Technology is Eating Every Industry – Why Not Fix & Flip?

project-management-system-for-flipping-houses

Technology has made detailed and involved processes such as Customer Relationship Management (CRM) and taxes much much easier. Companies such as SalesForce and Intuit are worth billions of dollars because of this simple idea.

The team at Fixters recently attended the International Home Builders Association Tradeshow in Orlando. One of the meetings was held on the topic of scaling your business and growth. The main takeaway from the discussion was that if you are not using one of the many project management systems available, you are behind your competition.

Move Beyond the Spreadsheets

Why should it be any different for folks trying to scale their house flipping business? When we go to a competitive property to do an initial evaluation and there are multiple flippers there, the scenario is inevitably the same. It’s people walking around with printouts of their Excel spreadsheets, attached to clipboards. They are filling in measurements and taking notes to then re-enter into their computer later. Even the training videos from some of the courses that charge $30,000+ show groups of eager students ascending on a property with spreadsheet printouts and notebooks in hand. Seems outdated to us.

A good flipping operation that is looking to grow will be trying to create repeatable processes to handle future growth.

It shouldn’t be this way. A good flipping operation that is looking to grow will be trying to create repeatable processes to handle future growth. This translates to building a team of reliable trades who understand your repeatable processes and your pricing goals. Which also translates to creating consistent materials packages that are readily available and easy to install.

If your market is high-end flipping projects, design and uniqueness is key. Otherwise, why try to recreate the wheel every time? The majority of buyers are at lower and medium price points. The finish package should be appealing to as many buyers as possible. This is not the time for a fashion statement. A repeatable appealing finished product is a strong advantage.

Your Best Flip Starts with Fixters

A project management system such as Fixters is essential to know if your project is on time and on budget. We’ve had multiple nightmares where we are finished with a property and thinking we are on budget. Then we have additional invoices appear after the fact that throw us over budget.

If you are serious about growth and are spending $200,000 or more on a project, an investment of less than $1,000 is inconsequential.

The final advantage to using a project management system for flipping houses is professionalism. Our industry often suffers from a credibility perception. Reports and plans that are generated from a system make you look very professional in the eyes of investors and contractors. If you are organized and on top of your project, who are they going to want to work with?

Cost should not be a barrier to getting started with a system. If you are serious about growth and are spending $200,000 or more on a project, an investment of less than $1,000 is inconsequential. Product discounts such as the ten percent discount Fixters users receive on their Home Depot orders will more than pay for the cost of an annual subscription and coach! Go do your research on the systems that are out there and move beyond the spreadsheet!

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