Today’s episode is the second part of a three-part series on how to scale and grow your wholesaling business to 7 figures with Chris Craddock. He will be sharing more ways to scale up your wholesaling business. Chris talks about the power of negotiating the correct way to utilize it. Bill Clinton and Ronald Reagan are among the great politicians and American leaders who negotiated with strength and empathy. The same goes with your wholesaling business: knowing how to do it right yields favorable results. Understanding the needs of your customer and figuring out how to meet them is the most important part of salesmanship.
He will also discuss the value of knowing how to close the deal. It takes time to master these skills, and Chris believes that the resources and books he shared will help develop and hone your skills as a salesperson. He believes that this episode will help you excel even more in your profession. Always invest in mastery classes to upskill and have the opportunity to gain meaningful connections with people in this industry.
How to Scale Your Wholesaling Business to 7-Figures – Part 2 of 3
I’m excited to be back with you to do the next part of the series that we’ve been going through, which is how to build and scale a seven-figure business. What we did last time, we talked about some of the big keys, which one of the main things that you got to do is to learn how to learn. You go on an appointment, if you don’t get it, you’ll learn why so that next time, you’re more likely to get it. We talked about books that you need to read. We talked about the fact that people want to work with people they like, know and trust. We talked about the fact that in order to build a business, you got to earn the right to build out that org chart. You got to earn the right to hire people. The only way to do that is through sales.
We talked about sales, how to make sales, how to sell our product. Next, we’re going to go through a couple of more books that will help us understand sales at a high level. All of these are resources that you’ve got to grab and got to get. Your life and your business will grow to the extent that you grow. If you are not investing like crazy in your personal education, you are missing out. One, you need to be investing at least 10% of your income in yourself. I spend 10% sometimes a little bit more, on my personal education development, being in masterminds and in groups that are going to make me think bigger, act bigger and play life bigger. They also set you up with better relationships that are also going to draw you out to be the better version of yourself. That is important.
Back to it. You’ve got to have a slot of sales in order to build it out. What are some other books that are going to help you grow as far as being a salesperson? We talked about learning so that you can learn to be a better salesperson. We talked about the Zig Ziglar Library, which I’m a big fan of Zig Ziglar. We talked about Dale Carnegie, How to Win Friends and Influence People, how to be likable, how to build rapport.
Step one in building a massive business is to become a great salesperson.
Next, I want to talk through how to sell and how to negotiate. There’s a book by Chris Voss. It’s called Never Split the Difference. Chris Voss was an FBI negotiator. He is a stud when it comes to negotiating. One of the main things that I learned from Chris Voss was about anger. When you’re out there making deals, one of the things that I found was there’s an old phrase in negotiating, who speaks first loses. When you’re talking about negotiating, one of the things that are important for us to realize is that there’s a term called anchoring. Anchoring is essentially speaking first. Anchoring is the idea that if you meet with a seller and you’re working on getting a deal done, you ask them what do they want for the house.
A lot of times, the seller’s going to be like, “You reached out to me. You sent me the letter. You dropped a voicemail on my phone. You give me an offer.” The key is how do you get them to tell you what they want. If somebody can tell you what they want, you can give it to them if it’s within your grasp. Never split the difference. Go through that book. It’s going to make you much better at empathizing with other people. Understanding one of the other pieces that he talks about negotiating is understanding where they’re coming from.
You ask the right questions and you’re going to understand where they’re coming from and you can speak to them. There are two politicians both on two different sides of the spectrum that are the best politicians ever as far as how they related with people and how they sold themselves to America. One was Bill Clinton. One of the key pivotal moments from Bill Clinton was when he was at a Town Hall meeting and somebody was telling them all the reasons why they were in pain. Bill sat there and said, “I feel your pain.” America believed that Bill Clinton was feeling this person’s pain. Therefore, America ended up voting for him because they felt like he could empathize with them.
Ronald Reagan, on the other hand, one of his big things, literally won the Cold War without firing a shot. You see Ronald Reagan was battling against Russia and his whole thing was negotiated from strength. America is a bigger, stronger, better economy. You don’t want to fight with us because we will win kind of an idea. Ronald Reagan was a master negotiator. One of the things that he would always say is, negotiate with strength. One of the other things you would always do is crack a joke. He would be playful but he’s also very serious. You believed him but he was also able to be playful.
Understand that both of those are very much keys that you need to feel pain but you also need to negotiate from strength. You need to find an area where they know that you have the ability to solve their problem. If they go anywhere else, they’re not going to find that ability to have their problems solved in the same way. That’s Chris Voss’ Never Split the Difference.
