Posted on: May 14, 2021

Joining Brent Bowers on the show today is Chris Craddock, a family man with many hats. He used to be a pastor, but now, he’s the host of the Uncommon Real Estate podcast, CEO of The Redux Group, and Wholesale Inc.’s newest coach!

In this high-energy episode, Chris introduces his online course, REI Revive, which aims to help wholesalers monetize dead leads. Whether you’re an investor or an agent, listen closely because he has amazing advice from dealing with sellers to hiring.

Key Takeaways

  • “The people who make the most money are the ones who solve the most problems.”
  • On the blink test
  • Always ask sellers these questions: How soon do you want to sell this property? Why do you want to sell? How much do you owe? How much do you want for it?
  • On finding the right realtor partner
  • Hire based on patterns (instead of potential)

RESOURCES:

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Episode Transcription

Brent Bowers:
Hello, rhino nation. Today I’m with you, Brent Bowers, and I have a very special guest, and also our newest coach. He has an amazing course, it’s called REI Revive, and I’ve been excited for the last two weeks to be able to interview him. I’ve just been waiting. We’re going to roll out the carpet today. We’re going to give you all the answers to the questions hopefully you’re thinking in your head. Why does this guy do this? Why did Wholesaling Inc. bring him on as the newest coach? We’re all excited around here. Chris, how are you?

Chris Craddock:
I’m excited to be here with you. I’m excited to be a part of the crew, and, brother, I am so excited to hang with you this afternoon.

Brent Bowers:
Awesome. Yeah. I just want to kind of talk a little bit about you, and then I know you used to be a pastor. You’ve done incredible things in the real estate industry. You’re also a family man. You have several children. I got to kind of meet you guys and your wife in Tampa just what? Two weeks ago. I’ll tell you what, I’ve never seen a man be on the phone so much as Chris Craddock. I mean, this guy was serving constantly. I think he burnt the carpet up in the hotel lobby out there just pacing on the phone. I’ve never seen more energy in someone. So tell us a little bit about yourself. Where are you at, what are you doing, and why are you so excited to share what you’ve got with the world? I know you’ve been kind of keeping it a secret.

Chris Craddock:
Absolutely. Yeah. No, I think it’s funny, yeah. Anytime I talk on the phone, I cannot sit still. I’ve got to be moving. If my legs aren’t moving, my brain is not moving. So yeah, it’s hilarious. Yeah, so excited, we’re rolling out REI Revive, which to monetize your dead leads. And the whole idea behind that was, for me, I got into real estate, like you said, I was in ministry. I made no money, about $20,000 a year, and in early 2,000s I went to the library because it was before Google was the fountain of all information, and checked out every book on investing. And in four months I made 12 times what I made in a year by knocking on doors in distressed properties.
And then I continued, and I did ministry for a number of years, and went back to school, got a doctorate in leadership, and opened up a retail team, like a brokerage retail team, and grew that really fast, really fast. And the key that I found was that most of the time agents and investors live in two different worlds. And what I saw was coming from the investor world going to the agent world, where a lot of times it’s the other way around, is that there’s actually massive synergy there if you get in business with the right people. And so that’s what we did with REI Revive. We found a way to take all of these leads that were coming in, because anybody that’s an investor and is bringing in leads, right now, maybe one out of 20 leads you can do something where they’re going to sell at 65 cents on the dollar. But for us, we’re like, “What about those other 19 leads?”
And so what we did was figured out a way to make sure that every time the phone rings, you can make money, right? Instead of just that one out of 20 times. So that’s what we did. And the crazy thing is we’ve seen brand new wholesalers that are making more money doing this than they are in their wholesaling business. And we’re seeing people that have been in this and have big behemoth organizations. I mean, one of them, the biggest success story we have, literally, they’re getting about $62,000 a month in referral fees, three quarters of a million dollars in referral fees based on these leads that have just been coming in and dying in a CRM because they want close to retail for the deal.

Brent Bowers:
That is outstanding. I have so many questions just from that little bit of time of you talking. I mean, you heard it, guys, if you want your brain to move, your legs must move as well. Chris Craddock, that’s the new quote. We just created a quote for you. So what if I’m brand new? What if I’m just starting out? What if I have maybe one lead a day coming in? How would someone like that make this work? Would REI Revive work for someone that’s maybe just a couple of weeks into this and just barely getting leads coming in the door?

