To be able to run a national wholesaling business in 280 markets simultaneously you need to systematize your selling process for the properties you have under contract and are trying to wholesale. I also teach this same system to others that are trying to wholesale in one or two markets as well and it is equally as effective.
The entire selling system (which I refer to as my “Buyers Checklist” because I am dealing with my buyers lists during these steps) is really broken down into two major parts: initial call back to buyers and active buyers.
Initial Call Back To Buyers
Let’s talk about dealing with the initial call back to my new buyers first.
If you’re new to wholesaling you may not realize just how important knowing what your buyers want is to your success wholesaling real estate, but it is critical. You need to know exactly what your investor buyers want to make sure that you are putting properties under contract that you know you can sell quickly and easily with a very simple system that includes an email blast, voice blast, fax blast and a few key phone calls. To know what they want, the best way is to get on the phone with your buyers as soon as possible. Rather than just assume that you need be buying properties at a 40% discount for all cash in specific neighborhoods, ask your buyers what they would want ideally and, probably even more importantly because most buyers are liars (meaning that what a buyer tells you they want and what they’ll actually buy are not usually the same thing), you need to find out what they would consider if they really needed a deal.
The more detailed info you can get about what specific deal criteria the people on your buyers list want the more deals you’ll be able to wholesale because you then start to tailor your offers to sellers based on what you know your buyers would want. In fact, you can call certain buyers on your buyers list if you have a borderline deal to find out if they’d be interested before even putting the borderline property under contract.
Once you’ve had your initial conversation with your new buyer and you have a much better idea of what types of deals, price ranges, conditions, financing, time frame they are looking (and well documented in your contact management system) then you add them to your active buyers list.
Your active buyers list is what you use when getting the word out about a new deal you might have. You will find out that they’ll be a few key people you end up wholesaling your deals to over and over and you’ll be tempted to just make a few phone calls to liquidate a deal. I’ve been guilty of that a lot, but there are compelling reasons to do an email blast, voice blast and fax blast to your entire buyers list to let them know about the latest wholesale deal you have control of. Conditioning your buyers list to know that you have deals consistently is an important exercise even if they do not buy that particular property from you. They may have just bought a property and consistently getting the word out about your deal might get them ready for the next deal you have.
When wholesaling, working through the two groups of buyers on your buyers list is easy and enjoyable. Just make personal contact with every new buyer to find out more about them, their real estate business and their property needs. Keep in constant contact with your list after the initial call with deals.