Naming a Wholesale Business

24 Replies

I've been reading through the forums regarding naming a business. I know a lot of seasoned pros look down on the newbies (no offense, that's just how some of the posts come across) but we all have to start somewhere! I know we are annoying at times, but the positive side is we are looking to YOU for advice.

I've mentioned elsewhere on BP that my husband and I are getting into wholesaling. We are researching and reading and learning as much as we can. We would like to come across in a professional manner, but also have our name indicate we are wholesalers. (At least that's what I've taken from some of the posts I've read).

I'm looking for recommendations as far as putting our name with 'wholesale homes' or the area we are in, i.e. South Texas, Texas, Lone Star, etc.

Any advice, suggestions or anyone's take on this would be greatly appreciated!

Have a wonderful day all!

I truly don't think this matters very much at all. The only people who even know what a wholesaler is are other investors. Its not as if someone's only contact with you is going to be your company name. You're going to talking to them face to face or on the phone, or sending someone a letter, or they're looking at your web site. All those give you a chance to explain what you do. Investors will know what you''re doing as soon as you say "we're wholesalers". Anyone else will require an explanation.

Welcome Marry, sorry you have that impression, if we could speak in this forum it might not sound so bad but when we have to write it all out and many repeat themselves I can see how you might feel that way.

I suggest you not name your company in such a limiting manner, are you saying that you would never sell a property to a family to live in a home? IMO you should leave the door open to do all kinds of deals, be flexible, go with the flow as markets change in RE.

What if you have a looker driving by your property....what impression do you want to give them? I'd go with something that tells everyone the place is for sale.

Thank you for your replies. I understand what you're saying and didn't look at it from that perspective.

But let's say we're networking at an REI event and want to hand out business cards, such as the BP event in Houston next week, what suggestions would you have for that? Do wholesalers end up selling to families at times? As wholesalers, are we in the market for ANY type of buyer, not just an investor and we wouldn't need to be a licensed real estate agent to do that?

@Bill - I know that written words don't always come across as the writer intends, so I definitely don't take it to heart. I've just read several posts regarding the 'newbies' and the 'wannabes.' I know a lot of people are new and trying to break into this business. Some will be successful and some won't. Some will take information they get and run with it, never looking back while others will be permanent students, reading and learning but not doing anything with that information. I can see how that may frustrate the seasoned pros, but on the other hand they should feel good knowing that some of us newbies are turning to them for help.

I learned a LONG time ago that the only stupid question is the one you don't ask, so I'm an asker, especially being new at this. I don't mind if someone thinks that anything I may ask IS stupid, to me it just means that they are not open to new people learning the ropes. And that's OK - to each his own. I know sometimes, though, others may feel intimidated and not ask for fear of being 'bashed.'

I sincerely thank those who respond and their input is greatly appreciated!!! I'm only in the walking stage right now, but I'll be running before long.

want to hand out business cards, such as the BP event in Houston next week, what suggestions would you have for that? Do wholesalers end up selling to families at times?

Jon and Bill are right on the money. You are thinking only of the selling side. You also have to deal with the general public and owners as a buyer. The investors will get what you do.

An owner with a vacant home may not understand and you will have too explain. That is a tough thing to explain without leaving the impression "I want to take advantage of you so I can turn around and resell it quickly."

And as bill says you might wind up doing many things with that LLC over time.

Heck, this time next year you'll be high jumping and pole vaulting, might throw in some cross country skiing too!

We will answer almost anything.....good luck

LOL! I think you're right Bill! I have a good feeling about this and I'm so hungry for the knowledge! I've learned so much in a short amount of time already, but I know I still have a long way to go.

@Ned, thank you for the reply also. We just need to be open to anyone interested is what I'm perceiving?

Most people who start our wholesaling eventually want to expand to do fix and flips or rentals. I dont recommend putting wholesale in you business name. You want a name that isnt specific because if you want to change investing strategies you then have to change your business name.

Mary, Yes you should be open to anyone. However my point is the image you want to portray to sellers vs buyers may be different.

If you hand me your business card it doesn't matter what it says. If you tell me you are a wholesaler, I get it.

