Today’s episode is the 2nd of a 5-part series where Todd discusses key steps that can get you to the next level of your wholesaling journey.
In this episode, Todd tackled a crucial component that when overlooked can affect your business significantly—marketing. Undeniably, leads are the lifeblood of your business and without them, you won’t even have a business to begin with.
If you haven’t been giving your marketing the attention it truly deserves, consider listening to this episode a must!
- Why consistency in terms of marketing is vital to your success
- How to laser in on the juicy lead sources
- How to be a step ahead of the pack
- The importance of hiring a well-trained, topnotch, and qualified assistant to help you out
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 Toback: Hi there. This is Todd Toback and welcome back to our very special series on taking your real estate wholesaling business to the next level. Now, this is the second episode in a five-part series so if you have not listened to the first episode on evaluating where you are on telling the truth; okay, you’ve got to go back to that first episode in this series and start there so that you can evaluate where you are so that we can take your business to the next level. No, please do not skip this step, okay? Now, if you have been doing deals and you’ve been successful and you’ve made money and you want to get to that next level, but you feel stuck, right? You feel overwhelmed, you’ve been working hard, you’ve been running around like a chicken with your head cut off and you just can’t get to that next level, this podcast series is for you.
I am so passionate about this subject because I was a brand new wholesaler once and I had success and it was exciting, right? I loved it and I love making money. And my hustle and my grind got me there, but I can tell you what, what got you here will not get you there. And that’s something that I realized early on in my real estate business. To make more money, I had to get better, right? To make more, I had to be more. I had to really elevate my skills and my viewpoint and be a better leader. And so if that’s you, if you want to get better, if you want to make more money, if you want to have more freedom, if you want to empower others and have more free time than this podcast episode is for you.
Now a reminder, make sure to start on that first podcast episode. This is number two. The first place where I’m going to start, actually getting into the nuts and bolts of taking your real estate wholesaling business to the next level is marketing, right? Leads are the lifeblood of your business. And so many times people treat the lifeblood of their business with such a casualness it’s a shocking they’re still in business. And I can tell you that was me, right? I remember I was sending out RAM, right? We call it Random Acts of Marketing. And I was wondering why my leads were inconsistent.
And so what I’m going to ask you to do is take a look at your business and take a look what your last six months of marketing has looked like, how often you’ve mailed, and how much you’ve mailed, or if you are cold calling, take a look at your cold calling activity, or if you’re doing a paper-click advertising on how often your ads were running, and take a look at what that looks like. And then put that on a spreadsheet. Now, something that we have, our next level wholesaling students do, is take every single marketing campaign and put it in a special spreadsheet that we have and really evaluate what is working and what is not, right?
Now for some people, they fill this out and they’re like, “Wow, I’ve been so inconsistent in my marketing. It’s a miracle that I’ve done deals at all.” And then we’ve had one of our students, I believe this was Zach Booth, who his first time he filled out the spreadsheet, he realized that he was wasting 75% of his marketing dollars. And so it’s really, really important that we not only evaluate how often we’re mailing and what we’re mailing, but also what is effective and what is not.
For example, I’m in the market in San Diego and it’s extremely competitive. And I can tell you that we can remove 70% of our zip codes right off the bat, right? Right now, because of where the market is, I don’t mail any non-owner occupied. And that may not be the case in your market, but by evaluating and by watching and by looking at the numbers and tweaking, you can start to take out the most unprofitable marketing and then start to laser focus on the big time returns, those juicy, juicy, juicy lead sources, right? The juicy zip codes and the juicy sellers and the juicy price points where you can invest in that money and the money’s going to come right back. Wouldn’t it be beautiful if you stuck a dollar in an ATM machine and every time you did that $10 would come out, right?
How many times would you do that deal, right? I’d do that deal a ton, but you have to pay attention to which machine you’re putting your money into because if you’re putting a bunch of dollars into a bunch of machines and they’re not spitting out more money, okay? That will destroy your business. On the other hand, if you are strategic and you know how often you’re marketing and you know which lists that you’re marketing to, okay, then you are going to see some exponential results and completely dominate your competition. I guarantee your local competition is not looking at marketing like you are. They’re not measuring their progress. They’re not measuring which zip codes don’t work or which are the most effective and the secret lists and they’re not thinking, “Hey, what can we do to innovate and grow?” They’re not doing that. And to stay ahead of the curve and to stay on top of your game and take your business to the next level, you’ve got to measure.
Now you may be thinking, “Todd, whoa, this sounds hard, okay?” Or, “I don’t want to do this or this is not in my skillset.” Guess what? If this was in your skillset, okay, you probably wouldn’t be an entrepreneur. I think most entrepreneurs, they hate data entry, right? They hate going to find data. They hate looking at the numbers, right? We just love to throw out a mailing and we know that we just kind of made more money than we did before, right? That’s a natural skillset. But one of the secrets I learned is that if you take this out of your hands, if you happen to do it automatically and then give it to someone who’s capable, who you trust, this can be so easy, okay? In your business, what we do is we encourage everybody in Next Level Wholesaling to hire a well-trained, top-notch, qualified virtual assistant who can handle their marketing and tracking for them.
Now, it doesn’t have to be a virtual assistant. It could be your personal assistant local, that’s fine too. But if you train somebody to do this they will do it better than you, okay? Right now in our business and our Next Level Wholesaling students is they have their marketing going out every single week. Leads are coming in, the marketing is tracked, they’re getting reports, they’re investing in the marketing that works. They’re removing the marketing that doesn’t, right? They work with what’s profitable and they cut the things out that are not profitable like a cancer. Now, because they’re not wasting money on marketing dollars, right? They can innovate and move fast and automate and pivot where they need to because they’re not wasting marketing dollars. Their profitability is through the roof and that can be you with this one small habit, okay? Here’s your homework. If you’re listening to this and you’ve already assessed where you are in your business from the first episode, I want you to take a look at your marketing for the past six months, okay?
Write it out. Tell me where you are. Write all the marketing campaigns. Have they gone out consistently? Do you have them on a calendar? What worked? What didn’t? What zip codes could you remove? What lists could you remove? What could you do more of? That’s very, very, very, very important, okay? Also, ask yourself, “Am I following up with the leads appropriately?” Now that’s going to take us to our next episode, which is going to focus on acquisition. If you haven’t been able to follow up on leads and leads are falling through the cracks and you’ve missed deals and you’re overwhelmed because you can’t get to these deals fast enough and you haven’t returned calls or you know that there’s deals in your database that you haven’t been able to get to, okay? Then the next episode is for you, okay? That being said, do your homework and I look forward to speaking to you on the next episode.