Mel Feller Discusses Tools for Every Real Estate Investor by Mel Feller
Mel Feller Discusses Tools for Every Real Estate Investor by Mel Feller
When I was 16 years old, I bought my first rental property. At that age, I had a lot to learn and teach myself as I started managing my first property. Eventually, I was able to grow my investment into an actual business and go to college, as well as create my own companies, and I still own and manage quite a few properties today.
As an entrepreneur, I am asked more about my investments in real estate than almost any other question because other entrepreneurs love to know about areas of passive income they can look into to hedge against the entrepreneurial risks they take.
Last year, house flipping hit a decade high. More and more people continue to invest in real estate, and it is becoming increasingly challenging to find a profitable real estate deal before the next investor pounces on it first.
That is why the most successful investors are pairing technology with what they do best to help find the best new opportunities. With the market getting more crowded, the right technology allows people to amplify their results. Here are seven companies that are shaking up the real estate industry with technology:
When you are buying a property, bidding against other investors drives up the price you pay. One of my past employees and another I have worked with started DealMachine, where you can buy properties nobody else knows are for sale. I might be biased because I knew these two well (and they’re now clients of ours), but this app was something I needed, as I always looking at properties that were off market but still could be a good deal. Use the app to take a picture of any house, and it instantly provides owner information and sends the picture to the owner in the mail with your offer to buy the property. Not all owners will accept your offer, but the app follows up automatically until they respond.
Real estate has always been a relationship-based business, but today, building your brand and growing your online presence are just as important as your ability to personally connect. Carrot is a fast-growing provider of websites for real estate investors and agents. For a small monthly fee, you can set up a website optimized to collect the right kind of seller and buyer leads for your business. The website copy and design are done for you, so you can focus your time and effort on closing more deals, not getting your website up and running.
The main question I hear from new investors is: “Is this a good deal?” The money is made when you buy at a good price, but it is so easy to lose money on a renovation, so working with contractors and estimating repair costs are just as critical. If your construction project runs over budget, you will lose your profits quickly, even if you bought a house at a great price. DealCheck makes it easy to estimate repair costs and quickly forecast profits on a particular deal. It is also great for analyzing rentals and commercial buildings. Plug in loan terms, purchase price, rental income, and more to see your ROI or monthly cash flow in less than a minute.
HouseCanary is like Zillow for investors. It shows all the properties that are currently on the market, but what makes it unique is that it adds data pertinent for buying a property as an investment. That will save you time and money because it puts the data you need to make a smart investment right at your fingertips. HouseCanary lets investors filter all properties on the market to quickly see which would make the most profitable rental. There is also an off-market search function to see what areas of your city have the most profitable rentals.
Behind nearly every great sales team is a common tool: a customer relationship management system. Real estate investing is no different. Investors are responsible for building and nurturing relationships with people until they are eventually ready sell their homes. A common mistake many investors make is not following up with their leads enough, which makes it difficult for an investor to be top of mind with those leads whenever they are ready to sell.
Answering your phone when a customer calls is critical. Unfortunately, that is just not always possible, which is why Call Porter will answer your phones for you. It is specially trained to serve investors and set up appointments. A secret to its process is proprietary software that recognizes who is calling, so your leads always get a personalized experience on the phone. You can also log in to the software and hear a recording of the calls for all of your properties.
If you want to invest in rental properties but do not want to worry about finding new tenants, Roofstock may be the answer. Roofstock is a marketplace for buying cash-flowing properties without disrupting tenant occupancy. This can be especially helpful for people who want to invest out of state where they cannot manage properties themselves.
Mel Feller is a certified executive coach and consultant for leaders who need to achieve significant personal and organizational results.
One of Mel Feller’s expertise, insights and engaging style helps his clients gain wisdom and clarity, which result in:
Executives who lead more effectively
Teams that seek to communicate and collaborate, and
Organizations that are aligned with business strategy
Mel Feller has over three decades of coaching and consulting experience in diverse industries, which provides a rich framework for his organizational insights and creative solutions. I brings a thoughtful approach to his work, carefully integrating both my coaching and consulting skills and abilities. When consulting, my focus is on “what you are doing” (i.e., goal setting, problem solving, taking action and achieving results). When coaching, my focus is on “who you are being” (i.e., how you are leading, aligning your values and tapping your gifts). As a client, they become more consciously aware of how paying attention to — and balancing both — are critically important to their success.
When you combine Mel Feller’s keen insights and engaging style with his in-depth skills, technical certifications and broad industry experience, the result is a uniquely qualified executive coach and organizational consultant.
So… what kind of coach are you?”
I get this question a lot. Moreover, the answer is… I am a Life Coach, Executive Coach, Career Coach, and Business Coach. I coach teens, business executives, authors, artists, entrepreneurs, retired seniors, busy moms and entire organizations.
“Truth telling, honesty, and candor: I loved you Mel Feller! You have so much energy and knowledge! I truly hope I get another opportunity to be coached by you. I see myself a little clearer now, and it’s not so bad.”
“Mel Feller you added more value than we can possibly see right now. Mel Feller, you are warm, inviting, and accommodating. Thank you for coming alongside us in this transition!”
“Mel Feller the best education session that we have attended in many years! Thank you so much — I am very excited to put everything you have taught us into practice!”
“Mr. Mel Feller, Thank you, thank you, thank you for giving a marvelous keynote at our Symposium! While we have not yet collected the official feedback, the unofficial feedback was that You Were a Hit! I heard nothing but compliments regarding your presentations. Thank you for making such a positive impact on our attendees! ”
Lyle Cunningham VP
“Mel Feller uses his humor, compassion, and direct nature to help bring out the best in me. Mel Feller is committed to helping me live…I mean, really live, life to its fullest.”
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