There are real estate wholesalers, and then there are real real estate wholesalers. Although the old “fake it ’till ya make it” theory may tried and true, the point of that saying is that eventually you’re supposed to stop faking it once you know what the heck you’re doing. But some real estate wholesalers take it to the extreme. They’ll fake it for as long as they can get away with it. Women everywhere continue to put on Academy Award winning performances, yet In the world of real estate wholesaling, the fake won’t fly.
So how to you spot real deal real estate wholesalers? The answer might surprise you…
Old School Real Estate Wholesalers Living Large.
When we think of businesses that don’t rely on technology to get ahead, we think primitive and uneducated. The Flintstones comes to mind, and we envision old Fred eating bront0saurus burgers.
You may be surprised to learn that lots of wholesalers have an old school business approach. It’s not out of the ordinary to find a seasoned wholesaler without a website. Eh? You’re probably wondering how the Sam Hell can on a real estate wholesaler function and succeed in today’s competitive, technologically-dependent world without a website or six? How do they promote their businesses? How do they share information about their businesses with prospective buyers?
TIP: Real estate investing is not a “tech business,” baby! Its a “networking” business. And I’n not talkin’ Cisco.
The best tech in the world; expensive websites, funnels, software from Guru’s don’t make you rich. Getting to know buyers (like me) makes you rich!
True wholesalers go old school. I’m talkin’ pen and paper, traditional print advertising, bandit signs, Craigslist, and straight up face to face communication. They have an established list of awesome buyer clients, and they know exactly what those clients want – what type of house, what area they want to live in, what their price range is. They rely on communication, organization, and relationship-building. Real deal wholesalers don’t need gimmicky pump-funnel websites with flash graphics and empty corporate speak.
If you want deals. If you want to be a real wholesaler – get out there and do some real work. I used to get in the 1991 Chevy Lumina “Sweet Lou,” armed with a few cigars, a 20 oz Venti BOLD & black from Starbucks, and I would ride neighborhoods until my then fiance would call to tell me it was time to come home. I used to leave at 5AM, and sometimes I wouldn’t come home till 8PM. That’s workin’ people. That’s knowing your farm market.
Next – spend a little money on marketing. I could write a whole blog on how to market, but suffice it say that the old tried and true methods still work. You can also enter your name and email below to get my free list of “100 sure fire ways to find super-motivated sellers.” Marketing works, you just have to be consistent.
The best real estate wholesalers don’t try to sell phony deals either. They keep it real (if I had a dime for every time I’ve said the word “real” in this post), they keep it honest, and they’re straight forward about deals, unlike some rookie wholesalers who think they can talk smack, BS a deal, BS the ARV, BS the repairs, and live to wholesale another day. Uh uh. Ain’t happening. I’ve said it before, and I’ll continue to drive the point home like Miss Daisy. Those who stay true to their word, know their areas, know their numbers and keep it real will get ahead. It’s that simple. True real estate wholesalers aren’t afraid to make $10-20,000 minimum paydays when they know they have a deal that’s gonna make the rehabber $50-60,000.00 BUCKS!!
Look, we’ve all go to start somewhere right? Even I was a newbie once. Even I tried to fake it till I made it. Treat this business like a business and not a hobby, build your network, market great deals NOT crap, and always keep your word – and you too will become old-school at some point.