5 Ways to Become a Wholesaler's Go to Buyer

[Lamar Cannon]

Let's face it, whether we like it or not, buying from wholesalers is one of the lowest cost (marketing) channels of acquiring properties.

After analyzing all of our wholesale deals, and I noticed that when I get a really hot deal I send it to my go to buyers by text or email.  I discovered that there are 5 main things that separate our 6 or 7 go to buyers from the rest of the list.  I did this so I could use these things to become the go to buyer for wholesalers in the Austin, Dallas, San Antonio, El Paso and Houston markets.

Here are my findings:

1. 1. Stay top of mind.  Email or Call the wholesaler weekly asking them if they have any deals. After a few weeks, the wholesaler will understand that you are a serious buyer and you want deals now.  The wholesaler will also realize that if they do not send you deals soon, you may think they are not good at sourcing properties. This provides them extra motivation to send you deals first.
2. 2.  Respond to every deal QUICKLY. Aim to be the first person to respond to the deal that gets sent to wholesalers list.  Also, request for them to text you or call you when they get a deal.  Responding quickly even just to say, "Awesome! At this time this deal is a little to expensive for our strategy. Thanks for thinking of me and I can't wait to see the next one!" will let the wholesaler know you are actually doing due diligence on the deal and that you work quickly.  
   
3. 3. Add Value.  Have you ever wondered why people who have training courses get so many wholesale deals? They add value. Most wholesaler's want to do what you do and are using wholesaling to get there.  Add value in any way you think you can. Examples are:
   • Meeting with them to discuss your story and how they can get there.
   • Allowing them to come check out your current projects in progress
   • Teaching them a few things about what you do or providing resources that were valuable to you
   • Connecting them to people in your network
4. 4. Offer on every deal. Offer on every property they send you that is in your target area, even if your offer is much lower than what they are asking.  If deal does not work at current price, the wholesaler will renegotiate with seller and use your offer as the reference.  "Thanks for sending this deal to me.  After, doing our research we discovered that through our strategy the most we can pay for this property is X because it needs X, Y, and Z to be a profitable deal for us.  If you are able to renegotiate with the seller and this price works for you, CALL ME ASAP. If not, I'll be on the lookout for the next one we can buy from you."
5. 5.  Perform.  When you get a deal under contract from a wholesaler, perform! Make the transaction smooth and easy.  Just like with any other business smooth transactions result in repeat business. This is probably the most powerful of the 5 and will allow you to take preference over all other buyers who have not purchased from the wholesaler.  

Doing these things will make it easier to purchase from wholesalers and assist in reducing  the amount of competition you have. You will end up with a high performing low cost channel for bringing in deals.

Anyone have other tips to add?