Chris Craddock:
So here’s where we’re at, if you have any leads coming in at all, for every one appointment you set for a distressed seller, you should be able to set two appointments for a seller that wants closer to retail. And that’s just where it’s at. And just think, it passes the blink test, right? Somebody gets something in the mail or gets a ringless voicemail, whatever your marketing strategy is, somebody calls and says, “You want to buy my house? I’m willing to sell.” The blink test will just tell you that more people are willing to sell closer to retail than they are at 65 cents or 70 cents on the dollar. Right? So that’s why it’s just so powerful, because all of the people that are willing to sell, usually somebody is going to make money helping them sell or buying this property from them, it might as well be you.
But right now, if you only have one tool in your tool belt, if you only have the sledge hammer, then when it comes time to use the Exacto Knife, you just can’t make money with that. And so this is just another tool so that whenever the phone rings, you’re able to give that right tool. And let’s be honest, the people that make the most money are the ones that solve the most problems.

Brent Bowers:
That’s so true. And can you break that down for me, and especially our listeners, that blink test? Because I’m just starting out, I want to give everyone a cash offer, and they might not like that cash offer because the days on market. I know in Colorado Springs that our days on market is 1.04. My house buying company is competing with 5,000 realtors, not just the discount house buyers anymore, but it’s the 5,000 realtors. How would you say you do that blink test? How do you know if someone wants retail immediately, or they just want to skip the hassle and have the convenience sale of, “We take the garbage, and the cat pee, and everything all at the same time,” and give them a quick cash offer, and give them speed and convenience? Or maybe they’re willing to go for that further chunk of money if they go through these steps. How do you distinguish as far as the blink test?

Chris Craddock:
Here’s the deal, whether you’re a investor or a retail agent, you should always be asking these questions, “How soon do you want to sell? Why do you want to sell? How much do you owe, and how much do you want for it?” And so let’s just look at just about anybody. So if somebody let’s just say they owe or they want $200,000 on their house. Let’s take a mid range, kind of a lower number for what the nationwide averages are, $200,000 on their house. If you are a wholesaler, what are you looking to buy for? $125,000, $150,000, somewhere in that range, but what about somebody that says, “I know it’ll sell for $200,000, but I’m willing to take $175,000.
There’s not a deal there for a wholesaler right now. There’s just not. So what we can do is just use the other tool, because how many more people are willing to sell a $200,000 house for $175,000 than for $125,000? A whole heck of a lot more people. We just know that. We just logically, we know that that’s true. And so when somebody says, “I’m willing to sell for $175,000, and we know it will sell in a snap on the market, we’re able to call these, we’re able to just set an appointment with a realtor partner, that realtor partner can go out, get them what they want, maybe more, and boom! You’re able to monetize a deal that in the past just sits and dies in your MLS, or some other agent, or some other person buys it and sells it. So that way you literally can go from letting that deal pass you by to making money on it.

Brent Bowers:
And I love that say, “Realtor partner,” it just creates a whole new dynamic business type personal partnership. And for those of you that are listening trying to catch those questions that Chris just asked is, “How soon do you want to sell? Why do you want to sell? How much do you owe on that house or on this property? How much do you want to sell it for?” That’s the thing, you got to be willing to ask these questions, and then be quiet and listen. Just hush your mouth and listen, because you can find out so much about a seller by just letting them talk. The whole, “You got one mouth and two ears,” thing. Listen twice as much of the time.

Chris Craddock:
Yeah. I mean, I do a lot of sales training. One of the things that I always teach is if you ask the right questions and you listen, everybody’s going to tell you how to sell them. Right? Think of yourself as a doctor, you walk in, and the reason they’re selling is there’s some sort of pain point, and maybe the pain point is, “I’m outgrowing the house,” or, “I want a bigger house.” Maybe the pain point is, “Man, I got a foreclosure coming, and it’s painful.” But regardless, if you ask the right questions, just like a doctor diagnosing the solution, they’ll tell you how to sell them, and then boom! You create a solution. You write a prescription that will give them a solution to their pain. And we all know that the people… I keep saying this over, and over, and over again, the people that make the most money are the ones that solve other people’s pain, other people’s problems.