Next, this is one of my favorite books. It’s a body language book. If you want to be good at selling, you need to be able to read people. It’s from an FBI profiler. It’s What Every Body Is Saying. Joe Navarro is the author of this book. If you read through it, you’ll learn a lot of things. Like when somebody crisscrosses their fingers, there have been studies done that show it makes people think that they’re less trustworthy. When people put their hands underneath a desk or underneath a table, they think they’re less trustworthy. When people point, people feel less trusting of a person.
Also, you can read other people. When a male rubs his hand through his hair, he’s feeling a little bit nervous, which I sometimes do. When a woman starts playing with her necklace or rubbing her neck, she’s feeling uncomfortable and insecure. This has served me well. There are a number of times where all of a sudden, I’m sitting across the table from somebody and I see that the wife starts playing with their necklace and immediately I’m able to stop and ask, “I feel like there’s something that’s not being said here. Can you speak to that?” They’ll tell you.
When you build out your business, you can build out the life that you’ve always wanted.
If you want to be a great salesperson, you need to be able to ask great questions. If you can’t read the situation, you won’t be able to ask great questions. Finally, this will be the last one. There’s a ton of other ones, almost anything by Brian Tracy. A lot of Grant Cardone, Sell or Be Sold. A number of other books that are incredible out there. The final one I’m going to say and frankly, this one, unless you’re good at the other parts, this one will not work for you. It is a Grant Cardone book. It’s called The Closer’s Survival Guide. Essentially, it goes through all the different types of closes. The ways to close people.
My wife has written a few screenplays, written a few movies, a couple of them got produced by small indie film companies. The interesting thing is when you look at it, a lot of times when act three, the close of the movie, if it doesn’t fit well and end well, a lot of people are like, “I need a better act three.” What you learn is if act three didn’t end well, it means act one and act two didn’t lead to the perfect ending. Act three should write itself. It should be amazing because act 1 and act 2 led right into act 3. The same thing is true with sales. If your whole pre-qualification, presentation, the conversation does not lead to a sale, you can’t say, “I’m bad at closing.”
It means that you’ve not set yourself up yet for it. Sometimes people are afraid to ask for the sale and the close. They’ll build the bridge and rapport. They’ll have great conversations with people but they will not close the deal. If you build a bridge, you’ve got to walk across it and ask for the sale. Most entrepreneurs are not afraid to ask for it but some are. They don’t want to ask hard questions. You got to be able to ask the question. You got to be able to build rapport, walk across that bridge that you built. If you want to build a massive business, you’ve got to be able to sell, earn the right, earn that revenue so you can earn the right to build out the business that you want to build out. Earn the right to hire people to do the things you don’t want to do.
Step one in building a massive business is to become a great salesperson. The books and resources I gave you will help you get there. The second thing is, I’m not telling you how to do it. Maybe you want to do regular wholesalers then get the wholesaling class. Maybe you want a new virtual wholesaling, get the program on virtual wholesaling. Maybe you want to do land, radio, cold calling, whatever it is, get those things so that you can be excellent at it. Don’t try to figure it out on your own.
I spend money on coaching because I want to figure this out and figure it out fast. I want people to compress these decades into days. Spend the money to get it done, to figure out, to have somebody show you the path and get where you want to go a lot faster with the sales then you can build out your business.
When you build out your business, you can build out the life that you’ve always wanted. With that said, again, I worked with the REI Revived Program. If you look at your business and you’re bringing in massive numbers of leads or even small numbers of leads. If you’re bringing in leads at all and you need to figure out how to monetize them because it will make you more money, it’ll help you be able to afford to hire more help and more leverage faster. If you can do that, you’re going to be able to grow your business a lot faster. You’re going to get worlds ahead if you can bring more revenue into your company.
The REI Revive Program is something you want to look at. Schedule a call, go to the WholesalingInc.com/revive website. Either I or somebody on the team will jump on a call with you, look at your business and see whether this is a business where the REI Revive program will help you monetize those leads and be able to build out your business faster. We’re going to continue on with a couple more ways to scale the business here in the future. Hopefully, this was helpful. Until then, go out, kick butt, take names, make it an amazing day.
- Zig Ziglar Library
- How to Win Friends and Influence People
- Never Split the Difference
- Sell or Be Sold
- The Closer’s Survival Guide
About Chris Craddock
A nationally certified Life Coach in Leadership and top 20 in all of Keller Williams Realty International, Chris Craddock is the host of the Uncommon Real Estate Podcast, a Realtor, and entrepreneur who runs multiple successful businesses in the Washington DC Metro area (and Richmond, VA). Chris and his companies consistently bring in over 5 Million in revenue year after year. His team, The Redux Group, sold just over $160 million in volume in 2020. Chris has been married for 20 years and is the proud father to six beautiful children.