How Not to Be One of Those Hated Wholesalers
In spite of the value they bring real estate wholesalers are often among the most hated players in the business. So what can you do not to be one of those wholesalers?
Property wholesalers might sometimes rival attorneys and Realtors for being the most disliked and shunned members of the real estate community. Yes, it’s ironic. Few hate on Wal-Mart, Costco, or Amazon in the same way. Few others in the industry offer as necessary or as valuable a service. Yet, whether it is because they make money too easily, or too many amateur wholesalers have thrown one too many bad ‘deals’ around, good wholesalers have their work cut out for them.
So how can those serious about wholesaling houses stand out as real professionals and do more deals?
Offer Great Deals
If you offer great deals, they will sell fast, and you’ll have plenty of repeat business and referrals. Each individual might have their own opinion of what a good deal is, but if you know your buyers, you know what they find attractive or not.
Know Your Stuff
Nothings irks qualified and serious end buyers more than being swamped by amateur wholesalers that haven’t bothered to invest in building their knowledge. So invest in your education and training, and learn the business enough to be able to fake it until you make it.
Provide Reliable Deal Details
If real estate wholesalers concentrate on providing accurate information they’ll quickly win credibility. Those that keep dropping the ball or are seen as trying to be slick won’t be given many second chances. One of the best marketing moves you might make is to actually over-estimate repair costs and under estimate ARV. Then buyers will buy from you again and again, and they’ll trust you enough to do it quickly.
Inbound vs. Outbound Marketing
Unfortunately there is so little trust out there due to bad marketers and desperate wholesaling newbies that even if you’ve got a great deal you can waste a lot of time, energy, and trust by spamming. By all means build highly targeted lists and channels for updating qualified buyers on your deals, but before that let them find you. If you’ve got great deals, and a good handle on SEO, and can do a little networking you should be fine.
Be Different
Despite how much people love to bash them, real estate investing coaches often do a great job at turning new people onto wholesaling houses. We can bicker about their seminar fees and depth of content, but if they weren’t out there teaching there would be fewer millionaires, more struggling homeowners, and fewer deals being fed to those that need them. However, if there is a bone to pick with some of these programs that churn out novice wholesalers (and we all have to start somewhere), it is giving them all the same cookie cutter website, content, and templates. It’s no wonder real end buyers can’t tell the difference. So consider the value of looking and sounding different to the rest. If there is one thing worth disrupting in real estate wholesaling it is presentation and branding.
Authored by Best Transaction Funding BestTransactionFunding.com is the leading source of transactional funding and hard money loans for real estate wholesalers in the US, where 100% financing, and saying “Yes” is what we love doing all day long.
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