Staying on that loop in your wholesaling business and not hitting big deals? This episode may bring answers to what you are missing in your wholesaling business.
In this episode, learn from Brent about the three steps you need to master to absolutely explode your real estate wholesaling business: Lead Generation, Conversion, and Disposition. Brent will guide the listeners on the right decision for every step to ring that bell and hit that massive success in your real estate wholesaling business.
Do not pass up on this mind-enriching opportunity to learn ways to boost your business! Listen and Learn the secrets to a profitable and rewarding wholesaling business.
- The first step: Lead Generation
- Finding leads through marketing, referrals, and TTP
- On making a decision where to get your leads
- The second step: Conversion
- The importance of pre-qualifying sellers
- The three by three rule in doing lead follow-ups
- How to set-up appointments with sellers
- The third step: Disposition
- On deciding wholesale, fix and flip, wholetail, or keep it as a rental
- Brent’s advice to start challenging yourself
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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Hey everybody. It is Brent Daniels and we are talking about the three steps that you need to master to absolutely explode your wholesaling business.
Now, the three things, we’ve talked about it before, number one is lead generation. Lead generation. We’re going to break that down. Number two is conversion. This is so important. Everybody thinks that it’s all about getting all the leads, but no, if you can’t convert those leads, you don’t get paid. And the third step is disposition, okay? Actually getting paid on these deals, actually having an exit strategy. We’re going to talk. There’s only three different exit strategies from all your efforts from lead generation to conversion to disposition.
So let’s start with lead generation because this is what gets our blood pumping. This is what gets us excited, right? There’s three ways. We’re going to talk about three things on each step because it makes it simple. It makes it easy. We don’t have to over complicate this. Everybody wants to be so smart. Everybody wants to come up with all these creative things, but when it boils it all down, this is a very simple business. Okay? There’s only three ways to get leads. One, you do marketing, okay? You do bandit signs. You do pay-per-click. You do direct mail, okay? These are all different ways. You do Facebook ads. These are marketing. These are all people calling you off of your marketing effort. It works. It absolutely works. People have made millions and millions and millions and millions of dollars doing this. But listen to me, people have also spent millions and millions and millions of dollars. And this is the biggest thing, this is the biggest budget item when you’re looking at your wholesaling business is your marketing expense.
And I’m going to caution you. I’m going to caution you right now that if you’re making a ton of money, if you’re getting these big checks, if you’re making a huge impact in your community and you’re pouring it all back into your marketing, guess what happens? It doesn’t go to your family. It doesn’t go to your portfolio. It doesn’t go to your bank account. So you have to watch it. You have to watch when you are waiting for business to come to you because you are sending out marketing, because you’re spending a lot, your budget is put towards all of these marketing efforts. Look at your bottom line because it is absolutely critical because the bottom line is what you put into your investments. Your bottom line is what goes into your family. Your bottom line is what pays off your debts.
Number two is referrals. You can get leads from referrals. This is huge. You can go out there and you can be the guy or the gal in your community that people bring deals to to either sell them, to buy them, to whatever, to be the person that people go to when they find a deal, but they don’t know how to sell it. And listen, this is huge because you can either go direct to seller. Listen to me, this is an important point. Direct to seller or you can go direct to investor, right? Other investors bringing you deals, other real estate agents bringing you deals. People in the community referring you beat up houses and they want to beautify their neighborhood. You can be that person. That is the most profitable. I’m telling you, it is the absolute most profitable, but it takes time. You have to build up your reputation. And typically in this business, you’ve got to start closing on deals so that you get the credibility that people know when they bring a deal to you, they’ll get paid on it because it gets closed. Okay?