Sellers who are homeowners may have more trouble understanding what you do. You may want your image to be clear to people outside our industry.
- Ned

Thank you Monica. That's another thing I didn't think about. I was thinking about a website and a name that would be SE friendly.

So, considering yours and previous replies, we shouldn't worry about a name? Wouldn't that make us come across as more professional? It's highly possibly I might be missing something here and please chime in if I am. We're looking to get business cards and possibly a website (although that's not at the top of the list, just thinking about it for buyer and seller leads). Should we just put our name and phone number on it? I'm thinking credibility and want to come across as professional and trustworthy, not just a 'fly-by-night.'

I may not be putting this into words right - sorry if I'm not. We want to find a way to put our information out there....I was under the impression that cards & a website were a good place to start.

Mary,

Don't worry about other seasoned investors trying to put you down. If you have questions, don't be afraid to ask them. That's the whole point of BP!

As far as the name of your business goes, you put out some good ideas. From what I know, your name should clearly represent what your business does. For example, since I'm a wholesaler that focuses on finding a solution to the sellers problems, I named mine Simple Solution Properties.

Everyone should be able to look at your name and have a very good idea of what you do. Convey your ultimate business purpose in your business name.

I've also heard that using your personal name is not the best idea since it gives you unwanted exposure.

The name of your business should be as generic as possible. Mine is Advanced Sales. My friend partner named his after the Latin word for a type of land. My other partner named his after the initials of the intersection of the streets where he works. Since you are 'getting into' wholesaling, you don't even know if it is what you will end up doing. What if you find you like notes better? Maybe you would prefer rehabbing? I started out rehabbing, and now buy discounted notes and wholesale. I rehab a tiny percentage of what I buy. With Advanced Sales, I can sell anything; vacuum cleaners, cars, lawn care, or real estate contracts.

As far as business cards go, I also think these are a complete waste of money. Most people handing out business cards have no business. That is why they put it on a card (or spend their time coming up with a name instead of doing a deal). Every time I go out, I get handfuls of business cards, yet I don't and haven't carried any for years. When I get home, I put them on my desk, and the next time the cleaning person comes, they all go in the recycle bin. I tell them to find me on Facebook. If they actually have some business, they'll get in contact with you.

If you want to be successful in this business, take a look at what your local real estate agents are doing to market their business and don't do any of it.

I think @Aaron Mazzrillo pretty much covered my sentiments. I specifically agree that you are not yet sure what you will end up doing. One of the great things about real estate is the abundance of options, so you could end up doing a wide range of things as you expand your knowledge. I also pretty much agree on the business cards. No successful company was built by simply having a great name and a fancy card. While I do have business cards I rarely hand them out, but they have come in handy a time or two.

Thanks James & Aaron - you have very valid points to take into consideration.

Would you suggest perhaps handing out cards (should the occasion arise, such as a RE event of some kind) in the growing stages? We would like to know that people have a way to contact us if they're looking for something. We want to come across as professional, but also personable......

Thank you for your generosity and willingness to help those of us developing a new path. BP is such a wonderful forum and I have come across the most wonderful and knowledgeable people here. The time you give to respond is greatly appreciated!

Originally posted by @Mary Philio :
Thanks James & Aaron - you have very valid points to take into consideration.

Would you suggest perhaps handing out cards (should the occasion arise, such as a RE event of some kind) in the growing stages? We would like to know that people have a way to contact us if they're looking for something. We want to come across as professional, but also personable......

Thank you for your generosity and willingness to help those of us developing a new path. BP is such a wonderful forum and I have come across the most wonderful and knowledgeable people here. The time you give to respond is greatly appreciated!

I was not trying to say don't get business cards, I believe they can serve a purpose, especially as you are just getting started…just don’t go crazy with them (and waste too much time and money). I think it is more important for you to collect business cards, as you will then have people to contact when you are looking for buyers or information.

I run into this with my insurance business as you want to sound like a specialist without limiting yourself.

I suggest a general name but different cards with different titles... Perhaps "VP of Wholesale Division" for working with RE investors and another set of cards and a different title for homeowners. I would not want to try to explain to a homeowner what a wholesaler does.

