Know Thy Numbers! » REI In Your Car » 1154

I’ve been reading a lot of the news lately, and I always do a search for real estate to get a pulse on what’s going on in the market. But beware of the hype because a lot of people are freaking out. Things are changing, but there are still plenty of opportunities. More houses and properties are coming on the market and some cities are seeing their largest increases in inventory. But that’s not what I wanted to talk about on this podcast. It’s the importance of knowing your numbers. If you know your numbers, then you know what you need to do. Whether you’re a buy and hold investor, wholesaler, into creative financing, or doing vacant land deals, knowing your numbers means knowing exactly what’s going on in your business. You’ll also know what your buyers are willing to pay for specific properties and your average profit per deal. Knowing your numbers also means you know how much follow up it takes to get deals done. It takes two to three months of follow up to get a deal under contract and an average of seven to eight touches. The news might have you panicking, but knowing your numbers takes the pressure and stresses off so you can keep running and growing your business.What’s Inside:—Why it’s important to know your numbers.—How to work backward from your revenue goals.—Which numbers are the most important to know.