4 Ways to Become the Go To Wholesaler in Your Market
In my experience, being recognized as a top wholesaler in your market is very valuable. Here are 6 tips we used to do that in the Austin, Texas market.
1. Be Honest - Integrity is a HUGE part of being a great wholesaler. The #1 complaint buyers have is that newer wholesalers do not provide accurate repair numbers or ARVs. First, you must realize that in residential real estate the cost of repairs and ARV can be subjective. Know this will help you provide better information to your potential buyers. In my experience, it is better to just list the asking price and a summary of the repairs you believe the property needs than to try to guess the ARV and lowball the repairs. Your buyers do this for a living and have their systems and numbers down. Allow them to determine if it is a deal or not. I like to allow buyers to do all necessary before they contract the property. In short, DONT LIE or make up numbers or you will be out of business quickly.
2. Network - Meeting other investors in person and letting them know what you do is very valuable. The more you network the higher you will be in their minds when they think of referring wholesalers to their friends. Networking will build your list as well as assist in developing trust with your investors. Remember to follow up and also to respond the messages and calls. Aim to network for 3-6 hours (or more) per week.
3. Constantly Develop - In a survey I read on one of the business news websites, 80% of wealthy individuals read non fiction books for 30 minutes or more per day. Always be looking for ways to improve at your craft. Improve your marketing, negotiation skills, business acumen, and people skills. Ask yourself daily: "What can I do today to become better than I was yesterday." Remember you are the average of the people you are around most. Make that a high quality group and try to make the group so awesome that you are always the dumbest person in the room. You will begin to absorb the mentalities and habits of the group, propelling you to higher levels.
4. Market Your Tail Off - Constantly market! If you are not ALWAYS marketing you are causing future droughts for your business. Your job as a wholesaler is to provide deals. To do that you must market and do it all the time. It is better to be able to pick an choose which deals you want to work than to have to try and squeeze a 2k assignment out of the only deal you've had in three months. Even the buyers that do not buy from you will notice the activity and will start to see you are the real deal.
What other tips do you all have?