Have you been doing wholesaling for sometime yet you’re still not getting the results you are hoping for? Oftentimes, it will all boil down to you neglecting vital components of wholesaling you should have paid close attention to.
In today’s special episode, wholesaling rockstar and TTP guy Brent Daniels will provide expert guidance so you can examine your business closely and determine the aspects you are awesome at and the aspects you need to improve on.
To make things easy for you, Brent will focus on 3 of the most fundamental components of your wholesaling business—sourcing (marketing and prospecting), conversion, and disposition.
In approximately 10 short minutes, Brent will help you identify what you are doing right and the areas you need to improve on. So listen in, take note, and it won’t be long until you are closing one deal after another and taking your wholesaling business through the roof!
- The difference between marketing and prospecting
- What the proactive approach is when it comes to wholesaling
- Why doing lead follow-up is vital
- Four things you should consider when qualifying a property
- What to look for when you are getting a lot of leads but no conversion
- Why building a connection with people is key
- The importance of knowing what buyers want
- What are the exit strategies available at your disposal
If you are Ready to Explode Your Wholesaling Business, Click here to Book a Free Strategy Session with me right now!
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Brent Daniels: Hey, it’s Brent Daniels here and I am going to break down the three parts to the wholesaling business. I mean, there are so many moving parts in this business, but I’m going to break it down to just three parts of this business. Okay? Now with any one of these three parts, what I want you to do is I want you to examine your own business and find out, figure out, where you are awesome at and where you need some improvement at because there is a mix between both of those in every single one of these parts. Really take a look at it and once I break it down, I think it’s going to be real clear. You’re going to be able to figure out where’s the bottleneck in my business and how do I measure that? How do I really find the right data or the right information to be able to change that up now? Change it up and improve it and influence it in a positive way.
Brent Daniels: Number one, the first step in our business is all about sourcing the deal baby. It’s all about either marketing or prospecting. That’s it. Marketing or prospecting. What I call prospecting, I call TTP, talk to people. It’s a little bit more action-based and I like it and it’s a lot easier to say, but marketing or TTP. Now listen, both absolutely work. Okay.
Brent Daniels: What is the difference between marketing and prospecting? The difference between marketing and prospecting is with marketing, you are investing into your business. You’re investing into whatever you are paying money for to get calls to come into you. Okay. You are paying for direct mail, you’re paying for paper click, you are paying for bandit signs. You’re paying anything that you’re putting out money and it’s a sunk cost, it’s gone, it’s forever gone, you’ve spent it and you’re waiting for those calls to come in. It is by far the most popular way to source deals in our business. Absolutely.
Brent Daniels: Now, prospecting is a lot different. Prospecting is about going proactively into your market, getting the homeowners phone numbers of properties that you want to get ahold of and picking up the phone and calling them. Okay. It’s a more proactive approach. If you want to think of it like a game. Marketing is more like defense and prospecting is more like offense, right? With the marketing, you’re waiting for these things to come in and you’re picking them up and you’re building a relationship and you’re doing great with these homeowners that are reaching out to you. These are the sellers that say, yes, I am, I have, I am in distress, or I am motivated, or I’d want to sell my house. Do you want to buy it? Can you buy it? Are you the right person for it? Right?
Brent Daniels: With prospecting, we are going out into the community. We’re picking up the phones, we’re calling them, and we’re saying, would you consider an offer on your property? How long have you been thinking about selling that property and really getting to the homeowner before they raise their hands. Okay. Before they even raise their hands, you’re getting to the homeowner and you’re building that relationship.
Brent Daniels: Now listen guys, it all depends on how you want to run your business. I run my business from a proactive standpoint, which just means that we prospect every single day. The reason I do that is because I want to get those deals before my competition even knows about it. Okay. I want to get those deals before the seller necessarily raises their hands and starts calling people and seeing if they would consider an offer.
Brent Daniels: Now, marketing is amazing. No doubt about it. It is taught in the Wholesaling Inc. course. It is the best course on the planet for wholesaling. It absolutely is and it absolutely does work. It just depends on how you want to run your business. Okay.
Brent Daniels: Number two. Number two is conversion. Conversion of your leads. If this is what’s getting your leads, number two is the conversion. Number two is what gets the contract signed. Conversion is all about your lead follow-up. Are you doing your lead follow-up? First of all, the lead follow-up is vital. Once those leads are in the database, it is vital that you are following up with them every single day. Now, maybe not every lead every single day. Don’t get me wrong, but you, what you want to do is you want to qualify, you want to disqualify. You want to qualify these people based on four things, the condition of the property, their timeline to sell, their motivation to sell, or what is their problem and what is their price. Those are the four things that we’re qualifying these properties or disqualifying these properties based on. Okay.
