{"id":80479,"date":"2016-09-15T12:20:11","date_gmt":"2016-09-15T18:20:11","guid":{"rendered":"https:\/\/www.biggerpockets.com\/renewsblog\/?p=80479"},"modified":"2021-03-16T12:09:35","modified_gmt":"2021-03-16T18:09:35","slug":"be-a-better-wholesaler","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/be-a-better-wholesaler","title":{"rendered":"5 Ways to Be a Wholesaler Other Investors (Actually) Want to Work With"},"content":{"rendered":"

Let\u2019s face it — real estate wholesalers<\/a> get a terrible rep, and it\u2019s for good reason! The biggest complaints I receive from other investors is that wholesalers never have any <\/span>real<\/span><\/i> deals, they are super flakey, they fall out of contracts constantly, and they are typically just a huge hassle to deal with! <\/span><\/p>\n

This needs to change, and the change is now, with us!<\/span><\/p>\n

5 Ways to Be a Wholesaler Other Investors (Actually) Want to Work With<\/h2>\n

In today\u2019s post, I want to share ways we can raise the standard in the wholesaling industry — because we\u2019re not here to take advantage of people. We\u2019re not scam artists. We\u2019re here to do business!<\/span><\/h2>\n

Actually do what you say you\u2019re going to do.<\/h3>\n

Real estate wholesalers have a terrible reputation of saying one thing and then doing another. <\/span><\/p>\n

A lot of it stems from not actually owning or having full control of the property. If you want other investors to like you, make sure that if you say something, you actually do it!<\/span><\/p>\n

If you say you\u2019re going to close on a house, close on the house.<\/span><\/p>\n

People in this business need to know they can trust you. That you\u2019re a person of integrity. That you value your reputation. That your word is final. That you\u2019re a (wo)man of your word. <\/span><\/p>\n

Do what you say you\u2019re going to do, regardless of what it is.<\/span><\/p>\n

\"what-is-wholesaling\"<\/p>\n

Don\u2019t talk big.<\/h3>\n

If you are brand new, don\u2019t act like you are bigger than you are.<\/span><\/p>\n

One of the biggest pet peeves I have is when an investor calls me — who is not wholesaler but an end buyer — and they start the conversation with something to this effect:<\/p>\n

Hi! We buy 50-100 houses per month. We\u2019re going to be your new best buyer. We have money backing us up. We\u2019re the best\u00a0thing since sliced cheese, and I want you to send me everything you have and we\u2019ll buy everything!<\/span><\/i>
\n
\nRelated:<\/strong> Newbies, Want to Succeed at Wholesaling? Focus on Finding Deals! Here\u2019s How.<\/a><\/em><\/p>\n

When people talk like that, I instantly know they\u2019re going to be a waste of time. <\/span><\/p>\n

Those type of investors always give me the runaround. They never make offers on properties I send them. They never move forward and they just become a huge waste of time!<\/p>\n

Don\u2019t think you need to present yourself as something bigger than you are. If you are someone who takes action, a person of your word who has integrity and is easy to work with, then that\u2019s all you need. <\/span><\/p>\n

I\u2019ll work with a brand new investor any day of the week as long as they are level-headed, and I\u2019m confident they\u2019ll actually do what they say they\u2019re going to do.<\/p>\n

If you are an inspiring real estate investor, there is absolutely no reason why you should present yourself as something bigger than you are. <\/span><\/p>\n

Leave enough margin in the deal for your end buyer to make money.<\/h3>\n

I hear a lot of investors say, \u201cOh, you don\u2019t really have a deal. Wholesalers don\u2019t have any real deals because they know how to analyze comps.\u201d <\/span><\/p>\n

Guys, it\u2019s simple. You need to know how to <\/span>analyze deals<\/a>,<\/span> and you do that by running comps.<\/span><\/p>\n

You need to know that you actually have a deal before buying. Otherwise, you\u2019re not going to make any money, and that will upset investors. <\/span><\/p>\n

It\u2019s not a good thing for your reputation because no one will want to work with you.<\/span><\/p>\n

\"wholesaling-benefits\"<\/p>\n

Be professional.<\/h3>\n

There is definite room for improvement when it comes to the professional side of being a wholesaler.<\/span><\/p>\n

If you show up to a networking event or if you are interacting with a potential buyer and your shirt is halfway tucked in, papers falling everywhere, or you answer the phone in an unprofessional manner, investors will not take you seriously! <\/span><\/p>\n

Have a uniform as a wholesaler, prepare presentations, and have a professional website — these things will make you stand out as a professional wholesaler!<\/span><\/p>\n

My team and I have just recently bought uniforms. Our uniforms are really slick\u00a0—\u00a0branded t-shirts or collared shirts that really make us look like we know what we\u2019re doing. <\/span><\/p>\n

Prepare in advance, and\u00a0have presentations of the property prepared. Have tasks completed before someone asks you. <\/span><\/p>\n

Related: <\/strong>The Top 6 Ways Wholesalers NEED to Change How They Do Business (According to a Wholesaler)<\/a><\/em><\/p>\n

For example, if you are approaching a lender, prepare a really nice presentation that documents all of your income statements and everything the lender needs.<\/span><\/p>\n

The final thing I want to leave you guys with is\u2026<\/span><\/p>\n

Don\u2019t be greedy.<\/h3>\n

So many wholesalers get a bad reputation because, to be frank, they charge way too much! They take way too much profit in the deals they are trying to wholesale. <\/span><\/p>\n

Just have a heart of generosity. <\/span><\/p>\n

Have a heart of being a servant — because if you do that and do it well, I promise you, people will genuinely like you! <\/span><\/p>\n

They\u2019ll want to work with you over everybody else because if you actually have deals as a wholesaler, you\u2019re an investor’s best friend since\u00a0you have properties for them. You make their lives super easy because now they don\u2019t have to look for deals. <\/span><\/p>\n

So if you do this thing right, you\u2019re going to have more business than you know what to do with!<\/span><\/p>\n

To conclude this post, these things will make you stand out and become very likable in this business. You\u2019ll have people saying, \u201cI like this guy. He\u2019s solid. He actually has real deals. He actually does what he says he\u2019s going to do, and he doesn\u2019t talk big. He\u2019s not boastful and prideful, he\u2019s super professional, and I really like working with this guy.\u201d<\/span><\/p>\n

Wholesalers: Anything you’d add to this list? Those of you who work with wholesalers: How do YOU wish wholesaling would change?<\/em><\/p>\n

Let me know your thoughts with a comment!<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Wholesalers get a bad rap — oftentimes for good reason. But it doesn’t have to be that way! Do these things and become invaluable to other investors.<\/p>\n","protected":false},"author":12142,"featured_media":80542,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5526],"tags":[],"class_list":["post-80479","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-wholesaling"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/80479","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/12142"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=80479"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/80479\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/80542"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=80479"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=80479"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=80479"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}