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 3 key techniques that you can implement so you too can continue to run a thriving business despite the current challenges. Not only that, 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!
- Do a database blast
- Extend your inspection period
- Call all your cash buyers
- Never Split the Difference by Chris Voss
- Crucial Conversations by Kerry Patterson, Joseph Grenny, Ron McMillan and Al Switzler
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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Ooh-wee. Let’s rock and roll tribe. And let’s talk about what I’m doing in my business right now. So, I’m going to be giving you three tips that you need to take action on today. I was sitting down with my business partner and we noticed some interesting data. And so, I want to relay this to you because I think it’s crucial in a time like this, where we have the coronavirus going on. So, we’re going to break this down. We’re going to talk about what do you do during a time like this for wholesaling? What are we doing during this time? I’ll tell you what my business is doing. And so what I’m going to give you is not just a, “Hey, here’s some advice.” It is like the doctor orders, like we got to do this, we got to keep going, we got to take action. And I’m going to give you those three tips to you right now.
So, here’s the update, with coronavirus, I’m not here as a specialist to update you on coronavirus, but I am to update you on… Because, I have a full fledged operating business in wholesaling, I want to update you guys to see what we’re seeing over these last few days.
So, initial thoughts were, I was talking with my business partner, Mark. Many of you have met Mark Stubler, just salt of the earth, incredible guy. Sit down with him and we’re talking and we’re looking at, “Okay, what’s happening?” We want to get our hand on a pulse, right? We wanted to make sure we had a pulse, to make sure that we understood what’s going on in the market right now. Here’s what we found out. There’s two big things that I want you to do, and I’m going to cover in the tips.
But the first thing is, we’re seeing an uptick, right? We’re seeing a lot more people reach out to us right now. So, let’s go with the mindset first 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, guys. I think so many times we think, “Oh, we’re real estate investors. We’re real estate investors.” I think that’s a cool name. I think it’s a great title. If that’s who you want to be called, fantastic. But at the end of the day, if that’s what you’re in the business for is real estate, real estate, real estate, realize that that is just the byproduct. That’s just secondary to what we’re really in the business for, we’re problem solvers. So, I want you to think about this, in all this commotion and everything going out there right now, we are problem solvers, problem solvers, problem solvers, problem solvers. We’re not real estate investors first. Real estate investors is just the byproduct of solving problems.
Now guys, here’s the thing because I was looking at our database, looking at all the lead flow coming in, looking at phone calls coming in, looking at just our KPIs, knowing everything, looking frontwards, backwards, what do we need to do right now? Here’s the beautiful thing guys, because we’re problem solvers and because we’re seeing an uptick, there’s a lot of people that need our help right now. There’s a lot of people out there looking for good solid individuals that are going to serve them at a high level, serve them with excellence. So, that’s really our game, that’s really what we do, is we problem solve and we serve people with excellence, we serve people at a high level. And we’re seeing the lead flow increase right now.
So, I’m going to give you three tips, right this second, guys. Okay. Three tips, right this second. This is what you have to take action on today. This is what we’re doing. And because of it, we’re seeing results. So, know that when I promote something, when I 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 guys, because we’ve seen a great result take place. Okay? That’s the beautiful thing. Here we go.
Tip number one. I want you to do a database blast. Okay. Now, what is that? All the people you’ve talked to in the past, you got to remember, we’re always looking for the key word “motivation”. Right? That still doesn’t change today, guys. That’s still the same thing we’re looking for is motivation. Now, here’s the thing, we have a huge database. Most of us have a database of hundreds of people, thousands of people, us, over a hundred thousand people, of people in our database that we have once had a conversation with. We were talking with them and we were having a conversation and maybe the conversation went something like this, “No, I’m not interested. Thank you.” Or “Yo, no, I’m not looking to move anytime soon. We really love this area that we live in.” Okay.
Now, those are real conversations that we had. Those were conversations we’ve had for years, but we kept them in the database. Why? Because times change. And you never know when the times are going to change, you never know when it’s going to shift on you. But such as the case right now, there’s been a shift, there’s been a change in time. And right now, those people, a lot of people that have been saying no in the past, a lot of those individuals are now looking for that help. And yes, maybe many of them will go to real estate agents and go list it at top dollar. That’s okay guys. But there’s individuals out there that need you more so today than any other time we’ve been doing this.
Ever since I got into this in 2015, today’s even more important to be doing this. Today’s the day that we start to really focus on us, investing in us, making sure we take care of our families, making sure we take care of those around us and serving those around us. Sometimes, right now, in a pivotal market like this corporate America can be tough right now, right? There’s a lot of people working from home. There’s some people that might’ve already been let go. And so, now’s the time if you’re watching this and maybe you are or happen to be one of those individuals that just got let go, guys, I feel for you. Because I think about this daily. I think about my family and what they mean to me. I think about how much I would want to make sure that I am doing everything I can during this time.
But now is the time to invest in you. Now is the time to invest in you and put all the money in on you. Go to the casino of life and invest on you, go all in on you because you can create your future. I’m a hundred percent believer of this. Every one of us are the designers of our future. And it’s what are we doing each and every day to make sure that we’re on that path that leads to that great goal that we all want accomplish in life?
So guys, think about this today, for those of you that are right now thinking, “What are we doing? Should I get into real estate right now? Is right now the right time? Should I be getting into wholesaling? Is wholesaling messed up? Is it not messed up?” I want you guys to have more courage today than you’ve ever had in your own 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. Now is time. Now is the time to take control of what you want to do with your future. And I’ll tell you, real estate’s here, real estate’s always here. This is not to say the words like, “Oh man, in every down that’s when all millionaires are made.” Guys, I think that I have to be cautious how I say things, but there’s opportunity around us.
