Have you been wholesaling for quite sometime but have yet to hit 7 figures in terms of profit? You’re probably wondering what you’re doing wrong. Come to think of it, it’s probably not what you’re doing wrong but what you haven’t done.
In the wholesaling business, it’s tempting to do everything on your own. Many people feel more in control of their business that way. It’s actually a common misconception and practice. And while it’s unfortunate to note, it’s also a trap many wholesalers fall into.
However, if you’re an entrepreneur, the only way you can get to the next level and achieve that seemingly elusive 7-figure income is to get past one major fear—the fear of hiring (and empowering) other people.
If that’s a hurdle you have tried to overcome but in vain, you’re in luck! In this episode, successful wholesaler Todd Toback will teach you how to effectively get past that fear so you can finally take your wholesaling business to the next level once and for all!
- What to do when you feel like you don’t have enough work for people
- How to get past the idea of having to do everything on your own
- How to overcome the fear of losing deals when working with new hires
- Why hiring people is important in the wholesaling business
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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Todd: I’m going to talk about the single, the single biggest reason why you’ll never get to seven figures in your wholesaling business, okay? And it’s not what you think, but the number one reason why you are not going to get your business to seven figures is not what you think. Most people think, “I need to work harder. I’ve got to hustle. I’ve got a grind. I got to find this new list. I got to have this new strategy.” Guess what? It’s not that, okay? If working harder was the way to get rich, you’d get migrant workers who are working in the fields picking tomatoes. These people would be the richest people in the world. Working harder is not going to make you more money. It’s not going to make you seven figures and it’s certainly not going to grow your wholesale business. So I’m going to give you the answer here and I’m going to tell you the number one thing that’s holding you back. And then I’m going to show you how to blast through this barrier. Are you ready?
The number one thing is fear. Fear of what? Fear of hiring team members. Fear of empowering others. Fear of being a leader and standing on the shoulders of giants. “Well, if that was that easy, Todd, you like you could end this video.” Well, I’m going to break this down and to fear of what you’re like, “Todd I’m not really on that really scared to hire somebody.” Okay, well let me share with you the four barriers, the four mental things that happen in our mind that prevent us from hiring the right people. And this is something that we focus really on our next level wholesaling students, but I’m going to break into it here. So number one is “Todd, I don’t have enough work. I’m calling on leads and I just don’t, I don’t have enough work for these people.”
And that’s really a false statement, I think. If you’re brand new and you haven’t sent it yet, marketing, or you’re not talking to any sellers and you’re frozen in action, you’re right. You don’t need to hire anybody. This message is not for you, but if you are doing deals, if you are making money, if you already have it coming and you’re trying to get to that next level, I’m speaking to you. I’m speaking if you feel like you’re on a treadmill and you’re kind of racing paycheck to paycheck. Let me share with you the solution. If you have leads coming in, I guarantee you that you’re probably not following up with those leads properly, right? You talk to the most motivated sellers, you’re looking for the low hanging fruits and you’re not following up every 30, 60, 90, 120 days because you’re running around doing everything.
You’re talking to the title company, you’re trying to handle escrow, your filling out contracts with your seller, your holding the deal together. You’re meeting with your cash buyers, and I can tell you right now that you’re probably not following up. I guarantee you that you have enough work. Now, if you say, “Todd, I’m in a high end market” or “I don’t have enough leads,” okay, fine. Hire an acquisition manager right now on a 100% commission to call realtors in your area who have deals who are falling out of escrow or deals that are off market. If you hire this one person and have them work on a 100%, 100% commission, they will find you two deals a month. There. I said it. If you’ve got somebody in your organization focusing, working with realtors directly, sending you their off market listings, they can send you two deals a month working for a 100% commission, making you an additional 20 to 40K a month net in your pocket.
What, if you don’t have enough work, I say? Of course you do! Get moving! But number two, the number two reason is, “Todd, I could still do this myself. I have enough time,” and I can tell you right now that this goes into the first is that you don’t. You’re probably not calling and following up on leads properly because you’re doing everything yourself. I guarantee you that once you let this go, once you bring somebody on to follow up with leads that aren’t even that hot, your mind will start to open up. You will get clarity, you will get more power, you will get more focus, and you will start to attract the right people in your business, but you have to take a leap of faith. Sometimes it’s uncomfortable. You have to do things before you’re ready.
