Dry spells happen to the best of us. Even the most successful real estate investors experience a lull from time to time. But just because your business is slowing down, it doesn’t mean you can afford to sit around and let it get you down. So how do you get your business back on track when you hit a dry spell?
In this episode, Lauren Hardy will discuss the actions you should take when you find yourself in a dry spell, as well as how to shift your mindset to change your perspective and get you motivated. She will also offer some advice to wholesalers whose businesses are struggling.
Episode 784: What to Do When Your Wholesaling Business Hit’s a Dry Spell
I am going to get very real with you on something that I know that you all struggle with from time to time. I’d be lying if I said I didn’t struggle with it from time to time. There is someone reading this who is going to say, “This came at the right time.” I hope that you do find this episode when you need it.
I’m going to talk about going through a dry spell. What I mean by that is a time where business is very slow for you. I’d be lying if I told you that this has not ever happened to me. It happens to me and everybody in this business. I want to do a full episode where I talk about what we go through in a dry spell. I want to talk about some emotions. I want to be real and talk about things that go through our heads so you can feel like you are not alone.
I want to give you some action items that you can take home with you. These are action items that I do every time I start feeling like I’m in a dry spell and they do work every single time. I’ve been doing this for years and believe me, I have had tons of moments where I have felt like my business is coming to an end, wholesaling is over and it doesn’t work. Sure enough, every time I do these action items, I get right out of it very quickly.
Let’s go through it and talk dry spells. We all go through them. It’s very normal. Every 3 to 4 months, I go through a patch of weeks to sometimes a month where the deal flow slows down. It almost feels like it comes out of nowhere. It feels like that when it’s happening to you. When it’s happening, you’re not seeing it coming and then the next thing you know, you are not getting any contracts or a deal for 2 or 3 weeks. You start feeling like, “Am I ever going to get a deal or contract?” I’ve been there and believe me, this happens to everyone.
I know so many guys and gals that do 100-plus deals a year who all go through dry spells. The best wholesalers in the country go through dry spells. The funny thing is they all think the same things. I’m going to go through some of these thoughts that come through our heads. I know you’ve thought of them.
Even the guys and gals that are doing 100-plus deals a year who you think never go through dry spells have the same thoughts. I’ve been on the phone with them and talked some of them off a ledge. We all do this. When we’re going through a dry spell, we get on the ledge and we are about to jump. We started having some really negative thoughts.
That’s the human in us. It starts thinking way into it. These are some of the thoughts that come into my head when I’m in a dry spell. I’ve heard students that have come to me say these exact things. This is what happens. This is what the human in us does. The first thing is we start getting negative. You start saying things like, “There are no more houses and deals to buy. The deals and lakes have dried up. Let’s pack up and go home. This business is dead.” It’s super negative.
The next thing is we start coming up with conspiracy theories as to why. I used to have a student who would always say the same thing. She’d say, “There’s a shift.” Maybe you’ve said this, “There’s a shift going on. There’s a shift in the market and this business does not work anymore. Maybe that shift is that there’s a sudden influx of competition and they came out of nowhere or maybe buyers are not buying anymore. All of the buyers packed up and moved. They are not interested in this market anymore.”
From there, you’re spiraling. Someone is spiraling when they start thinking about backup plans. Backup plans are, “Maybe I should pick up some side work, get a job and see if some other investors need a cold caller. I can work for $15 or $20 an hour to bring some extra income. I’ll cold call for some other investors or I’ll work as an acquisition manager for someone else who’s doing well.”
The next phase is you start blaming and pointing fingers. You’re like, “It’s those iBuyers that came in and they bought up all the houses. It’s the hedge funds 100% that came in. They bought all the houses. I have nothing that I can wholesale. Maybe it’s the big wholesaling company in town that’s beaten up the small guys.” I’ve been there. I’m going to tell you, “Stop.” Do you see yourself? Does this seem familiar? Does this resonate with you? If you see yourself in this, I want you to keep reading because I’ve been there.
Fill up your media with anything real estate investing or real estate wholesaling. Anything that can influence you and inspire you so that’s all you’re listening to.
I’m going to pull you out of this negative mindset. I’m going to give you action items that you can take. Every time that you see yourself getting into that funk or spiral, you can take these action items with you, put yourself through it and you won’t forget. You should probably do this on the regular so that way, you’ll avoid that negative mindset.
The first thing that I do when I’m in this situation or I’m spiraling is I take care of my mindset. Take care of your mind. You need to get inspired, mad and motivated. The first thing you should do is fill up your media with anything real estate investing or real estate wholesaling. Anything that can influence you and inspire you so that’s all you’re listening to.
I’m talking about podcasts and following influencers on Instagram like myself. Follow @ThisMomFlips on Instagram, Brent Daniels, Chris Arnold or all the Wholesaling Inc coaches. They will inspire you. If you keep following them, you’re going to open up your Instagram and that’s the first thing that you see, you’re going to get inspired.
If you open up Instagram and the first thing you see is your annoying aunt who’s ranting about the political climate, that is not going to inspire you. Get more positive influences up on your media. I recommend listening to a podcast every day. It doesn’t just have to be wholesaling. Listen to mindset podcasts or maybe advanced real estate investing type of podcasts. It will inspire you to look forward to the future. You’re going to get more ideas of what wholesaling could lead you to.
