For those who are new to wholesaling, the whole process can be overwhelming at first. And it’s totally understandable since you’ll have a lot of key considerations to take into account and decide on.
What list should you market to? What marketing strategy should you use? What do you do to ensure no prospect slips through the cracks?
To help you out and make things easy for you, Brent discussed in detail the 18 steps you need to take note of to win the wholesale game. After listening to today’s episode, you will not only gain a clearer understanding of the wholesaling process, you will also be able to effectively gauge your strong and weak points so you can master every level and dominate.
If you are ready to make your mark in the wholesaling world, consider this episode a must-listen!
- Identifying the right targets
- Organizing your data
- Identifying your marketing strategy
- Initial contact
- Uploading data on your CRM
- Comping the property
- Appointment and offer presentation
- Offer acceptance
- Disposition checklist
- Disposition marketing
- Reviewing and selecting offers
- Making sure earnest money is deposited immediately
- Getting the title clearance
- Getting closing documents signed by the seller and buyer
- Funding the deal
- Closing and recording
- Getting your cheque
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, Hey, Hey everybody. It is Brent Daniels. And on this podcast I am going to be breaking down the 18 steps to winning the wholesale game. The 18 steps that you need to be able to break down and really, each one of these steps could be their own podcast, their own training in itself. But I’m going to give you the list so that you can have it and you can start working on it right away. I don’t care if you’re brand new, I don’t care if you’re experienced. These are the 18 steps to winning the wholesale game. You start breaking down these steps and start mastering each one of these steps and you win time and time and time again. You start going from making 5,000 a month to 10,000 to 100,000 to 200,000 whatever it is. But these are the 18 steps.
So let’s get going because it’s a lot of information to hit you with on this podcast. So number one is identifying your targets, identifying the targets. This is so common. The question is, what lists should I be marketing to? Who should I be targeting? Who should I be prospecting to or going to their door or whatever it is. Where do I get the biggest, best deals? Where do I have the best conversations? Is identifying the targets and it absolutely, it is all cradled within the distressed bucket. Okay? You want to figure out where the highest distress is in your marketplace. Okay. This could be properties that are totally beat up and run down that you find from driving for dollars. This could be tired landlords, this could be probate, inherited, pre-foreclosure. I mean, the difficulty with identifying the targets is it’s a moving target all the time.
The reason that it’s moving is because when everybody’s going after the same targets it gets saturated and when homeowners get a lot of marketing and a lot of cold calls and a lot of door knocking, then all of a sudden the prices for their property start going up in their minds. So you really, really, really want to focus on identifying the right targets. Okay? Number two is organizing your data. Organizing your data. This means putting together your lists, keeping track of where your deals are coming from. Making sure that you understand what you’re sending to who and why and when and how and who you’re talking to and organizing your data. You got to be able to do it in Excel. Excel is a fantastic tool for being able to organize your lists. You need to make sure that at all times you’re keeping your data so organized so you know where you’re getting the biggest bang for your buck, okay?
Number one, identify who you want to go after. Number two, organize it. Organize it. Don’t just be a crazy person out there and you’ve got slips of paper all over the place. You need to organize your data if you’re going to be serious and if you want to win on a consistent basis. Number three, determine your marketing strategy. Okay? Determine your marketing strategy. Are you going to mail to these people? Are you going to paper click campaigns? Are you going to cold call them, I hope you cold call them. That’s what I’m talking about. I’m the TTP guy. I’m the talk to people guy. I hope that you get on the TTP train because it is the most effective way of finding the biggest, fattest juiciest deals in the marketplace is picking up the phone and being proactive. Of course it is, but identifying your marketing strategy is absolutely key.
Make sure that when you identify it, you go deep, you go hard. It has to be ridiculous passion that you put behind your marketing strategy because if you don’t, if you just leave it up to chance, if you just hope and you just pray that something’s going to fall in your lap, it’s not going to happen. Not in this market. Those times are over. It is about passion. It is about speed. It is about action 100%. So identify your targets, organize your data, determine your marketing strategy. Number four is the initial contact. Okay? The initial contact that you have with these sellers from your marketing or prospecting efforts. I don’t care if it’s a call coming into you or if you’re making the initial contact by being proactive. The initial contact is so key because you need to qualify the leads and what do we qualify them based on?
