In wholesaling, there are many components and moving parts, such as marketing, acquisitions, dispositions, transaction coordinating, networking, property inspections, and more. Handling all of these jobs is difficult for any one person. This is where strategic partnerships come into play.
This was difficult for me because growing up, I had to know a little about everything in order to be successful. Growing up on a farm, we didn’t hire out — we figured it out. This philosophy was challenging to me, and later in life, I realized the many flaws with this concept. I’ve learned the importance of focusing my attention on my areas of strength, just as we all should. This is not to say we must ignore our weaknesses, but if we can find someone who can do the job better, then we should give that person the latitude to excel in that area. Trust me, it will benefit you both.
A Partnership Can Move Your Business Faster & Further
Effectively using the power of a partnership will push you along your journey a lot faster, and you can go a lot further.
This may be difficult in the beginning because of your limited knowledge of wholesaling, but you have to use everything to your advantage. You have to use what you do know, along with what you don’t know. If you ask any professional, they will stress to you the importance of partnerships and mentorships.
One of the most powerful tools to help you along your journey to becoming a successful wholesaler is self awareness. By conducting a self assessment, you will gain a clear picture of what you have and what is needed. Once this is completed, you can use your findings to attract that person who has the knowledge base you seek. I am a firm believer that everything you need is locked in someone else, and you have to ask the right questions to get what you need. If your counterpart is wise, they will seek the same from you. Don’t get me wrong — it is not easy finding this person, but it is not impossible. The laws of attraction will become evident once you know what you need — then you can attract it to you.
Being Tenacious in Getting What You Need
Again, evaluate what you’re good at: If you’re good at talking with sellers, continue to develop that skill and enhance your public speaking and negotiating. If you’re great at marketing, work on this area and let someone else speak with sellers. Or you are very analytical, then you can do all the data mining to provide information for the marketer. It will all come together, but you need to know what parts are needed to make things happen.
I still work to focus on my strengths and outsource my weaknesses. I utilize the skills of virtual assistants to help me develop areas I have limited knowledge in. If you know the areas you are limited in, you can then hire VAs who are willing to do what what you’re not good at or things you just don’t like to do. For me, I am not particularly fond of working with a lot of data, so I recently hired a VA to do all the skip tracing for me, a job that if I needed to do, I could have done, but I know my time is best utilized elsewhere.
Strategic partnerships are win/wins for all parties if set up correctly. When acquiring a true partner, a written agreement should be in place. This could be in the form of a partnership LLC or some memorandum of agreement. Without this, your success could quickly become a huge failure. There is an old saying that you never need an written agreement until you need a written agreement. Please don’t find yourself like Prince’s heirs — without a written agreement (for those who don’t know, apparently Prince died intestate, but that may be hearsay).
If you would like to know more about the power of strong partnerships, I’d recommend the book Power of 2 by Rodd Wagner and Gale Muller. They expose some profound points about partnerships.
Don’t Let What You Don’t Have Stop You
I was inspired to write this article because the fear of the unknown limits many newbies from jumping into the world of wholesaling. I know this because I was a subject matter expert on letting the fear of the unknown slow me down. Once I shed the fear of embarrassment, there was nothing I was afraid to ask and no one I was afraid to be foolish in front of. I had to acknowledge this, and by doing a self assessment, I knew what I needed — and fear could not stop me from going to get what I needed.
It is very important to focus on your needs — what is needed for you to get your first deal, what is needed for you to get started marketing, what is needed for you to feel comfortable talking with sellers. Evaluate your needs one at a time, and you will be able to source those needs and become successful.
Are you aware of what you need but don’t know how to ask or where to find it? Well, Bigger Pockets is a great resource — ask questions in the Forums or leave a comment below, and maybe I can steer you in the right direction.
[Editor’s Note: We are republishing this article to help out our newer readers.]
What do you need in order for your business to thrive and grow?
Let me know with a comment!