Four Essentials to Wholesaling in 2017
Recently I did a meeting where we discussed what a wholesaler needs to do to have an awesome year. After giving it some thought, it’s really quite simple. Only four steps are needed and doing these four things consistently will make a huge difference in how much success one has. Let’s get right to the four steps to an incredible year of wholesaling!
- Marketing – The lifeblood of your business. No marketing, no leads. It is a requirement above all else. While there is a plethora of free marketing ideas as well as paid ones, the key is to do them consistently week in, week out, month in, month out. If this is a constant, leads will be a constant. Very simple yet a major pitfall of most investors out there.
- Networking – You have to get out and meet people. Preferably in person however if you are wholesaling virtually then this is not always feasible to accomplish. Most wholesalers tend to be local so if that’s you, get in the car and go meet people at meetings! And not just REIA meetings but other types of Real Estate functions, general business meetings and even non-Real Estate related meetings. You simply never know where your next opportunity will come from whether Buyer or Seller. Networking can never be underestimated!
- Make Offers – This seems almost silly to say but I have met far too many people who do not succeed and when you ask how many offers they have made, answers will range from 0-5 per week on average. This is simply not going to really get it done in most markets. If points number 1 and 2 are going, then this issue will take care of itself. You have to make lots of offers as real estate is a numbers game. Make offers on everything that you sincerely believe is worth attempting to acquire, no matter what the asking price, as you never know what will come back.
- Follow Up – You may have heard the phrase ‘The Money is in the Follow Up’. This is truth. Especially in today’s market which is Seller driven in many locales. Follow up will get you more deals than perhaps anything else you do. I have had no shortage of Sellers say no the first, second, third, fourth time or more only to accept my offer later. It happens every single day so make sure you are following up periodically with all your leads. We shoot for every month, 60 days tops to touch all our leads.
That’s it! While there are certainly tip and tricks and technical details about wholesaling that are constantly learned and refined, these four items above will make the biggest of impact of anything you do. Do them regularly and expect success to be right behind as you will most likely have a very prosperous 2017. Best of luck!