Brent Daniels: There is no value in having a lot of leads. There’s not. There’s value in having a lot of signed contracts. Okay. We need to be able to filter out the leads based on prequalifying them. Okay. It’s absolutely critical. If you’re having a problem, if you’re getting a ton of leads, but you’re not getting a ton of deals, you got to look at your conversion. You know what I mean? You got to break that down. What’s going on in the conversion there? Am I not getting back to people in time? Is it a speed issue? Are these calls coming in and I’m not getting back to them in time and they’re going to somebody else? Is there a lot of competition because there’s so many people fighting over the same ones when they’re calling people off of marketing? You know what I mean?
Brent Daniels: What is the issue there? What can you dissect when it comes to conversion? Are you just not seeing it? Do you just sound like you have no life to you when you call people back? Are calling people back and you’re chewing a cheeseburger and you’re driving down the road? All these things matter. With my business, all my acquisition managers do all day is conversion. That’s all they do is lead follow-up and they go to a nice quiet place where there’s not a lot of background noise. They have an unbelievable kind and optimistic tone, and they just have that ability to build a connection with people. It’s so important when it comes to conversion. Okay.
Brent Daniels: Third thing is disposition. What is your exit strategy? What is your exit strategy? Now let’s say that it’s wholesaling. Let’s say that you want to wholesale these properties. Are you building up your buyer database? Are you communicating with them regularly? Are you reaching out to the biggest buyers in town and seeing what they want to buy? Do you know what people are buying? Do you know what the hottest zip codes are? Do you know what prices they’re buying in those hot zip codes? Do you know what kind of product? Do they want two bedroom, one bath, or will they only buy three bedroom two baths? Your disposition when it comes to wholesaling is all about knowing what your buyers want.
Brent Daniels: Now, disposition can be anything. I mean, you could fix and flip these. You can wholesale these. You can hold them forever and put them into your portfolio, but what is your exit strategy with each one of these leads? You’re getting leads in from your marketing and prospecting, you’re converting them into a signed contract and then what are you doing with them?
Brent Daniels: Well, if you’re going to wholesale it, if you’re going to sell it to somebody else, charge a premium for that contract, well then how many people are you putting in front of that opportunity and how good are those people at closing the deal and how smooth are these closings? All this happens with disposition. All this happens with that third part of the business. The third part of this business is your disposition. It cannot be ignored. It has to be nurtured and cared for and loved and developed. You have to put as much enthusiasm into that as you do with the other ones or you’re simply leaving money on the table when you get a deal. You simply are. That’s what happens if you’re not keeping really close track of what you’re doing from disposition side.
Brent Daniels: That’s it guys. I mean, that’s the three things, the three parts of the business to look at is if you’re not getting enough leads, then you need to address your marketing or prospecting. If you want to get more leads than you know what to do with, then you go proactive. You go straight out. If you don’t have a huge budget, then you go straight TTP and you start calling people up. It’s just a fact. I mean, you just start calling people and you’re proactive and you don’t have to spend a ton of money being able to do that, but if you have a nice budget, if you’ve got a comfortable budget that you can spend marketing, it is a phenomenal way to get business.
Brent Daniels: If you don’t, if you’re more proactive, if you’re more like, hey man, I know with my skills and my talents and my enthusiasm and just my personality that if I get out there and I get in front of people, I’m going to get deal, then you need to start prospecting. You need to start prospecting. Of course, you know that I’m the TTP guy. I’m the TTP. I’ve got a TTP program. You can literally talk to one of us one-on-one about prospecting at www.Wholesalinginc.com/TTP. Wholesalinginc.com. I’m sure we’ll post it somewhere on this thing, but wholesalinginc.com/TTP.
Brent Daniels: If that’s you, if you’re that proactive person that wants to get more leads, you know you can convert and you know what you’re going to do with the properties, then set up that call. Set up that call because we want to talk to you because we want to build the most proactive group of real estate investors in the country. We are already doing it. You’re hearing whispers of it. You’re hearing posts about it. It is phenomenal. Get in there.
Brent Daniels: This is turning into an ad. I’m sorry, but three parts of your business, whatever you do, whatever you want to do in this business, whether you’re sending out a ton of marketing, whether you’re getting those leads and you’re converting and you’re selling them all, these are the three parts of the business. Take a look at it. Really examine your business with a microscope and see where you are strong and where you are weak at. Okay. And then just improve those. Just influence those in a positive way so that your business goes through the roof and you’re doing deal after deal after deal. I love it. I hope this helped. I hope it made sense to you guys and maybe we’ll talk to you soon.