There are a lot of wholesalers in the world. Some of them are great! I love to buy from them because they save me a lot of time. This is what great wholesalers do. Provide value in time savings for a reasonable cost.
Unfortunately a lot of wholesalers do not last very long. I have been witnessing this behavior for over a decade now and it seems a lot more success would come their way if they handled some fundamentals on day 1. There is a reason some investors really do not like wholesalers!
So let’s discuss the fundamentals. As Michael Jordan always said, the fundamentals never change:
- It’s about relationship. If all you do is send an email and hope for the best. Don’t be surprised if the best never comes your way. Things to include in any email sent:
- Your name – people like to know who you are. Don’t underestimate this.
- Your phone number – believe it or not, not everyone loves to text
- Your e-mail address is an actual domain name – it shows you are taking the idea of running a business a little more seriously. It’s approximately $15/yr. Is your first impression worth $15 per year?
- Property address – people don’t like chasing down addresses. While there are times to hold this back, it is rare.
- Property pictures – the more, the better. When we see a lot of pictures, we know they are a more serious wholesaler.
- Comparables that make sense
- This means you are using quality data. Hint…Zillow is not the best choice.
- Quality data with photos is paramount
- Either get MLS access or use a tool like propstream which is excellent. For more information and a free trial, go to http://completecomps.com. You’ll be glad you did. (and when you sign up, watch the help videos! They are excellent.)
- They do not publicly market other peoples deals without asking. Easily how bad daisy chains begin especially with illogical price markups.
- Great wholesalers don’t hold things back because they are confident in their ability to negotiate a deal that makes sense for not just their current Buyers but future Buyers as well.
- Steady marketing for Buyers – Great wholesalers also know their current ‘go to’ Buyers can change needs on a whim and already have more ready to go because they never stopped marketing for them.
In a nut shell, the more transparent you are and the more you market, the more you will find quality Buyers that are able and willing to do business. The best business still happens over the phone and/or in person. Even virtually, this still holds true. Make the most of it with solid fundamentals and success is certain to come your way.