Wholesaling Houses: 5 Things That Separate The Best From The Rest
What separates the best and most successful in wholesaling houses from everyone else?
Many are being attracted to real estate wholesaling. Yet, there continues to be a big divide between the few who are doing 80% of the business, and the masses kicking around deals without much in the way of results. What do top performers do differently?
Think Big
The most successful house wholesalers are typically those that think the biggest. They aren’t looking to make $100k per year. They are looking to make $100k or more per month. They don’t shoot for a handful of deals per month. They are looking for 10 plus deals each month. They have really big visions.
Serious About Finding Good Deals
Great wholesalers are serious about finding very good deals. They are looking for deep discounts, and fat spreads. They are also looking for houses that they can resell. They are looking for 100% returns, $100k spreads, not just a handful of bills, nor deadbeat properties that are just going to be a nightmare.
Care About Presenting Good Deals
One of the biggest differentiating factors is that they care about being able to present good deals to their buyers, and are willing to invest the time and effort in that presentation. They know that their success and ability to stay in the business relies on it. If they just throw up properties that have big lurking issues or un-insurable titles, they are going to burn their buyers bad. At best they’d lose their reputation and any chance at repeat and referral business. Solid wholesalers want their buyers to be profitable. They want them to succeed, and come running back for more, and for them to easily be able to make a good decision based on the information provided.
They Understand Real Estate Financing
This will make or break investors. There are a lot of nuances in mortgage financing. Wrong assumptions have bankrupted many new investors. Those with the best understanding of it have the ability to move with confidence, and complete deals others can’t.
Invest in Building a Great Brand
In order to have more negotiating power, to have prospects seeking you out, to win great investors and vendors, and to hit full potential, you’ve got to build a brand. It has to be memorable, recognizable, and carry value. Leading wholesalers do this by giving their branding the thought it deserves, bringing in a great team, and putting out quality materials.
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