We qualify them on the four pillars of pre-qualifying, which is the condition of their house, their timeline to sell, their motivation to sell. What is their problem, and number four is what is their price? That is the information that you need to gather the four pillars of pre-qualifying that will help you determine whether or not this is a deal. Number five, you want to upload the people that want to sell their property into your CRM, okay? You want to make sure that these people actually want to sell. There is a lot of lookie loos out there. There’s a lot of tire kickers. There’s a lot of people that will call you up or you’ll call them up and they’ll just say, “Well, what will you give me?” Well, also at the right price, you know everything’s for sale for a certain price. These are not the people that are going to do business with you, okay?
These are not the people to focus on? You want to make sure that you focus on the people that want to sell. These people are going to sign a contract with somebody to sell this property. They no longer want this property for whatever reason, and there’s a million different reasons why they don’t want that property, but do they want to sell? Will they sign the paperwork? Will they sign the agreement? And I love that. I love using paperwork and agreement instead of contract. It just feels better for everybody. A little tip there. Okay? So do they want to sell and keep them organized in your CRM? Okay? Make sure that you have a CRM. Make sure that you have a contact management that makes sure that you have all of your pipeline of leads in one organized space because you need to be able to not let things slip through the cracks.
Okay? If you’re just willy nilly out there, if you’re just crazy, if there’s just stacks of paper all over the place, you are going to lose out on deals. You are. Things will slip past you. Okay? So organize and upload the people that want to sell into your CRM. Number six, comp the property. Is it a deal or is it not a deal? Okay? There is so many different strategies for comping and I’m not going to go into it in this ’cause I’m just going to give you these 18 steps, but comping the property is so important and I see this and it is, I think, people don’t give it enough respect to be able to understand what a deal is and what a deal isn’t because nothing is more frustrating than getting a motivated seller, giving them a contract, signing up the contract and it’s overpriced.
Okay, so determine, really work on your ability to comp those properties. Is it a deal or is it not a deal? Lock them up as low as possible as you’re beginning and when you’re beginning lock them up as low as possible. You need to be conservative for sure, but make sure that you are always building on your ability to comp those properties. Okay? Number seven is your an appointment with the seller and offer a presentation. Okay? Your appointment, the offer presentation, are you getting knee to knee, belly to belly, face to face with these sellers? I hope so. I hope so in this market. If you’re relying on doing it all over the phone, it is rough sledding right now. I am telling you. Now, obviously sometimes people are out of town or some people want to just do it over the phone or over the internet, whatever.
I totally get it and I totally respect that, but I’m telling you right now, if you can get a face to face appointment, do it. In that appointment you are wanting to build a relationship. You are wanting to get in sync with these people. Some people call it rapport. Don’t build rapport like jerk that’s just out there trying to get something from somebody. Be genuine. Ask questions and listen to them. What you’re trying to find out is what is their problem and can I solve their problem? It is so important. Remember in every single deal there is three core elements. Number one, they want to sell. They’re going to sign a contract. Number two, they trust that you will get the deal done. Okay? They trust that they will get paid. They might not like you. They might not necessarily like selling their property oh they’re so over the Hill about, I mean just overwhelmed and so excited that they’re selling the property but they trust that at the end of the day you’re going to get the deal done and number three is that you solve their problem. You solve their problem.
Cody Hofhine talks about it all the time. You’re not looking for properties, you’re looking for problems. Okay? Can you solve their problem? If their problem is that they need way more than you can offer, you can’t solve that problem. If their problem is that they have a tenant in there that’s paying under market rents and they’ve signed a contract, signed a lease agreement for the next five years and it doesn’t make financial sense for you to put that deal together, you can’t solve that problem. You got to find situations where you can solve the problem and that’s what you’re working for. Okay? Now if you want to go in there with a checklist and writing down all the things that are going on with the property and kind of showing it to them to help negotiate, fine. I don’t do that. It’s just not my strategy.
Maybe it’s wrong, but it’s worked out for me really, really well just to be in the moment with the people at the appointment. Okay? Number eight is offer acceptance, baby. They accepted your offer. Boom! They signed the contract, you get it back. You’re holding that contract. Woo! That is your golden ticket, baby. You hit the lottery. That’s your lottery ticket. There you go. Like the offer acceptance, you get it signed. Beautiful. Number nine is your disposition checklist. Okay? On your disposition, checklists should be certain things. You need to open escrow, right? With your title company or closing attorney, you need to take pictures of the property. You need to gain access or set a time to have access to the property. You need to determine the price that you want to sell the contract for. Okay? We’re selling the contract, so you’ve got to determine that price.