A lot of people out there, what they’re doing is they’re taking some other wholesaler’s list, they’re marking up these prices, and then they’re going out to their buyers and trying to sell all these deals. Telling the other wholesalers, the other investors, the other realtors, “Yes, I’m going to buy your deal.” They don’t actually buy the deal. It’s called daisy chaining. You guys have all heard of it. If you haven’t, it’s called daisy chaining. They’re basically taking somebody else’s efforts. They’re marking it up and they’re getting it out to their people, to their database. And that’s fine, people make a ton of money that way. That is a strategy. But I’m telling you, with referrals, it takes time. You’ve got to build it up. You’ve got to make sure that you’re closing and you have to have an excellent reputation.
Number three obviously is TTP, talking to people. It’s prospecting. You’re either going to the door and door knocking or you’re picking up the phone and you’re calling. That’s it. You prospect, you are being proactive. You’re going out every single day and you are having quality conversations with distressed property owners. And by the way, all of this comes down to quality conversations with distressed property owners or the people that represent property owners like the other investors and the other agents if you are getting those referrals. But when you’re proactive, here’s the beautiful part about it, everything is on your schedule. Everything’s on your schedule.
Now, listen, everybody wants to be wealthy. Everybody wants to be happy. Everybody wants to be healthy. But you know what people don’t talk enough about? How about the time? How about their time? How about the value of their time? How about the value to be able to pick and choose what you want to do with your schedule? The freedom of schedule, that’s one of the greatest gifts of all time. And I’m telling you, when you’re being proactive, when you’re going out every single day and you’re talking to people on your schedule, your whole life opens up because now people are working on your schedule, not the other way around.
When you’re waiting around for referrals, you better answer the phone when it comes in. When you’ve got marketing coming in, you better be answering that phone, answering that email, answering that lead, whatever it is, right? You’ve got to answer it like that or have a staff to do it. Right? But if you don’t have a staff, it’s on you. And I get it, I get the grind. I get the passion. I get the hustle. I get all that, I totally do. But I prefer doing that on my schedule. That’s what I’m encouraging you to do. I’m encouraging you to be as proactive as possible.
But the step one, the action item right now is make the decision. What are you going to do? Are you going to market? Are you going to get referrals or are you going to prospect? That’s it. Are you going to be proactive or are you going to be reactive? That’s it. Make the decision because that’s the number one thing. If you mess around here and you’re floating around and you’re trying to do all of it, you are dead in the water. I’m telling you, if you do too much, you won’t do anything. Okay? That’s the first thing. Lead generation. We’ve got to get these leads in. It’s a big funnel. We’ve got to fill up that funnel. We’ve got to build up that pipeline of leads.
And number two is conversion. This is so critical. And I think that this is probably the hardest step as a coach to teach people how to do, to really get in there. Lead generation is great, I get it. But converting it, this is about pre-qualifying, this is about lead follow-up, and this is about the seller appointment or the phone appointment where you get the seller to make the decision to trust you to get the deal done. Now pre-qualifying, we talk about it all the time, we pre-qualify every seller based on the condition of the property, their timeline to sell, their motivation and their price. And listen, listen, listen, traditional real estate, people that are going to sell traditionally, it’s about the property, okay? People that are in distress, it’s about the person. Okay?
Six to 10% of the market, of your market, of the nation’s market, of every property in the United States is in some kind of distress. Six to 10%. There is too many deals. Don’t worry about competition. It’s all about collaboration. It is a conveyor belt of deals. Let me get that through to you right now. There is too many deals. Drive around. If every property in America is looking great and is in great shape and everybody’s taking care of it and everybody’s paying their bills and paying their mortgages and everything, then I’ll stop saying that, but it’s not going to happen. There’s so much opportunity, but we’ve got to be able to convert these sellers. They’ve got to be able to trust you. They have to want to sell. They’ve got to trust you to get the job done. And they’ve got to have a problem that you can solve. That’s a pre-qualified seller. Okay? And you pre-qualify them, condition the property, timeline to sell, motivation and the price. That’s pre-qualifying.