From a marketing and PR standpoint your name needs to be aey to remember, associated with something buyers and sellers can think of. Needs to be something that is easily branded that says what you do in general. Texas Terra Sales might be missed by those that can't relate terra with terrain and land, but whatever, something short and sweet.

I also consider how many times I'm going to say it, every time I answer the phone, is it easy to say and be understood? How many time must you write it? The name will have to fit on contracts and standard deed spaces, etc. so you don't want Southwestern Texas Real Estate Sales & Rentals, IMO.

Your name, LLC and using a slogan might do it. Just saying "We buy and Sell Homes" is clear but no ring or very original.

A logo? A picture could be worth at least a few words and the name needs to be associated with it. While you are not a lender or Realtor and have no requirement to, the HUD logo for equal hosuing might be a good idea in some bottom corner, you can use it.

It's a good thing in RE to have your picyure on your business cards, IMO. You have a good avitar. Some pics I have seen of younger ladies seem to express that they might be looking for a date than a property, so it needs to be professional and in good conservative tastes. Guys seem to want to say...Let's go to the lake instead of closing, I hardly ever wore a suit to work as most of us are casual dressers (a benny in RE) but your pic should be as professional looking as possible.....people can always see you dressed down, but some professionals (attorneys, doctors..etc.) tend to look to other professionals for assistance....think about who you might work with.

There was a thread here about business cards about a year or so ago, might search for it.

When you find a name, check for availability with the secretary of state and see if it has been taken. A name registration does not protect the name. File your company entity, that will protect the name and check with all layers of government for applicable business licenses and permits. Tax ID numbers then set up your business accounts in you new name.

good luck...

Originally posted by Joe Bertolino:
I run into this with my insurance business as you want to sound like a specialist without limiting yourself.

I suggest a general name but different cards with different titles... Perhaps "VP of Wholesale Division" for working with RE investors and another set of cards and a different title for homeowners. I would not want to try to explain to a homeowner what a wholesaler does.

This is completely unnecessary for someone just getting started in real estate in my opinion. I think time is much better spent closing a few deals instead of coming up with creative titles. "VP of Wholesale Division"...why? Most people can see right past someone getting started in something and invents a fancy title. Stick to the basics, gain a foundation of knowledge and build your reputation with your interactions and you won’t need to try to impress people with 10 different cards and ridiculous titles.

Originally posted by James Vermillion:
Originally posted by Joe Bertolino:
I run into this with my insurance business as you want to sound like a specialist without limiting yourself.

I suggest a general name but different cards with different titles... Perhaps "VP of Wholesale Division" for working with RE investors and another set of cards and a different title for homeowners. I would not want to try to explain to a homeowner what a wholesaler does.

This is completely unnecessary for someone just getting started in real estate in my opinion. I think time is much better spent closing a few deals instead of coming up with creative titles. "VP of Wholesale Division"...why? Most people can see right past someone getting started in something and invents a fancy title. Stick to the basics, gain a foundation of knowledge and build your reputation with your interactions and you won’t need to try to impress people with 10 different cards and ridiculous titles.

Totally agree! And after people find out about your business and what you do you'll have pie on your face!

You want to use a name that gets as broad an audience as possible. Maybe: Lone Star Investments, South Texas Investment Properties, or for your cards you can just do your names and tag line about wholesaling, investors, real estate or ? Are you licensed? You may need to put licensing info.

Whatever business name you choose, make sure you check to see if there are other companies with that name, are there fictitious business names filed for the name in your area, corporations, etc., ALSO type it in as a url address www. ?? to see if it comes up or if anyone owns the domain.

Good luck! Enjoy the journey, and never be afraid to ask for help! Nobody...no matter how many years they've been doing this knows it all...some just think they do!

Thank you Karen! Wise words of wisdom. I've learned very quickly this is the place to come for help.

I'm enjoying the process already and I know things will only get better the more I learn. And one thing I learned a long time ago is that life is learning....if we're still breathing, we're still learning...it doesn't matter what it is!

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