Recently did a wholesale deal in a part of town I don’t typically do much with. Sold the deal on one phone call. While we do new construction, we never had done one in this area. In doing the deal, I was reminded of a simple principle.
Be coachable by your Buyers!
This particular area was a solid area so I knew the property could move. We put it under contract with the intent to do it. As we got into it, we realized we would have to spend some time learning some ins and outs of the jurisdiction. The more we learned, the more it made sense to wholesale to someone who really knows the area. The comps were solid so there was no question there. The question was what would ‘we build’ to really ensure we got the ARV right. That would take some homework and significant time for us being the ‘newbie’ in the area.
We also saw some examples of what not to do so that helped give clarity. But even then, we still weren’t quite sure what we should do. Enter the Buyer.
The Buyer lives nearby and knew the area like the back of her hand. Talk about invaluable! In talking through a number of construction factors, we learned what we had to do. But how to know what to build that would sell fast in this specific market? That took some coaching. Our Buyer did the coaching and we did the listening about the ins and outs of this specific pocket. Our biggest take away was that we were glad to not do the deal since a) it was not in our main area and b) the education saved us a lot of time on a deal that while it would have been very profitable, also created a good bit of load that we really didn’t want to get into.
All it took was a little coaching by our Buyer. Are you coachable to your Buyers? Like the really solid ones who know what you do as a wholesaler and they know the end game.
When you are coachable, it is so much easier to get to the finish line. You get in alignment with your Buyer and when that happens, it’s truly magic to see them knowing it’s a deal for them all day long.
And if you are not sure you are coachable, ask yourself one question…do you learn something new every day no matter small? If yes, you can become coachable. And I would highly advise you do so.
Coachability is truly something all masters of their craft take seriously. We may have different goals but having a coach will get you there faster.