Are you running a lucrative wholesaling business that’s sustainable or is it only a matter of time until you crash and burn?
When you’re first starting out and your business is doing really great, you’ll be very eager and energized to take on everything. However, if you want to run a sustainable business and avoid burnout, you need one thing behind you—a powerful team.
In this episode, our very own Cody Hofhine discussed the importance of having a robust team behind you while you run your wholesaling business. He also discussed why delegation is important and what you need to do to attract A players.
If you are in the process of creating a great team, this is one episode you shouldn’t miss. You’ll not only learn amazing tips, you’ll also learn what it takes to lead your team to success!
The Magic Formula for Preventing Burnout in Your Real Estate Business
I’m excited to be with you because we’re going to talk about the power of the team. Why do we talk about team? Why is a team so crucial? Have you ever felt like you’re sitting there, wearing all the hats and working long hours? You’re in wholesaling full time, but you’re also starting to feel the wears and tears of wholesaling, doing everything, every job and responsibility. All it is is another glorified job because you’re working around the clock and having to do every single thing in your business.
If that’s you, let’s talk about what we can do, why you need a team, and why you must consider getting a team to continue to grow your business and, more importantly, not lose any energy or excitement about wholesaling. Wholesaling still is one of the best ways to make a fortune. It’s been something that I love and something I am so grateful that I’m part of. One thing that has maintained my energy high about wholesaling is that I have a team in place. I have a business that operates with or without me. This is powerful.
I have a good friend of mine that always asks this question when he’s always talking to people. He’ll go in, consult businesses and talk with individuals. They’ll start to share their vision or dream. Don’t get me wrong. Vision and dreams are great. He always says this, “Don’t tell me how big your dream is. Show me how big your team is.” Your dreams can only grow and get to the big dream if you have a team in place.
Another good mentor of mine always talks about, “When we’re working, we shouldn’t be building a business.” Many times, we’re like, “We’re building a business.” It’s natural for us to say, “Yeah, I’m building a business.” His whole philosophy is you’re not building a business. If you truly want a business, what you’re looking for truly has something that serves you versus you always having to serve it all the time. You should be building people and letting the people build your business.
This is crucial. This is something that so many times, as entrepreneurs, we think we’re the only ones that care enough about our business. “I can’t turn this over to another person. I can’t have someone else do this job because I don’t think I’ll find anyone that loves and cares about it as much as me. I don’t know if I’m ever going to have a team in place.” You must get over this fear. This is going to hold you back from true growth and make it a business. It’s not a business if it’s just you. It’s just self-employment and a glorified job. You need to get a team in place.
I’ve talked to this leader of a church before. I was sitting down with him. He runs a successful organization and does an amazing job. Everyone looks up to him as an incredible leader and individual. When sitting down with this individual, I was talking to him, saying, “What is it that you do? How can you run this organization and church the way you do it? How do you get people to love what you’re doing here? How’s this culture this strong? How were you able to obtain this? How are you able to do this?”
He shared one thing. I was getting out my notepad and I was like, “Let’s get ready. Let’s write down all this stuff he’s going to say.” He narrowed it down to one thing, “It’s the power to delegate.” That was his answer. Meaning so many times, we think we’re the only ones that can do it. There are so many people out there. If your mission and purpose are clear, many people are want to be a part of that mission and purpose. Quite frankly, there are people out there that can do your tasks better than you can. The difference is they may not come and work for you if you don’t have great leadership that you can lead, guide, and help them fulfill that mission and purpose, as well as knowing and being crystal clear on what that mission and purpose is.
It’s not a business if it’s just you. It’s just just a glorified job.
If you want a team in place, instead of thinking, “I got to find someone that’s an A quality player,” you can do that and you will find them, but they may not join your group. A players are looking for A leaders. Make sure that you are becoming someone better. Instead of spending so much time building a business, work on building yourself to become someone more and someone better. Become a leader that A players want to work for.
Going back to how Darren Hardy looked for his wife, he wrote down 40 pages of what he wants in a perfect wife, then he went to a Jim Rohn event. Jim Rohn says, “It’s not about what you want. It’s what about what those individuals are looking for in a husband.” He wrote a 40-page document on himself of who he would need to become to get a wife of this caliber that he wrote down on these 40 pages over here. He started working on himself and becoming those characteristics and that person in that 40-page document. When he became that person, he magically found the woman of his dreams that matched his criteria in that 40-page document.
Instead of focusing so much on, “How do I build the business,” think outside the box and start spending quality time on building you up and who you need to become to be worthy of A players to get on your team. Without a team, this will always be a glorified job and you don’t want a glorified job. Wholesaling is amazing, but you can get burnt out quickly if you’re doing all the tasks, appointments, disposition, marketing and talking to the virtual assistants.
If you’re doing all of that, it gets fun for a while. Doing deals gets fun, but time and time again, I’ve met many wholesalers that get burnt out and they end up going back to their comfortable 9:00 to 5:00 job. Don’t let that happen. If you’re getting to the point where you’re stressed out and burnt out from doing all the tasks, start understanding that you need a team in place. To hit those big dreams, you need a big team. It’s not as bad as you think.
You’re going to fail your way forward and make some mistakes and bad hires. That’s why we always suggest, hire slowly but fire quickly. If someone doesn’t fit, you’ve got to get them off the bus quickly, but you’ve got to make sure that you’re putting a team in place and actively looking for these individuals. You want this to grow and become something where you can walk away and be on vacation.
This is what I love. This is why I did it and why I chose to pick even yet another hard level of entrepreneurship by bringing a team on. It’s been worth it because I get to spend more time with the ones that I love. I get to spend time with my wife and my kids. We get to go on vacation, go up to a cabin and share a ton of time. If I need to get off work early, I can. My definition of success was not how much money I made. It never was tied to money. Success was always tied to my family seeing me more than my employees seeing me.
In wholesaling, building it with a team in place has made that a reality, where I can have my family see me and I see my family more than the employees see me or I see my employees. There are team members out there who are out there looking for you once you work on yourself and become someone better and become that leader. They want to be part of your mission and purpose. Work on you and you will find them. It’s like the field of dreams. Build you to be a great leader and they will come.
Get out there and take massive imperfect action. If you need help building your real estate business, head on over to WholesalingInc.com. Fill out a short questionnaire and get on the phone with our team because we would love to get you in the game. We would love you to get out there and start finding these off-market, deep discounted properties that you can then turn for a huge profit. God bless you in all your efforts. Stay safe out there. Know that you can do deals. You got to get out there and know what action to take. We’re here to lead and guide you step by step. Take care.