Okay? That is your disposition checklist. That is number nine. Number 10 is your disposition marketing. Okay? How are you going to market the property? Are you just going to pick up the phone and call the biggest, baddest buyer in town and tell him, “Hey, here’s the deal. Do you want it?” Or are you going to blast it out to a huge amount of buyers, cash buyers through a text blast email blast, give them a call. You know like really get people excited about this property and let as many people know as possible? There’s different strategies for everything. Okay? I highly recommend that you build the biggest, baddest buyer database possible because I’m telling you certain people have different strategies for the property, whether they want to hold it, whether they want to live in it, whether they want to flip it. You know there’s so many different strategies you want to get the most out of the opportunity as possible and the best way to do that is by having a huge buyer database.
There’s no way around it. Okay? So your disposition marketing, making sure that you’re getting it out there and that you are getting as many people excited about that property as possible. And then number 11 is an inspection. If your buyers don’t buy things sight unseen, you need to get them in there to get them committed to that deal. Okay? And that’s number 11 is the inspection. So set that up. Number 12 is to review and select the offers that you get for your contract. Okay? Sometimes the most amount of money is not the best deal because the buyer is, you don’t know if they’re shaky, if they’re just trying to daisy chain your deal, which basically means that they’re just locking up to try to wholesale it themselves. Or if it’s a legit buyer, sometimes I’ll take less for a deal because I know somebody’s going to buy it sight unseen.
They’re solid buyers, they always close on time and they’re the least amount of problems. Now that obviously varies, depending on how much higher the other offers are. But you want a committed quality buyer that’s going to get the deal done. So review and select those offers. That is the 12th step. The 13th step is make sure the earnest money is deposited immediately. Nothing is a done deal until that earnest is in. Okay? They are not committed by putting the earnest in, they are committing to closing the deal. They are committed to this transaction. They are committed to making all everything else go smoothly. Okay, so you need to make sure you need to be on top of them to get their earnest money in. If you’re just like, “Well, just get it in when you can,” you are going to get burned. I’m telling you, you’re going to get burned.
You need to get that earnest in immediately. If it means that they have to bring in a check to get you to sign the assignment, great. If they have to bring it the title immediately, great. Some of the best buyers, they will literally call us and say, “I am driving to the title company with a check right now. I want this property. Send me the assignment.” They will. This is what you want. You want that passion. You want that commitment right? From them. They are solid, they are quality and they’re going to put money on the line. We put a minimum of $5,000 on for earnest money and even more if it’s a bigger deal. Okay? Number 14 is getting the title clearance, making sure that all the ducks are in a row, that all the title is done, that everything goes smoothly so that when the property transfers from the seller to the new buyer that everything is paid off, everything is done, there’s no liens on the property and you get clear title.
It is so important. You want to be in conversations with your title company to make sure there’s no surprises. ‘Cause I’m telling you, you do enough deals there are going to be plenty of surprises. You know, something recorded on the property or some judgment or something that you know, some tax default or some income taxes or whatever that the seller didn’t even know about or somebody else that or if they didn’t record the title right when they bought it. You know a lot of different things. So make sure that everything is clear there because nothing will postpone a closing more than getting title clearance. Okay. Number 15 getting the closing docs signed by the seller and the buyer. I highly encourage you to get the seller to go into to title weeks in advance, days in advance of closing. They are at no risk to go in and sign the day as soon as title’s ready for them.
You know the title is not going to record anything until all of the funds are in and all the ducks are in a row and everything is taken care of so they can go in and sign anytime. We encourage our sellers to go in and sign as soon as possible and we encourage our title company to set that up. So make sure that you use that little tip and then make sure that if your buyers are getting hard money, make sure that that is all there early. You want it there at least 48 hours early because nothing is worse than waiting on the hard money lender, the private money lender and whatever it is to get their loan docs there. The proof of insurance, of homeowners insurance of all these little things. You want to make sure that all that is done ahead of time so that you can have a smooth closing because you do not want to be a liar to the seller and say we can close on the 31st but all of a sudden you’re not closing till the eighth, they get so mad.
So stay focused on making sure that the end of the transaction is as smooth as the beginning of the transaction. Number 16 is the funding of the deal. Are they, is the buyer bringing in all of their own funds themselves or are they getting hard money? Are they getting private money? Make sure that you know when the funding goes in so that you know that everything is done. It is all done and then after the funding it is just number 17 is the closing and recording. This is when everything is closed, everything is recorded with the County or wherever you’re at, whatever is the recording body that you want to make sure that everything gets closed and recorded, and then number 18 is the best. You organize getting keys for that buyer and you get that big, fat wholesale check or wire into your account.