I can tell you the first time I made that first hire, “I’m thinking I get to deal do deals myself. I don’t have enough work.” I was scared to death. I hired someone a 100% commission. I train the heck out of them, okay? And I mean, I trained the heck out of them. And I tell you what, in 90 days, I was bringing in a tremendous amount of revenue. Those first 30 or 60 days, they were scary. They were lean, but you know what? I was at my wit’s end and I couldn’t do everything myself. someone mentioned running solo is overwhelming. No crap it is, right? Ask yourself what your life will look like if you continue down the path that you’re currently running. Oh my gosh, I remember those days! That’s the beauty of this. If you think that you can run at the same pace that you’re running now, a year from now, okay, go ahead. But I can tell you for me, I didn’t want to do that anymore and that’s when I had to make my first hire. So sure you can do it yourself. But do you want to?
Third, and this is a fear that we’ve got to get past, the push to the next level is, “Todd, I’m going to lose deals. I’m going to lose deals. I got these precious little leads and I’m going to lose deals.” Well, no kidding. You might lose deals. Something’s got to change. You’re going to bring someone on and you’re going to train them and they’re not going to know what they’re doing, but soon enough, you’re not going to lose deals and you’re going to make more money than you made before. Because right now, whether you know it or not, you are already losing deals. The money that is coming in from the leads that you’re not currently following up with, your losing those deals, okay? So let me show you how to get past this.
Now, you may think, “Todd, it’s got to be all or nothing.” Well, the beauty of this is as leads come in, you can supervise your people. You could give them one lead and you take a leap and give them a lead and then you take a lead and listen and make sure that your people aren’t overwhelmed or frustrated and you work with them. And if you do that, then you will not lose deals. You don’t have to let go of the reins all at once. Take the rope. And let it go a little bit, a little bit, a little bit, a little bit, and a little bit at a time. And when you do that, you can finally let the rope go.
I read a great excerpt from the book Traction, and sometimes we’re holding on to this rope and we’re holding on to this rope and we’re scared to let go. And if you let go, eventually you’re going to fall and fall and fall and fall and fall. And it’s going to be scary. But guess what? At the bottom of that ocean, the bottom of that ravine, may be the very thing that you’re looking at. Remember, if you’re on the side of a cliff hanging on the rope and you don’t let go, you’re still on the side of a cliff.
Now this is the fourth,. the fourth is freedom. “Todd, I don’t want employees. I’m going to have to hire them. I’m going to have to train them. They’re going to call me all the time and it’s going to hold me back.” Don’t worry. I had that fear. Once. Now what’s going to happen is that I’ve had people work for me and sometimes I think, “Yeah, like wouldn’t things be so much easier if it was just me?” Let me tell you, man, you don’t want to go back. Hiring people? Sure, it’s work. Leading other people? It’s work, but it’s also one of the most rewarding things that you can do. Pouring into somebody, leading them, teaching them, raising their standard of living, showing them how they can make more money, teaching them how to be leaders. Man! Mind blowing. I can tell you, your income will grow. You will grow. And I can tell you that’s probably the most fun thing about this business is growing personally and taking people along with the journey.
Now let’s talk about freedom for a second. Actual freedom. Once you bring somebody on, deals will be getting locked up without your presence. Sure, you’re going to have to manage people. I have a team meeting and sometimes I don’t always want to get on our team meeting, but you’ve got to do stuff that you don’t want to do. You have to do the work. And if you do the small amount of work, guess what? You’re going to see X financial results. All right? Some people don’t want to go to the gym. But guess what? You’re not going to get a six pack if you don’t go to the gym. Either way, there’s pain. It’s pain now or pain later.
I can tell you once you have trained people, that is freedom. Deals get locked up in our company without me. I don’t talk to sellers anymore. Don’t really talk to buyers except on extreme occasions unless I’m supporting our team. But I can tell you, man, if you’re scared of the lack of freedom that employees will give you, try having no help and doing everything yourself. That is prison. And you might as well go get a 100% commission sales job because you’ll have less stress and you’ll be working less and you’ll probably make just as much money.
If you want to be an entrepreneur, you’ve got to bring other people along for the ride. If you’re interested in growing a business, if you’re interested in pushing this thing to seven figures, if you were interested in stepping and taking it to the next level, go to wholesalinginc.com/nextlevel, wholesalinginc.com/nextlevel. Love to talk to you, get you on the phone with one of our team members, an interview for a strategy session and see if we’re a fit for next level wholesaling.
And someone asks us, “Todd, can you do crunches for me? I want a six pack.” Sorry, Dwayne. Got to do the work yourself. I’ll see you guys on the next video. I enjoyed this. Had a ton of fun. Talk to you soon. Wholesalinginc.com/nextlevel.