Brent Bowers:
That’s such a good point. And most people don’t even think of doctors as salespeople. That’s amazing. Become more like doctors. Our product is just real estate. So you hit something else, and I wanted to ask you about this. A lot of people get intimidated when they’re speaking with realtors, and it is two different worlds. We’re the investors, then there’s the realtors, and sometimes I know realtors that are investors, but I have a lot of people, a lot of the guys just starting out, a lot of students that they’re afraid to speak to real estate agents and real estate brokers, because they have all this education, and all of these formal education, and these certificates, and backgrounds, and things behind their name. It is two different worlds. How would you say… I guess it’s kind of two questions. One, how the heck to talk to these realtors if you’re afraid to? And then two, how do you even approach them with this partnership? And I know you talk about it in your course, but what’s a quick higher level overview of how to start implementing something like this?

Chris Craddock:
Well, one of the first things… If you’ve never read the book How to Win Friends and Influence People, I’ll tell you, that’s probably the… It’s required reading for anybody in a business with people. Right? And so one of the things that Dale Carnegie says is, “Speak in terms of other people’s interests,” or we’ve heard the phrase, it’s a little cheesy, but I like it, like the radio station you always need to tune into is WIIFM, what’s in it for me? Right? Every time you see somebody else, think on their forehead, “WIIFM, what’s in it for me.” Right? And so when you’re talking to an agent, what do they want? I mean, it’s clear, what do they want? They want to do more business.
And what do you have? You’ve got a massive amount of seller leads. What across the nation right now, what is there a lack of? Lack of sellers. What do you have in your inventory, in your CRM? What are you getting from your marketing every day? People that are raising their hand saying, “I want to sell.” They should love you. And if they don’t love you, they don’t see it. And honestly, if they don’t see it, it’s not the right partner. Right? You don’t want to go convince somebody. You want to just throw that opportunity out there, and if they don’t see that it’s a massive opportunity, man, move on, because that is not the right partner for you.

Brent Bowers:
That’s such a good point. I like what you said there, “Imagine there’s a sign on their forehead.” And when these agents are extremely busy, and they’ve got so many phone calls a day, so many emails a day. If you can have in your mind when you reach out to them as far as an email, a text message, or phone call is get to the point within the first 10 seconds of what you can do for them, or what’s going to benefit them, because at the end of the day, that’s what people care about is, “Okay. why are you bothering me, and what do you want?” And if you get right with, “How I can help you,” I mean, you’re going to serve that realtor.
And that’s the end of the day, you’re just serving them. So we talked about someone brand new using this. What about if I spend $10,000 a month, and I’ve got an amazing acquisition team, but we’ve just slowed down because we can’t get the [crosstalk 00:13:07] on the contract right now, because we’re competing with the 5,000 realtors, it’s 1.04 days on market. How long would someone like that implement this? And what are the benefits of getting this started right away with that?

Chris Craddock:
Brother, see that’s the thing that’s so exciting is it’s a very small barrier to entry, right? You’ve got to find the right partner. And that’s the biggest piece. So many people have said, “Oh, I’ve tried it. It doesn’t work,” all this other stuff. But I promise you, you’ve skipped steps. Right? I promise you, you’ve skipped steps in finding the right person, in how you handed it off, in your scripting, in your dialogues, all of that other stuff. The second thing is this, if you’ve got a bunch of leads coming in, I can almost guarantee, I mean, I got something like 800 leads passed on to me that we sent out our one simple text, “Are you still looking to sell if you got the right price for it?” That’s my [crosstalk 00:13:58].

Brent Bowers:
Are you still looking to sell if you got the right price?