But remember guys, if your heart’s not in it to serve people, love people, that opportunity won’t even be there, that opportunity won’t even be as big as you think it might be. But for those that are going out there to really solve problems of people out there right now during this time, the byproduct is you’re going to be able to get homes under contract at this time. And that’s really what this is all about guys.
So, I want you to double down on these three tips right now. The first one is this, the database blast. Because there’s so many people that have said no in the past, it doesn’t mean they’re saying no right now. You got to get yourself in front of them. So, go through your whole entire database, your CRM, right? Your customer relationship management system, go through that today. And I want you sending out either an email or a text blast asking them if they want to get back on the phone, if they are considering selling their home. There’s going to be some conversations that were kind of pulling apart, where people were like, “We didn’t know if they sold it or not.” So, we’re actually starting with that.
If you guys remember, there’s a book, Never Split The Difference by Chris Voss. He kind of teaches you how to reengage some of these conversations from people you’ve talked to maybe months ago, years ago, right? And one of them is just simply this, “Hey, my name’s Cody. I reached out to you, oh, probably a year ago from now. You may not remember me, but I was interested in your home. Now, my guess is you’ve probably sold it but do you know of anyone in your neighborhood that happens to have a three, two bedroom? I’m looking to buy a home right now.” Right? It’s just a message like that. Now, the beautiful thing about that is because you’re not putting the pressure on them to sell their home, and you’re actually asking them like, “You’ve probably already sold your home, but do you know of anyone looking to sell their home? A three, two bedroom or a four, two bedroom, I’m looking to buy some homes right now.” So, think about that.
What they’re going to do is, their guard now is not all tense like, “Oh, this guy wants my home.” What they’re doing when they reach out is, “Hey, actually, I do want to sell. Are you still interested in buying my home?” So, that’s one way you can start to reengage those conversations. So, you can do it by text or by email. But I will tell you guys, me and Tom have always talked about, the money is in the database. And right now is a perfect time to revisit your database and get your message out there again, because the times have changed. Okay. Now’s the time to be doing this, okay guys. This is not a suggestion, this is get out there and do it. Right?
Second one, you ready? I want you to extend your inspection dates. Okay? So, extend your inspection dates. What do I mean by that? Right now, 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, maybe they’re starting to tighten up just a little bit or tighten up a lot, like not even in the game right now. That is okay, but don’t let your mind think that that is everyone. That is not true. So, what I want you to do is extend your inspection period or your due diligence period, because I want them to have time to really look at the deal. Right? I want the cash buyers they have as much time possible to make that decision.
I don’t want to, when the times were really, really, really going good, where it’s like, “Oh yeah, I can close in three days.” And you can set up an inspection the next day and everyone’s like, woo, because they wanted deals. Right now, there’s a little bit tightening, but don’t let that scare you. We’re rhinos guys, you keep charging. It just means extend your inspection period. Maybe make it 20 days, 30 days or if you can get it even longer, get it longer. But the whole point is extend those so you can give your cash buyers more time to make a decision on that. Okay. That’s number two.
Number three leads us… We’re just talking about cash buyers, I want you to reach out to every one of your cash buyers. And I want you to ask them simple questions. There’s a book called Crucial Conversations, this is an amazing book. But it’s always having those crucial conversations, being willing to ask those crucial questions. So, you’re going to call each and every one of your cash buyers and you’re going to revisit, “Hey guys, how are you doing right now? How are things going? Are you still looking to buy homes? Awesome. What areas are looking to buy?” You’re going to find those that are going to be like, “Nope, I’m not buying any more right now.” Great. At least you know.
Because maybe you only have a hundred fifty cash buyers and after you call all hundred fifty cash buyers, you only have 20 people that says, “I still want to buy homes.” But you had a hundred thirty of them say, “Not buying right now.” Guess what that means. That means you’re going to have to start over building your cash buyers list of cash buyers that are buying homes right now in this market, because they are still out there. It just may not be the ones on your list. And that’s okay. That’s totally okay. Don’t get bugged by it, do something about it. That’s the crucial thing I want you to get across right here, don’t get bugged by it, do something about it. If someone is on your cash buyers list and no longer buying, great, replace them. That’s what you need to do. You got to think outside the box and you got to keep this going.
So, between those three tips, guys, 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 right now, we have a payment option that would fit most budgets. And if you’re looking to get in the game and you 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.
Guys, I’m telling you right now is a great time. People need problem solvers right now. 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, you might get a contract, right? But the real thing is solve problems. So if you can solve problems, great. In a time where there’s problems, the byproduct is, you’re going to get homes under contract. So 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 and we’ll see if this is a good fit.
Guys, database blast, extend your inspection period and call all your cash buyers. Who’s going to do this today? Who is going to do is today? Take action on this guys, it’s crucial. Now is a great time to be in wholesaling. Now is a great time to be alive. And I will tell you, this too shall pass. This coronavirus is a nasty thing, right? They’re calling ghost enemy or something like that, right? The invisible enemy. What I’ll tell you, this too shall pass. We’re in a great country with great people that are willing to come together and support one another. And now’s the time to show your support, show your leadership out there. Get out there and help solve problems, guys. Now is a great time.
So, love you guys. I think about you often. And we’re over here, working our tails off to make sure that we are on cutting edge, what to do to make sure that you can keep moving forward. Okay? Get out there, invest in yourself, get in the game and go have success. Love you guys. Take care.