The next thing is I want you to download an audiobook. You can get the real book but I like the audiobook for this one. It’s Rhinoceros Success by Scott Alexander. A lot of you don’t know but the whole rhino tribe thing that Tom Krol created was based on this book. It is such an amazing book. There’s no way you’re going to not listen to this book and not get inspired. He does give you the kick in the butt that you need.
You are a rhino. You have thick skin and you are going to persevere through anything because you are a tough and strong rhino. Take that book and listen to it. You can listen to a chapter a day. I loved this book. It’s the best. After you’ve taken care of your mindset and you’re feeling all the positive vibes, you’re starting to feel a little better. When you take care of your mind and you start listening to stuff that inspires you, you start getting in a better mood. You’re getting out of that spiral.
Step number two is I want you to take a critical look at yourself. Why are you slow? I want you to take ownership of this. If you take ownership of everything that happens to you in your life, good or bad, you are going to feel so much more in control. Some of the people struggled with taking care of their life, succeeding in things and following through because they don’t take ownership of anything. It’s always someone else’s fault. Take ownership of it. This is your fault. You are slow because of you. If you own it then you can do something about it. If you don’t own it then you’re screwed. You can’t do anything about it.
The reason why most of the time we are in this situation where we’re going through a dry spell is because at one point, we got fat and happy and we stopped generating leads. That is usually the number one thing that we do. It is true. Your market is getting saturated and that’s something that I have a specialty in. That’s when you need to start looking into the virtual wholesaling model that I teach and talk about.
Make sure that if it is something that is market-related then that’s not a pass. That’s not like, “Poor you. You can’t do anything about it.” That means get up and go virtual. Find a market that you can go to. Either way, take a critical look and go, “This is my fault. My market’s getting saturated but the market an hour away isn’t so I can go there.” Why can’t you go an hour away from you? Why can’t you go to the major Metro that’s right next door? Why can’t you do that? It’s your responsibility to pick up and do it. Take that critical look at yourself and figure out what caused the dry spell.
If you take ownership of everything that happens to you in your life, good or bad, you are going to feel so much more in control. If you own it, then you can do something about it.
Once you know what caused the dry spell, I want you to start pulling the levers 10X. What I mean by that is you need to go overtime on three things because this business comes down to three things. We don’t need to overcomplicate this. Keep it simple. It comes down to leads, offers and follow-up calls. You need to start pulling those levers 10X and generate more leads. Whatever you were doing before, do that times ten.
You need to make more offers. Whatever you were making before, do that times ten. Everybody should get an offer. Make as many offers as you possibly can and follow-up calls like crazy. Have those conversations with sellers. This is a time where you need to feel that fire under you and hustle. After this, it’s going to take a couple of weeks but you are going to start locking up contracts. There’s no doubt in my mind that you will. If you follow this formula, you’re going to start seeing your dry spell come to an end and start feeling good again. It’s inevitable that you might start feeling fat and happy again.
Step number four is don’t get fat and happy again. Don’t fall into this trap. Learn from your mistakes. This day’s leads are 90 days from now deals. Typically, a lead that you get now is what is going to pay you in 90 days. That’s an average number for my team. Remember that. If you are taking a break now to generate leads, that means that 90 days from now, you’re going to have another dry spell and you’re going to be crying to me. You don’t want to be there. You don’t want that to happen to you so try to always listen to those audiobooks and motivational podcasts to keep yourself motivated. Keep those levers pulled. If you can do that, imagine the explosive growth that your business is going to have.
That is it for the action items. I hope that you like this episode. If you did, please share it with somebody that you think needs to know this. We all need to know it from time to time. I’m telling you, even the best of the best go through their dry spells. Know that you’re not alone. You should probably find some comfort in that.
I’m going to end with one more thing. If you don’t go through dry spells, you would never know what it is that brings you out of it and helps you become more successful. Let me say that in another way. If you don’t take that critical eye to look at yourself, you’re not going to see what you’re doing wrong. If everything is always going very well and so easy, you’re going to get lazy and not take that extra step to learn how to improve your business. It’s in those dips and dry spells where you take that critical eye. You become a critical thinker and a problem solver. You have to go through the hard time.
I’ve heard people say this. “It’s in those dark times that you need them to then recognize the good times.” Don’t you believe that? If things were always happy, you would take your life for granted. It is in those dark times that you need that reminder. When things are good, they feel good. The same thing goes for dry spells. Every business and entrepreneur needs that dip and time because that is what motivates us to take the critical eye, become a problem solver and in the end, a better entrepreneur.
That’s what I’m trying to do with this show. I’m trying to make you better entrepreneurs. That is my end goal here. If you liked it, share it with someone. If you want to learn more about virtual investing or maybe your market is giving you some trouble, check out my whole virtual concept. I have tons of students that were in the same position and they switched markets. They went from dry to crazy success. I had that same experience. It is true that sometimes it is your market. Check out VirtualInvestingMastery.com if you want to learn more about going virtual with me. Thank you so much for reading. I will see you next time.
- ThisMomFlips – Instagram
- Brent Daniels – Instagram
- Chris Arnold – Instagram
- Rhinoceros Success – Audible
About Lauren Hardy
Lauren Hardy is a Virtual Investing expert and Real Estate influencer who owns multiple companies in the real estate industry including real estate investment, coaching, and software companies. She is also a Wholesaling Inc coach and co-host of the Wholesaling Inc Podcast.
Her experience in the last decade has been focused on real estate investing and creating products and services to serve the real estate investing community. If you are interested in investing in real estate virtually, house flipping, or virtual landlording, Lauren’s your girl.