you've got to know the nuances. And there is no way I have been a realtor here in Austin real estate broker since 2003. There's no way that I could possibly know the nuances of all the areas and the neighborhoods I don't even pretend to. And I don't target all of the neighborhoods, either. I have six neighborhoods that I target, period. I'm an expert on those neighborhoods. I know the streets, I know the area, like that's it, you've got to know the areas, there's no way that I could even pretend to be an expert in all Boston, like that's if anybody claims that they're lying. Okay. So the number one sign that your targeting is off is you're not doing it, you've got to be targeting. So I work with a lot of brand new investors, and I love working with newbies, I love working with all the members that my program attracts, because they are all just awesome. And they're my family and my people. So anyway, one of the first modules that we do together, we do some targeting exercises. And I will tell you that even the women who are brand new to real estate entirely, they end up knowing more than many realtors, and they're Erica, after we do our targeting exercises, because we look at data a different way. And a lot of realtors don't even look at data. They know the neighborhoods, maybe but they don't really look at the data. So we are absolutely data driven. Like period, sorry, there was a weird critter outside, we are absolutely data driven, like all of our decisions are based on data. That is the driving factor of our businesses. Okay, so we do these targeting exercises. And for the women who joined my program who have already successfully flipped some houses, one of the biggest areas that we can make a huge impact in their business is in the targeting. telling you it's it is the bee's knees, okay? The second way you can tell if the targeting in your business is off, is you're getting the wrong types of leads, like the leads that are coming across your desk or your email or whatever. They're just not even the right types of properties that you would even consider, right? They're not right for the areas. So you got to know what the buyers want in the various specific areas that you're targeting. And you might think, oh, that's obvious, it's always the same, it's not always the same. It might be usually the same, but it's not always the same. And unless you're really digging into the data, you won't know. So if you're getting the wrong kinds of leads, you're never going to end up with a deal because you're getting leads that they that you're never going to pull the trigger on them because they're not the right leads. Okay? This is why targeting is so important. All right, and then the third way,

Unknown Speaker  9:09  
believe that you are getting are in the wrong areas or not in the areas you would want to focus on. Now. I get a little pushback on this because pretty much the entire country, everywhere you go, it's a seller's market, I get that. I really do, obviously, I mean, I'm in it right. One of the things that you got to realize is it's not always going to be a seller's market, and you've got to get really dialed into where you should be focusing what kinds of properties you should be focusing on. And like what the property criteria should be. Okay, so is it a single family home is it you know, what is the square footage range, like all of those things are Really important to know, and you might think you know them. And one of the biggest things I get I hear a lot is, oh my gosh, this is totally different than what I thought these areas after we do our targeting exercise together, I hear, oh my gosh, these, most of these areas, I would have assumed would have come up in this. But there were also some surprise areas. All right. So it's really important that you are looking at the data, okay? The targeting part is so important, because what comes behind targeting, it's the attracting, right? So what's the attracting part? That's the marketing. So if you are not dialed in on the targeting, and you're just like machine gun blasting, random marketing materials to random houses, and it's not just a non owner occupied list, okay, that's not enough. That's not targeting. You've got to be getting people who are more likely to be in a position who need to sell versus those who want to sell, alright, the people want to sell are going to be best served likely by a real estate agent who can put on the MLS, that sort of thing, but the people who need our help the people who need solutions, and people who are really good at problem solving. That's what we do. We solve problems. We solve people's problems, and we serve people. So the people who are doing that those people are typically in positions that they need to sell. All right. So if we're not targeting the right people in the right areas, we're never going to be getting deals. All right. So that's why targeting is important. All right. hope you got some awesome takeaways from that. And we'll see you on the next episode. All right. Remember, first flip done right comm hop on the waitlist, we'll let you know as soon as we have an opening. And we'll coach and support you for 12 full months. unheard of. Yes, we actually stick around for the implementation, the part where most people leave you to your own devices. We are here for it. All right. Okay. Until next time, go out there. flip houses like a girl. Leave people in places better than you find them and make it a great day. Bye.