Boom! That is what we’re talking about. We are talking about getting paid on this. We are talking about providing value and getting paid to provide that value. Remember, our income is determined by the amount of value we bring to the marketplace. So that check literally, literally tells you how much value you’re bringing to the marketplace. Isn’t that incredible? I mean, what other way is there to know how much value you’re bringing, then when that check hits your hands and you take a picture of it and you post it to Facebook because you are just a cocky sob. You know what I mean? I love it. I love all of that. So you know it’s getting paid. That’s the 18 steps. Again, all of those things can be broken down, but if you’ve got a team, you can delegate each one of these steps so that you can at some point pull yourself out of these 18 steps and you can run the company from a higher level, but if you’re just starting out, you got to wear all these hats.
Okay? I’m going through these and giving you these 18 steps because I want you to know that at every single level you need to win. You need to develop yourself, develop the skills to understanding the process so that you can go with confidence and know exactly what’s going on because there are scary times when we don’t know if a deal is going to go through or not or we don’t know if the title is going to get clear or not or we don’t know what’s going on. Is this buyer legit? Are they not legit? These 18 steps will help you. It is a checklist to make sure that you know going through the process that you are going to get paid at the end of it. It is amazing! I mean, just use these 18 steps to step up your game. Okay? Step up your game.
And then as you start stepping up your game and you start making more, and you can start bringing on acquisition managers and bringing on disposition managers and bringing on virtual assistants. All of a sudden you start delegating all of these things to those people and then all of a sudden you’re working five to 10 hours a week. Maybe just building up your company and you’re getting big fat, juicy checks every single week, maybe daily. I mean, it’s just incredible. But this is the 18 steps to winning the wholesale game. I hope that you wrote them all down and I hope that you start implementing them right away. You start figuring out where you’re weak at, where you’re strong at, and start working on your weaknesses. You know, start working on and getting it rounded out and really, really focus on winning this wholesale game. I love it.
Now, if I don’t see you guys, listen, October 15th through the 17th is the wholesaling summit. It is the best event in the country for the entire year. If you are not in Asheville, North Carolina from October 15th to 17th your losing hundreds of thousands of dollars. I am telling you you are going to be around absolute superstores. You’re going to be able to, I mean remember, you want to be around people. You want to be the dumbest person in the room. You want to be the poorest person in the room. You want to be the most inexperienced person in the room. You want to be around people that are doing way more than you. This is your opportunity. Wholesalingsummit2018.com. Wholesalingsummit2018.com. Every single event we’ve done has sold out. There has been waiting lists ridiculously long. There’s only 300 seats in the room. Get in there now. It’s silly not to.
I can’t impress enough on you to get in there and be there. I’m going to be there. We’re going to be face to face. Tom Krol. Cody Hofhine. Todd Toback. I mean just, Dan Toback. It’s just ridiculous. The talent is just going to be off the charts, so make sure you get there and then obviously you know if you want a PH, if you’re going to commit yourself to a cold calling marketing campaign, a cold calling prospecting campaign. You need to get your PhD in cold calling with my TTP program, my talk to people program. It is the absolute number one program to developing your cold calling strategy. It’s all laid out for you. It is all ready laid out for you. Www dot wholesaling inc com forward slash TTP. Set up a call, set up a call. It’ll be the best call of your year.
Set up a call. Get on the phone. If you are serious about taking action, being proactive, keeping your marketing costs down, just slicing your marketing budget, getting to the best deals before anybody else because everybody else is waiting for these deals. A fully come to them for people to call them because they’re being reactive because they’re using reactive marketing techniques that used to work years ago. They don’t work. You need to be proactive. If you’re that person, you need to set up a call immediately with us, get into the program, you will get your PhD in TTP baby and you will be off and running and you will be making so much money and the best part is you’re going to keep that money. You’re going to keep that money because the cost to do cold calling, the cost to do TTP is so much lower than anything else out there and the most effective than anything else out there.
Your business is going to explode. Why am I so passionate about this? Why am I pushing this so hard? Like literally the results that are happening in this program are ridiculous. You can go to the page, you can see the testimonials, you can see the testimonial videos, you can go through all that. But I’m so passionate about this ’cause I know it works and I know it’ll work for you and I know it’ll explode your business and change your life and your business life and it’s going to free up your schedule like you wouldn’t believe. So get on there. Wholesaling inc dot com forward slash TTP. Get on there today. Don’t mess around. Get on there today. Set up a call. Let’s go baby. Until next time, I am Brent Daniels, encouraging everybody out there to talk to people.