Home Flippers Newest Tool? Ride-Share Drivers
✉️ Want to forward this article? Click here.
The on-demand economy is bridging the gap between two industries. Home flipping companies are now enlisting ride-share drivers to scout potential properties, the Wall Street Journal reports.
Home flippers are using drivers, who cover a lot of ground during their routes, to spot and document homes in gentrifying areas with notices on the doors, unruly yards or other signs of neglect.
story continues below
loading...story continues above
In some instances, third-party companies like DealMachine and CORI hire drivers to identify and take pictures of potential homes which could be ripe for flipping. CORI pays drivers $1,500 per lead that results in a purchase; the company currently has 100 drivers but aims for 1,000 drivers by year's end. The article notes that, while one recruiter estimates that every 200 houses a driver submits should lead to one sale, some drivers have been unsuccessful in producing such a lead despite having scouted hundreds of properties over five or six months.
It is unsurprising that flipping, where a house is purchased, improved, and then sold at a higher price typically within a year or two, is beginning to leverage on-demand technologies as the practice has become more commodified.
"40 percent of flips are now made by companies rather than by individuals, giving companies three times the market share they had during the last housing boom, according to research from property-data firm CoreLogic," the article states.
See other articles related to: flipping, flipping homes, house flipping, ride share, rideshare
This article originally published at https://dc.urbanturf.com/articles/blog/house-flippers-recruit-ride-share-drivers/15450.
Most Popular... This Week • Last 30 Days • Ever
Today, we take a closer look at home insurance.... read »
Monument Realty and Mosaic Realty Partners redevelopment plans for a surface parking ... read »
A new report shows that apartment rents rose ever so slightly in DC over the last yea... read »
Plans to convert a downtown DC office building into a large apartment project continu... read »
Kite House at The Parks at Walter Reed sold seven residences in September alone. The ... read »
- A Look at What is Covered By Home Insurance
- 235-Unit Development With Public Park Pitched For Downtown Bethesda Looks To Move Forward
- A Snapshot Of Apartment Rents Across The DC Area
- 400-Unit Office-To-Residential Conversion Pitched in DC's West End Heads To BZA
- A No Down Payment Assistance Program at Kite House, DC’s Best Selling Condominium
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro