With all the chaos and uncertainty brought about by the COVID-19 pandemic, many wholesalers are quick to assume it has also slowed down the wholesaling market dramatically. Fortunately, nothing can be farther from the truth.
The thing is, as long as you are making the right tweaks and implementing the right strategies, your wholesaling business will continue to thrive. This is something Wholesaling Inc’s very own Cody Hofhine can definitely attest to.
In this episode, Cody shared the three key techniques that you can implement so you, too, can continue to run a thriving business despite the current challenges. Not only that, but Cody also dished out practical advice and timeless wisdom that has helped him become one of wholesaling’s finest. Pure liquid gold in today’s episode, so don’t miss it!
3 Tips To Get More Deals STARTING RIGHT NOW!
Let’s rock and roll tribe and talk about what I’m doing in my business. I’m going to be giving you three tips that you need to take action on. I sat down with my business partner, and we noticed some interesting data. I want to relay this to you because it’s crucial in a time like this where we have the Coronavirus going on. We’re going to break this down and talk about what you do during a time like this for wholesaling. I’ll tell you what my business is doing. What I’m going to give you is not like, “Here’s some advice.” It is like the doctor’s orders. We got to do this, keep going and take action.
I’m going to give you those three tips to you. I’m not here as a specialist to update you on Coronavirus, but I am to update you because I have a full-fledged operating business in wholesaling and to see what we’re seeing. I was talking with my business partner, Mark. Many of you have met Mark Stubbert, salt of the earth and an incredible guy.
We’re looking at what’s happening. We want to make sure we have a pulse to make sure that we understand what’s going on in the market. Here’s what we found out. There are two big things that I want you to do, and they’re going to cover the tips. The first thing is we’re seeing an uptick and a lot more people reach out to us.
Before we dive into these three tips, let’s go into the mindset behind this because, at the end of the day, we’re not in the real estate game. Many times, we think, “We’re real estate investors.” That’s a cool name and a great title. If that’s what you want to be called, fantastic. At the end of the day, if what you’re in the business for is real estate, realize that is just the byproduct and secondary to what we’re in the business for. We’re problem solvers. I want you to think about this. With all this commotion and everything going out there, we are problem solvers. We’re not real estate investors first.
Real estate investors are just the by-product of solving problems.
Real estate investor is the byproduct of solving problems. I was looking at our database, all the lead flow and phone calls coming in, our KPIs, knowing everything, looking frontwards, backward and what we need to do, here’s the beautiful thing. We’re problem solvers seeing an uptick so there are a lot of people that need our help that is looking for good solid individuals that are going to serve them at a high level and with excellence. That’s our game. What we do is problem-solve, serve people with excellence and at a high level and see the lead flow increase.
I’m going to give you three tips. This is what you have to take action. This is what we’re doing. With it, we see results. Know that when I promote and say something, it’s not, “I hope this works for you. Good luck.” I’m saying this because we are doing it ourselves and making sure we get it out there to you. We’ve seen a great result take place. That’s the beautiful thing.
Tip #1: Database Blast
Here we go. Tip number one, I want you to do a database blast. What is that? All the people you’ve talked to in the past, you got to remember we’re always looking for the keyword motivation. That still doesn’t change. The same thing we’re looking for is motivation. Here’s the thing. We have a huge database. Most of us have a database of hundreds and thousands of people, us over 100,000 people, people in our database that we have once had a conversation with.
We were talking with them, having a conversation and maybe the conversation went something like this, “No, I’m not interested. Thank you. I’m not looking to move anytime soon. We love this area that we live in.” Those are real conversations that we had for years but we kept them in the database. It’s because times change and you never know when the times are going to change and what it’s going to shift on you. In that case, there’s been a shift and change in time.
A lot of people have been saying no in the past, and those individuals are now looking for that help. Maybe many of them will go to real estate agents and go listed at top dollar. That’s okay, but there are individuals out there that need you more so now than any other time we’ve been doing this. Ever since I got into this in 2015, now is even more important to be doing this. This is the day that we start to focus and invest in ourselves, making sure we take care of our families and serve those around us. Sometimes, in a pivotal market like this, Corporate America can be tough. There are a lot of people working from home and some people that might’ve already been let go.
This is the time. If you’re reading this and maybe you happen to be one of those individuals that just got let go, I feel for you. I think about this daily, my family and what they mean to me, how much I would want to make sure that I am doing everything I can during this time but this is the time to invest and put all the money in on you. Go to the casino of life and invest in yourself. Go all-in on yourself because you can create your future. I’m 100% a believer in this. Every one of us is the designer of our future. It’s what we are doing every day to make sure that we’re on that path that leads to that great goal that we all want to accomplish in life.
Think about this. For those of you that are thinking, “What are we doing? Should I get into real estate now? Is it the right time? Should I be getting into wholesaling? Is wholesaling messed up? Is it not messed up?” I want you to have more courage now than you’ve ever had in your life. I want you to invest in yourself so bad that I will tear up for you because I want this so bad for you. This is the time to take control of what you want to do with your future. I’ll tell you, real estate is always here. This is not to say the words like, “In every down, that’s when all millionaires are made.” I have to be cautious about how I say things but there’s opportunity around us.
Remember, if your heart’s not in it to serve and love people, that opportunity won’t even be there and as big as you think it might be. For those that are going out to solve the problems of people out there, the byproduct is you’re going to be able to get homes under contract at this time. That’s what this is all about. I want you to double down on these three tips.
The money is in the database.
The first one is the database blast. Many people that have said no in the past don’t mean they’re saying no now. You got to get yourself in front of them. Go through your whole database, your CRM, Customer Relationship Management System and I want you to send out either an email or a text blast asking them if they want to get back on the phone and are considering selling their home.
There were going to be some conversations that were falling apart where people were like, “We didn’t know if they sold it or not.” We’re starting with that. If you remember, there’s a book, Never Split the Difference by Chris Voss. He teaches you how to re-engage some of these conversations from people you’ve talked to maybe months or years ago. One of them is simply this, “My name’s Cody. I reached out to you probably years ago. You may not remember me but I was interested in your home. My guess is you’ve probably sold it but do you know of anyone in your neighborhood that happens to have a 3, 2-bedroom? I’m looking to buy a home.” It’s a message like that.
The beautiful thing about that is that you’re not putting pressure on them to sell their home. You’re asking them like, “You’ve probably already sold your home but do you know of anyone looking to sell their home, a 3, 2-bedroom or a 4, 2-bedroom? I’m looking to buy some homes.” Think about that. What they’re going to do is their guard is not all tense like, “This guy wants my home.” What they’re doing when they reach out is, “I do want to sell. Are you still interested in buying my home?”
That’s one way you can start to re-engage those conversations. You can do it by text or email. Tom and I have always talked about that money is in the database and now is a perfect time to revisit your database and get your message out there again because the times have changed. This is the time to be doing this. This is not a suggestion. This is to get out there and do it.
Tip #2: Extend Your Inspection Dates
The second one is I want you to extend your inspection dates. What do I mean by that? There could be a tightening from some cash buyers, not all your cash buyers. I do not want you to pool this all in that all-cash buyers are tightening up. That is not true but what is true? Maybe some of the newer cash buyers that are not seasoned are starting to tighten up a little bit or a lot, not even in the game. That is okay but don’t let your mind think that is everyone. That is not true. What I want you to do is extend your inspection or due diligence period because I want them to have time to look at the deal.
I want the cash buyers to have as much time possible to make that decision. I didn’t want when the times were going good where it’s like, “I can close in three days and you could set up an inspection the next day.” Everyone’s reacting because they wanted deals. There’s a little bit of tightening but don’t let that scare you. We’re rhinos. You keep charging. It means extending your inspection period. Maybe make it 20, 30 days or if you can get it even longer, get it longer. The whole point is to extend those so you can give your cash buyers more time to decide on that. That’s number two.
Tip #3: Talk To Your Cash Buyers
Number three, we’re talking about cash buyers. I want you to reach out to every one of your cash buyers and ask them simple questions. There’s a book called Crucial Conversations. This is an amazing book but it’s always having those crucial conversations. Be willing to ask those crucial questions. You’re going to call every one of your cash buyers and revisit. “How are you doing? How are things going? Are you still looking to buy homes? What areas are you looking to buy?”
You’re going to find those. They’re going to be like, “Nope, I’m not buying any more.” Great, at least you know because maybe you only have 150 cash buyers. After you call all 150 cash buyers, you only have 20 people that say, “I still want to buy homes,” but you had 130 of them say they’re not buying. That means you’re going to have to start over-building your cash buyers list of cash buyers that are buying homes in this market because they are still out there.
It may not be the ones on your list and that’s okay. Don’t get bugged by it. Do something about it. That’s the crucial thing I want you to get across right here. If someone is not on your cash buyers list, replace them. That’s what you need to do. You got to think outside the box and keep this going. Between those three tips, you’re going to see that now is a wonderful time to get into wholesaling.
For those of you that are not in wholesaling yet, we have even a flex budget and a payment option that would fit most budgets. If you’re looking to get in the game and still want to be led and guided by someone that’s in the game and investing still more so now than ever into this game, go over to WholesalingInc.com and fill out a short little app, hop on the phone with our team and see if it’s a fit.
I’m telling you now is a great time. People need problem solvers. That’s what we teach. We teach you how to be a problem solver. The byproduct is you might have the title called a real estate investor or get a contract. The real thing is to solve problems. If you can solve problems, great. In a time where there are problems, the byproduct is you’re going to get homes under contract. If you’re looking for help, head on over to www.WholesalingInc.com. Fill out that short app, book a call and hop on the phone with our team. We’ll see if this is a good fit. Database blast, extend your inspection period and call all your cash buyers. Who is going to do this? Take action on this. It’s crucial.
This is a great time to be in wholesaling and be alive. This too shall pass. This Coronavirus is a nasty thing. They’re called ghost enemies or invisible enemy. We’re in a great country with great people willing to come together and support one another. This is the time to show your support and leadership out there. Get out there and help solve problems. I love you. I think about you often. We’re over here working our tails off to make sure that we are on the cutting edge of what to do to make sure that you can keep moving forward. Get out there, invest in yourself, get in the game, and have success. I love you guys. Take care.