Chris Craddock:
[crosstalk 00:14:02] property. And boom! Sent that mass text out to all these leads that have reached in, and we set 29 appointments, all retail appointments, boom! Literally, that’s the whole thing is there’s so much there, but honestly, if you don’t have the rate scripting, if you’re not talking to them in the right way, if you don’t understand. So that’s why we created our class in two segments, right? The first is talking to the investor. How do you categorize your leads? How do you find the right agent? How do you script it? How do you set the appointment? How do you do all of these things? How do you get the information you need to get?
But then the second half you got to train the agent. Because I’ll tell you what, I’ve seen this over and over again, some of the top producing agents in the world, these are no slouches, right? They go in, and they open up their listing presentation and try to convert these people that… Listen, everybody’s brother’s uncle is an agent. There’s more agents than there are active listings right now. They don’t need an agent, but if somebody can walk in and solve their problem, boom! You’ve got so much coming to you right there where you make money when you solve problems, right? So the agent walks in as a problem solver, not just some average agent that, frankly, there’s more of than there are cups of coffee right now at Starbucks.

Brent Bowers:
No, that’s so funny. You talked about that listing presentation. I kid you not, it was 2006, maybe it was early 2007, I had just gotten my real estate license, and this couple let me come over to give a listing presentation on the house that they wanted to sell. And I did not get the listing, because I gave them a listing presentation. I had this folder, and I went page, by page, by page, and I remember calling, and it hurt me. Two weeks later I was like, “Well, why did you list with that guy?” They said, “Because I felt like I was in school while you were giving that listing presentation.” I threw that folder away the second I hung up on that phone. No more. No more of that.

Chris Craddock:
Bro, that’s the whole thing right there is you got to be able to… The whole thing, there’s a reason why somebody calls an agent. They need to sell quick. Maybe they think the house is too messed up. They want privacy. They don’t want that many people coming through. They don’t want a real estate agent to pay the commission. So if you understand that people are calling for that reason, and then you create your model to solve that problem, then boom! They’re going to say, “Okay, you can solve my problem. I’m not worried about it.” But the second they verbalize something… There’s a book called Pitch Anything, and if you can’t tell, I’m a massive reader, because I think leaders are readers. It’s really, really, really important.
But it’s a book called Pitch Anything, and he talks about this hour frame. And the whole idea is… I mean, and he describes it in a couple of different ways, but what I see is once they verbalize something, to come back and say, “Oh, yeah, I don’t want to pay a commission.” “Oh, well, for you I’ll pay a commission.” Then they have to admit they’re wrong. And how many people like admitting they’re wrong? Right?

Brent Bowers:
Nobody.

Chris Craddock:
So you have to [crosstalk 00:17:01] what their objection is, and be able to speak to that before they verbalize it, because once they verbalize it, they put their line in the sand, it becomes pain.

Brent Bowers:
Yeah. That’s such a good point. And you’ve mentioned so many good books. Pitch It, How to Win Friends and Influence People. My goal is to get you to mention four books on this episode. So let’s go. All right, I’ve got a house buying company, and I do. We’re all super busy. I have, I think, eight people on my team, and I want to implement this strategy. I’ve got a lot of leads coming in, and we’re hardly closing anything lately because there’s such a demand for houses right now. How long would it take me to get through your course? What does your course look like? How long would it take me to implement this? Because we’re all busy. How do we get this thing going right away?

Chris Craddock:
Brother, I’ll tell you, within three weeks, and I’m not even talking full time, I’m talking a couple of hours. Really, the hardest part, I’m just telling you, the hardest part is making sure you choose the right agent, because the right agent partner, it really is a business partner, and who you choose to be in business with you’re going to break their business, right? Because you’re going to send enough leads to them that it’s going to just break their business as they are doing more business. And so the bottom line is you got to get somebody who’s growth oriented that’s going to grow with you. That is the number one piece, but within three weeks you can have this set up and it’s set, you literally, you can set it and forget it. As long as you have everything set correctly, and you just keep going, keep sending it to them, and keep just check it, having a BA, or if you don’t have a BA, somebody just check to make sure that that they’re closing at the right percentage. But, man, if you choose the right partner, you are going to make a fortune.

Brent Bowers:
And do you talk about that in your course how to choose? What are the distinguishers of this partnered partner real estate agent?