Now lead follow-up, listen to me. You are not going to lose deals from excess follow-up. You will lose deals by not following up. And it’s the struggle that everybody goes through. They love hunting. You guys are out there. You love being proactive. You love lead generation and then it goes to lead follow-up and it slips through your fingers. I don’t understand it. You’re doing all these efforts, get rewarded for it. You’ve got to do your lead follow-up. Okay? Three by three, three calls, three texts. Boom, boom, boom. If they don’t respond, give them a couple of days. Three by three, three by three, three by three. Okay? Don’t get crazy. Don’t call them a dozen times back to back to back to back. But three calls, three texts and there’s your lead follow-up. It’s simple. Don’t over-complicate this.
And then the seller appointment, okay? You need to get advanced agreements before you go on these appointments. Okay? If what I say makes sense, and you feel comfortable and confident when I come out, are you ready to sign the agreement? Are you ready to sign the paperwork? I caution you to use the word contract. Contract is what you sign with your mobile phone company. And you’re like, “Why did I sign this? There’s so many hidden things.” Contracts feel a little bit ugh, you know what I mean? But agreement, paperwork, no big deal, right? Is there anything stopping you from signing the agreement when I come out there? Get the objections first before you go on the appointment. Pre-qualifying before you run out to every property, okay? Get them pre-qualified, get some advanced agreements. The appointment, getting the contract signed, is a natural progression of your pre-qualifying. That’s it. Listen, there’s no magic things here and there and zingers and all this stuff.
And the third part, disposition. What do you want to do? You want to wholesale? The beautiful thing is about wholesaling is this gives you the capital, the money that you need to be able to do a lot of other things like quit your job, like hire people to do different roles, like buy cherry picked properties, be able to build up your portfolio. But really when it comes to disposition, you’re either wholesaling it, right? You’re just selling the paper. You are going to flip it, you’re going to actually fix it up and flip it, or wholetail it where you close on it and then just put it back on the market, right? Or you’re going to keep it in your rental portfolio. Three things. What a surprise, right? You’re either wholesaling it, flipping it, or you’re going to keep it as a rental. But that’s the thing.
Now with wholesaling it, obviously disposition all comes down to your cash buyer database. It needs to be as big as possible and that’s going to make you the most amount per deal because everybody has a different strategy for what they want to do with the property. If you’re only selling to flippers, you’re not going to make as much as if you’re selling it to people that are building up their portfolio. Build your cash buyer database with both of them. Okay? Build them with everybody. I mean if somebody wants a wholesale on top of your wholesale, you’re building your cash buyer database based on all of these things. Okay? That’s for wholesaling. If you’re going to fix and flip, I’m going to bring some people on that are absolute experts at that. If that’s your passion, and if you want to build a parental, I’ve got killer people coming up in the episodes here, coming up in the next couple of months that have huge portfolios that are going to break it all down.
What are you going to focus on? Looking through, have an honest look at yourself, at your business, at these things that I just broke down. Lead generation, right? Marketing, referrals, prospecting, which do you choose? On the conversion, which are you the weakest at? Is it lead follow-up? Is it pre-qualifying and comping these properties? Is it the seller appointment? And with disposition, are you going to wholesale? Are you going to fix and flip? Are you going a wholetail or are you going to keep this in your rental portfolio? Simple guys. Three steps, three steps under those steps. Look at it, examine your business. Find where you’re weak at and start challenging yourself now to start improving on your weaknesses. It’s going to explode your business. You’re going to get out. I’m going to ring this bell for you because you are going to be closing deals. You’re going to change your financial future and I love it because you’re going to be taking action.
So that’s it guys. Very simple, three steps. Remember it, don’t over-complicate it, you’re the best. If you want to take it to the next level, if you’ve got this figured out, if your business is rolling, if you’re getting good, if you’re really getting good at this, if you really want to take it to the next level, check out the TTP program. I will mentor you personally. It’s at wholesalinginc.com/TTP. Wholesalinginc.com/TTP. Check it out, scroll down, check out what the program’s about. Check out all the testimonials. If it feels good in your gut, sign up for a call. Love to work with you personally. You guys are the best. I love you. See you.