Posted on: September 11, 2020

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!

Key Takeaways

  • The importance of having a team in place
  • Why it pays to delegate
  • Why delegation is powerful
  • What A players are looking for
  • What you should be working on as a leader
  • Why you need to hire slowly and fire quickly
  • Why you need to work on yourself to become a great leader

RESOURCES:

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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Episode Transcription

Cody Hofhine:
Hey guys, Cody Hofhine with Wholesale, Inc. The number one wholesaling coaching program in the nation. And I’m excited to be with you today because we’re going to talk about the power of the team. Why do we talk about team? Why is team so crucial? Have you ever felt like you’re sitting there and you feel like you’re wearing all the hats and you’re working long hours, you’re in wholesaling full time. But now that you’re in wholesaling full time, you’re also starting to feel the wears and tears of wholesaling, doing everything, every job, every responsibility, and now really all it is just 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 and why you need a team, why you must consider getting a team so that you can continue to grow your business. But more importantly, not lose any energy or excitement about wholesaling because wholesaling still is one of the best ways to make a fortune. It truly is. It’s been something that I absolutely love. It’s been something I am so grateful that I’m part of. But one thing that has maintained my energy high about wholesaling is because I have a team in place. I have a business that actually operates with or without me. This is powerful. I have a good friend of mine that he always asked this question. When he’s always talking to people, he’ll go in and consult businesses. He’ll go in and talk with individuals and they’ll start to share their vision or their dream. Now don’t get me wrong. Vision and dreams are great, but he always says this. “Don’t tell me how big your dream is. Show me how big your team is.”
Okay. So think about this. Don’t show me how big your dream is. Show me how big your team is. Because your dreams can only grow. Your dreams can only get to the big dream if you have a team in place. Another buddy of mine is a good mentor of mine. He always talks about when we’re working, we shouldn’t be building a business. So many times we’re like, oh, we’re building a business. We’re building a business. And it’s just natural for us to say, “Yeah, I’m building a business.” His whole philosophy is you’re not building a business. If you want truly a business, what you’re looking for truly have that really serves you versus you always have to serve it all the time. You should be building people and let the people build your business.
This is crucial guys. This is something that so many times as entrepreneurs, we think we’re the only ones that care enough about our business and I can’t just turn this over to another person, right? I can’t have someone else do this job because I just don’t think I’ll find anyone that loves it as much as me and cares about it as much as me. And so I just don’t know if I’m ever going to have a team in place. You must get over this fear. You must get over this fear. This is going to hold you back from true growth and actually making it a business. It’s not a business if it’s just you. It’s just self employment. And it’s just a glorified job. You really need to get a team in place. When considering, I’ve talked to this leader of a church before, I was sitting down with him and he runs a successful organization, does amazing job. Everyone looks up to him as an incredible leader. Everyone looks up to him as an incredible individual.
And so when sitting down with this individual, I was talking to him saying, “Hey, what is it that you do? How are you able to run this organization? This church, the way that you do it? How do you get people to really just 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?” And he shared one thing. I would have thought, like I was getting out my notepad, 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. The power to delegate. That was his answer. The power to delegate, meaning so many times going back to what I just said, we think we’re the only ones that can do it. There’s so many people out there that if your mission and purpose is clear, there’s so many people that want to be part of that mission. That want to be part of that purpose.
And quite frankly, there’s 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 A. Great leadership that you can lead and guide them and help them fulfill that mission, fulfill that purpose, as well as knowing and being crystal clear on what that mission is and what that purpose is. So if you want a team in place, instead of just thinking, oh, I got to find the A player. I just got to find someone that’s an A player, 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. So make sure that you are becoming someone better each and every day. Instead of spending so much time working, just building a business, work on building you to become someone more, to become someone better. Become a leader that A players want to work for.
Going back to how Darren Hardy looking for his wife, he wrote down 40 pages of what he wants in a perfect wife. Then he goes to a Jim Rohn event. Jim Rohn says, “No, no. It’s not about what you want. It’s what about what those individuals are looking for in a husband.” So he wrote a 40 page document on himself of who he would need to become, to receive or 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, becoming that person in that 40 page document. And when he became that person, he magically found the woman of his dreams that matched his criteria in that 40 page document. So instead of focusing so much on how do I just build the business, build the business, build the business, think outside the box and start spending quality time each and every day on building you up, building up who you need to become to be worthy of A players to get on your team.
Because without a team, this will always be a glorified job and you don’t want to glorify job guys. Wholesaling’s amazing, but you can get burnt out quick if you’re doing all the tasks, all the appointments, all the disposition, all the marketing, all the talking to the virtual assistants. If you’re doing all of that, holy cow, it gets fun for awhile and doing deals gets fun, but I’ve met time and time again, many wholesalers that get burnt out and they end up going back to their comfortable nine to five job. Don’t let that happen. If you’re getting to the point where you’re stressed out, 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. And it’s not as bad as you think. You’re going to fail your way forward. You’re going to make some mistakes, some 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 quick, but you’ve got to make sure that you’re putting a team in place and you’re actively looking for these individuals. But guys, if you want this to grow and you want this to become something where you can walk away, be on vacation. This is what I love. This is why I did it. This is why I chose to pick even yet another hard level of entrepreneurship by bringing a team on, it’s been worth it. It’s been absolutely worth it because I get to spend more time with the ones that I love. I get to spend time with my wife, my kids, we get to go on vacation. We get to go up to a cabin. We get to share a ton of time together.
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 that my family sees me more than my employees see me. And wholesaling, building it with a team in place has made that a reality where I can literally have my family see me and I see my family more than the employees see me, or I see my employees. And there are team members out there that once you work on you and become someone better become that leader, they’re out there looking for you. And they want to be part of your mission, part of your purpose, but work on you and you will find them. It’s like the field of dreams. If you build it, they will come. Build you to be a great leader and they will come.
Guys, get out there, take massive imperfect action. And if you need help building your real estate business, head on over to wholesalinginc.com, fill out a short questionnaire, 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 guys in all your efforts. Stay safe out there, but know that you can do deals. You just got to get out there and know what action to take. And we’re here to lead and guide you step by step, take care, guys.

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