Chris Craddock:
Yeah, and they’ll jump into, I’ll just do a brief recap here. And this is true on anybody that you ever hire, right? So first of all, let me just say this. I heard this pastor preaching about choosing a spouse. And when I heard that, I was like, “Oh my gosh, this is the best hiring advice I’ve ever heard.” He said, “Everybody is always looking for potential, right? ‘Oh, well this guy’s got potential.’ ‘This girl’s got potential.’ ‘Think about what they could be.'” Never hire on potential, always hire based on patterns.
And I saw that with one of my really good friends. He was bringing in one of his best friends who just got licensed as an agent. And I said, “What did he do last year?” And he’s like, “Well, with Corona and everything, he decided to take the year off.” And I’m like, “He took a year off?” I was like, “That tells a story right there. If you take a year off…” I mean, I don’t know about you, but man, Brent, my butt is always burning, man. I’m onto that next thing. I’ve got to keep going. My mind is running and racing all the time. So I don’t see [crosstalk 00:19:49].

Brent Bowers:
You’re legs are moving.

Chris Craddock:
My legs are moving! I don’t see a world in which I take a year off. And I don’t think many entrepreneurs do that. They’re hungry, right? But with that said, you look for four things. Happy, if they’re not happy, they’re not going to be happy with you. They’re going to get mad at commission splits. They’re going to get mad at something, and wherever they go, there they are, and they’re not going to be happy people. Hungry, right? And that’s that taking the year off, right? Hungry, you’ve got… Literally, if the door is closed, these hungry people are going to go through the window. Right? They’re going to find a way to make it work.
Humble, a lot of people think that humility and arrogance are like brother… So here’s the deal. Humility and confidence can go hand in hand, those are brothers. Arrogance and humility are different, but here’s the thing, you can find a lot of arrogant people that don’t strike you as confident. They’re just like, “Well, I hear good advice, but I need to find out for myself.” I mean, how many people have said, “I need to learn the hard way.” That is arrogance. That is opposite of humility. Humility is going… And that’s what I love about the Wholesaling Inc. culture is that everybody is like, “Man, there are some people that are really smart, and they’ve forged the path, and I can just plug in, and cut that learning curve, and make a whole lot of money a whole lot faster by just learning from really smart people.”
So happy, hungry, humble, and then the last one is smart, and that’s how quick of a learner are you? Right? Are these people people that pay the stupid tax over, and over, and over again, or do they learn their lesson from making one bad mistake? Because let’s be honest, we all make mistakes. The question is, “Do you learn from that mistake and not make it again?” Here’s another book, The Road Less Stupid. Right? He talks about paying the stupid tax. Learn from your mistakes, be a quick learner, and don’t do the same thing again and again, because that is a stupid tax, and we can make way too much money in this business. So that stupid tax adds up fast.

Brent Bowers:
Yeah. I was hoping you would share that. I’m really glad. I heard you touch on that before, happy, hungry, humble, smart. And what about healthy? What about healthy?

Chris Craddock:
That’s a good one. I mean, and I think in everything… So one, emotionally that bleeds into happy, because there’s a lot of toxic people out there that are no good, but also if people aren’t healthy they’re going to run out of energy really, really quickly. And that’s another one of my books, High Performance Habits [crosstalk 00:22:08].

Brent Bowers:
There we go! We get four.

Chris Craddock:
Yes. One of the things that high performers do is they bring energy into any situation you’re in, and if you’re not healthy… I remember listening to Rick Warren who’s a pastor out on the West coast. He was talking about the importance of being healthy, because if you’re not healthy, how do you add energy into the life and the world around you? And I think it’s really, really important to be healthy, to be able to bring energy to your world.

Brent Bowers:
Yeah. I mean, we can just keep on with the Hs, happy, hungry, humble, healthy, high energy. I’ve picked up some energy just by doing this podcast with you, your energy is coming across, and I’m seeing you, and I’m just feeling pumped up. I’m ready to go on a run right after this. So I’ve found that high energy people really stoke my fire, and let’s just say you talk to an Eeyore, and you’ve got high energy. You might come down and mirror them a little bit, but you’re going to come right back up to your natural stage, and hopefully get that Eeyore a little higher energy. So I love it. You’ve given so much [inaudible 00:23:11] today. I mean, four books. What else? What did I miss? Is there anything else you want to share?

