You understand auctions, now its time to get ready to bid. Introducing the AuctionTumbler Workflow system.
Researching COMPS, visiting properties, getting title work done for every single property is a massive amount of work. How do you track the progress of each one? If you are serious about buying a property at auction you will need systems in place to do this correctly. Below is a summary of what the Workflow system can offer and how it works.
Auctiontumbler Workflow system explained
In order to safely bid on a property I highly suggest visiting each property, assessing your max offer, getting title work done, checking for sinkholes etc. Essentially all of the due diligence required in buying a home without an inspection. Although those tasks seem fairly simple; each one of those tasks also may have 3-4 sub tasks. There may be 10 or so total things that need to be reseearched per property. If you start off your research pool with 40 or so properties you can see that this is a tremendous amount of work that needs tracking and systems to coordinate properly and efficiently.
Auctiontumbler was initially an "information gathering service" that gatheres a lot of data points for every single property, it still is, but now that we are advancing a lot of the value add and efficiency lies in making the initial research process much easier.
Search & Property Detail
Start off as usual by creating a search via the SEARCH FORECLOSURES, or AUCTIONS BY LOCATION tab after logging in. From the list of initial active properties click on a property of interest, this will bring you to the property detail page. From there, click on the checkbox "SAVE LISTING". This will save the listing for further research. Example of property detail page
Scroll down on the property detail page, you will see a lot of new fields such as "Initial Screening Notes", "Standard Rehab $/sqft calculation", Requires Drive By, Etc... When your team is doing the due diligence on a property, the information should be saved here; for each property. The information is saved specific to your user login and is not shared with anyone else.
Workflow Dashboard
Now that the information has been saved, a new display has been created called Workflow Research. Also known as the Workflow Dashboard.
This new table view will display the meta information you saved for each property. It is less focused on hard facts about the property like SQFt, and more interested on research steps that you have taken on the property. Below is a screenshot of what I have done so far for each property. We have also added the ability to view a table of any properties that you have excluded from your list, or have been Canceled Per County. Click VIEW REMOVED PROPERTIES.
Create Drive Map
When you are to drive the properties, you will need to create a drive map. Yes, we even make a drive map for you. Click on CREATE MAP button. It will create a map of all of the active listings you have above in the table.
Click on the icons you are going to drive today, can be some or all of the selections. After you have clicked on the ones your would like to drive today, hit SAVE SELECTED PROPERTIES. This is going to save your specific selection.
On the Drive
When actually driving, you can use your mobile phone to view the selected properties. On your mobile phone, login, and visit the MY DRIVE MAPS tab.
The system will automatically fetch all of your drive maps and then list them starting most recent first in a select box. The system will auto load the most recent map. If you wish to change to a different drive map you can do so by simply changing the select.
NOTE: all of the above is a member only functionality. We hope to work with a few serious investors who are actually looking to do this professionally. Login and membership is required. Please understand that Auctiontumbler takes a tremendous amount of programming hours and has significant server costs. Your membership allows us to keep Auctiontumbler running.
