One of the basic questions you have to answer when you get a real estate investing website is “How do I get my website configured to get the best results?”
There are so many things you can do in real estate investing – buying houses, buying notes, short sales, fixing and flipping, wholesaling. The list goes on and on. Or you can have a combination of several real estate business models.
Likewise, your website must be able to adapt to suit your individual needs and accommodate your business model or models. Let us take a look at some of the most popular business models:
Real estate investing business models
1) Buying Houses
This is the most common business model. Most real estate investors buy houses. Actually buying houses forms the basis of most real estate investing businesses.
You could be buying houses in cash, or on terms such as lease options or any other creative ways.
2) Selling Houses
Almost everyone who buys houses also sells them. Again, you could be selling houses on retail, or on terms such as lease options or rent to own.
Wholesaling is also called flipping houses. It involves locating distressed properties that usually need repair. The value of these houses is usually greatly discounted. You then turn around and flip it to another investor who will do the repairs and sell or rent it out.
You end up making a little money from just a little effort. Sometimes you can flip houses without taking title to the properties.
Wholesaling is the fastest way to generate a healthy cash flow without spending a lot of your money. Sometimes you need just a few hundred dollars to make the deal happen.
Another popular business model is to buy houses, fix them, then put tenants for positive cash flow.
5) Buying notes
Other investors specialize on buying and selling notes. By buying notes, you bypass the need to own the property and instead become the lender.
6) Commercial real estate
This is a wide business model that can incorporate apartments, shopping centers, land and so on.
Some real estate investors combine both commercial and residential real estate. Residential real estate involves residential houses, whereas commercial real estate does not include residential single family houses.
7) Other business models
When you are investing in real estate, you sometimes find yourself having to be involved in other aspects of the business that are not really separate business models.
i) Private money
when investing in real estate, sometimes you need to look for private money investors to finance your deals.
This means you actively look for private money investors and lenders as part of your business.
ii) Short sales
Most people who buy and sell houses find themselves having to negotiate with lenders to accept less than they are owed for the house. This process is called short sale and forms a part of most real estate investors businesses.
iii) Loan modification
Loan modification has become popular in the recent years. A lot of real estate investors also happen to be mortgage brokers, or even real estate agents who offer loan modification services on the side.
So what types of websites for real estate investing are there on the market?
First of all, when shopping for a real estate investor website, it is important to choose a website that is flexible enough to be adapted to suit your individual needs. Preferably, you should not have to spend more money to adapt it.
In other words, the best website is the one that can be easily and quickly adapted to incorporate different business models as needed. This means that if your business model changes in future, you do not need to buy a new website.
Interactive real estate investor websites
These websites are fully adaptable and offer complete customization and adaptability capabilities. By default you can switch from one business model to the next with a single click.
If none of the default business models suits your needs, you can then adapt it to suit your individual needs.
Here are some of the business models supported by interactive real estate investor websites
1) Websites for buying houses
This website comes completely equipped with everything you need to buy houses. The website presents you to motivated sellers as the most credible person to buy their house.
The end result is that you get leads that are fully pre-screened for you with deals already pre-negotiated for you by the website.
You will only need a few minutes to decide if this is a deal or not, and follow up or let it go as needed. You can then make offers right from the virtual back office and control the closing process from your back office.
2) Websites for selling houses
This website comes completely equipped with all the features you need to sell your houses quickly. You simply list your houses from the virtual back office and manage the whole process from there.
Potential house buyers can join your buyers lists as they view your properties. A buyers list is one of the most important assets when you are selling houses. You can get a buyer just by sending an email brochure to your buyers list.
Of course, they also come integrated with social media so that people can recommend your properties to their friends through Facebook, Google Plus, Twitter, etc.
This website can quickly be adapted for renting houses, lease to own, and so on.
3) Websites for wholesaling houses
This website is equipped for the real estate investor that wholesales houses. Like the website for selling houses, this website comes integrated with buyers lists and social media.
4) Websites for seeking private money
You can choose this business model with a single click from the virtual back office. Your website will automatically change to one for attracting private money investors.
5) Websites for buying notes
If you buy notes, you can convert your website to buying notes. Again it’s completely equipped for this business model by default.
6) Websites for investing in apartments
You can quickly adapt your website for investing in apartments with just a few clicks.
Should you combine business models in your website?
My first real estate investing teacher had a website that was a one stop shop for everything she did – teaching, buying houses, selling houses, wholesaling, renting, offering hard money and seeking private money investors.
She used to say it worked just fine for her.
My next guru strongly emphasized that you should never mix buying houses, selling houses or seeking private money. These business models must be separate.
Personally, I am strong proponent of never mixing these business models. I once lost a wholesale deal worth over $10,000 because I listed the deal on my website for buying houses. I had given my seller a business card with my website. Since my intention was to wholesale the deal, I listed it on my website and sent it to my buyers list.
I located a buyer, we set up the closing date and my buyer wired the money to the title company. Unfortunately when the motivated seller saw what I was making out of her house, she refused to go to closing. I lost the deal because I mixed business models in the same website.
Do you have to buy more than one website for your real estate investing business?
If you do need to have separate websites for each business model, then you must buy more than one website.
If you can get away with having a one stop shop type of website, then you can have just one website. Interactive real estate investor websites do not offer any limitations as to how you can adapt your website. You can mix business models in one website as you choose, or dedicate each website for each business model.
And if your business model changes in future, you will not have to buy another website or hire someone to re-design your website. You will usually just need to make some simple changes from your back office to have a brand new website at no extra cost!
The choice for type of website you choose really depends on you and if your business models can conflict with each other if you use one website for them.