Chris Craddock:
Well, I mean, that’s pretty much the main thing is I just really believe that everybody or just that I talked to are leaving so many dollars on the table, and I got one other friend that I started coaching out in the Midwest. And it was so funny, because I spoke to him, and he was like, “Ah, my wife is an agent. I think we’ve got this retail thing down.” And we started talking through numbers, and I was like, “Brother, you are missing the boat. I’m telling you, there’s so much to be made here.” And he ended up calling me two and a half months in, and he was like, “Chris, we’ve already made $90,000 in two and a half months on deals that would have just sat dead in our database.” We’re not just talking $90 K total, we’re talking $90 K additional dollars that they would’ve never seen, that would have died in their database.
And he’s like, “Chris, this is life-changing money to us. This is really life changing money.” And he just said, “This is… you’ve changed our life.” And to me, that’s going from being in ministry to I’ve been a high school sports coach, coached soccer and golf forever, and I love helping people succeed, right? It’s one of my favorite things in the world. And so when I got that call, and he just told me how it changed his life, I was like, “Man, this is so fun. And it’s so fun to be a part of.” And talk about giving you energy, you see somebody whose whole life has been changed by implementing some of these principles that I’ve learned over the years, it’s been Incredible.

Brent Bowers:
That’s such a great point. I mean, $90,000 additional dollars in two and a half months. And think about that, you’re bringing on another entrepreneur, another professional, another person that jumps out of bed in the morning. You don’t have to manage them. I once heard a great quote is, “If I’ve got a manage you, I don’t need you.” This person is operating on their own. They’ve got their own team. They’ve got their own cell phone, they’ve got their own equipment. They’ve got their own real estate license. So you can literally tap into another partnership that’s already rolling and it just creates a beautiful thing. So I’m super excited about this. I mean, who doesn’t need this? Who is not your student?

Chris Craddock:
Oh, I’ll share two things. So one, so I also, I own a number of other businesses, and one of them is a construction business. And so what I found was we used to have our own in-house guys doing our stuff. When we started hiring subs instead of keeping it in-house, the subs were a little bit more expensive, but I’ll tell you what, whenever they made a mistake and had to fix it on their own dime, they had their own people there cracking the whip, making sure that things moved so much faster than we were ever able to get it moving. So the crazy thing that we found was it cost us more upfront, but we ended up making so much more because the time went down, and any mistakes were on them and not on us. And so I see that that relationship is so powerful here.
The second thing you said is who is not my student? So anybody that does not bring in leads. So I’ve gotten a couple of calls, they’ve heard me on podcasts, they’ve heard me on some things, just asking about stuff, and they’re brand new, and they’re like, “Can this be my first class?” And I say, “No. But what it can be is it’s the best companion class.” If you are buying a class, if you’re buying a wholesaling class, or a radio class, or [inaudible 00:26:40], any of these other classes, TTP, any of these other classes where leads are coming in, this is the greatest companion piece, because all of a sudden your margins go from here to here because you can get paid so many more times on every deal that you do.

Brent Bowers:
So amazing. I love it. I love what you just mentioned about having subs, and also, what’s your quality of life worth? You don’t want to have to constantly manage these people. It’s not your in-house crew, it’s another crew, it’s their own sub. They have their own insurance. They have all these business expenses. And yeah, they’re building a name for themselves as well. Well, Chris, this has been an amazing episode. Thank you so much for sharing REI Revive. I’m super excited to see you just launch this. Chris Craddock, How do we find out more about you? How do we find out more about your program? Give it to us.

Chris Craddock:
Absolutely. So wholesalinginc.com/revive, and you can also find me on Instagram, I’m @craddrock, C-R-A-D-D-R-O-C-K, old high school nickname. And I do try to reply to any DM on Instagram. So yeah, hit me up there, and I’m happy to reply. So yeah, looking forward to helping the community, being a part of everything here. If I can do anything for you, please reach out, happy to be part and help any way I can.

Brent Bowers:
You heard it, guys. It’s wholesalinginc.com/revive. And that’s spelled R-E-I… Or I’m sorry. R-E-V-I-V-E. It’s right there in the video. We both messed it up. One day we’ll get this right. It’s wholesalinginc.com/revive. Here we go, Chris Craddock, newest Wholesaling Inc. coach, it’s been my pleasure. Thanks for being on with me.

Chris Craddock:
Thanks for bringing me on, brother. So fun.

Brent Bowers:
Catch you later.

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