Hi All! I wanted to get your thoughts. I've been doing my research on wholesaling for sometime now and had been stuck in analysis paralysis for the longest, but I understand that the best way to learn is by also taking action. So I've started networking to put myself around people that are doing the things that I'm looking to do in RE. I've met some people that proposed that I work with them, calling the sellers they bring to me. One says they would send me the addresses of homes he finds while d4$ and I cold call. The other would send me warm leads from a campaign, to then reach out to. I believe it may be beneficial to get my feet wet and become comfortable with cold calling. Or, am I better off focusing on finding my own properties, cold calling and doing deals for myself? Also, would I be able to do this with more than one person at the same time without conflict of interest? Two different people have discussed me doing this with them. Thanks in advance for your replies!
Hey @Taylor M. Sometimes getting some practice and cold-calling for another isn't a bad idea. One of the many challenges you will have in this business is getting good seller contact information. If they are doing that part for you and you are adding value by calling to initially qualify their leads, its a win-win. You get practice and get comfortable engaging with and building rapport with sellers, and they can focus on another part of the business. We have allowed others to cold-call for our business in the past too. In exchange we share knowledge and best practices.
There's no real difference between what the two are asking of you; they're both bringing you leads to qualify. One is coming from D4D and the other a campaign. Essentially, it boils down to where you feel you are. If you have the basics down, have a decent process to identify leads, can comp, and estimate rehab, I'd say qualify your own leads, but if you aren't there yet, then perhaps CC for another wholesalers would help you grow in experience and confidence.
It's better than paying some "trainer" thousands to teach some marketing matrix or their "patented formula." If you do it, ask if their dialer records and if they can give you feedback on your CC.
As for conflict of interest, probably not, unless you under some sort of agreement. That said, operate with integrity. If you're going to CC for both, discuss it first, see if they have any concerns and keep your leads pristine and well organized, some leads are difficult to come by and take substantial effort to acquire. Consider your own organizational skills and whether you can keep up with multiple sets of leads for various wholesalers.
Are they offering any compensation or just value add? Just some things to think about. Much success!
Are they willing to pay you per hour to do this? Otherwise you will likely just end up being the person scrubbing their list down to warm leads that they can pursue.
Hi @Maurice Smith thanks for responding! You're absolutely right, the hands-on practice couldn't hurt. They're both looking to pay, which I'm happy about since I've been looking for a new job with no success during covid. The d4$ person mentioned anywhere from 2k-5k, and the other mentioned 20%. And as I'm learning and becoming confident cold-calling for them, I'll use that to do my own deals. It has been tough trying to get seller information to get my own deals. Either hard to find any information on the owner or disconnected phone numbers! Once I have some money coming in, I'll try a paid skip-tracing service. The person that will be sending me addresses from d4$ said he will show me how to skip trace them, so I'm looking forward to that. The other will provide the owner's phone number from the campaign.
I will definitely be sure to keep them separate. I appreciate the opportunities and wouldn't do anything to compromise the relationships built. Thank you so much for your feedback, I'll keep all of this in mind!
It sounds like great exposure to learn how to build your own pipeline, including learning best practices on engaging with sellers and even more importantly how to comp properties.
Make sure you have a system in place. There will be times (hopefully) you receive a response/return phone call (not just outbound) and you will need to quickly be able to decipher who the lead initially belonged to. Good luck!
@Danielle Jackson Excellent point. This is a great nugget and something to consider as you build your methodology.
@Taylor M. If they are willing to pay or give a portion of the assignment as compensation for your time and effort then it definitely sounds like a good opportunity.
Hi @Brian Nally thanks for responding! You're absolutely right, the hands-on practice couldn't hurt. They're both looking to pay, which I'm happy about since I've been looking for a new job with no success during covid. The d4$ person mentioned anywhere from 2-5k, and the other mentioned 20%. I just wanted to be sure that this sounds good before going into it. Not getting taken advantage of in any way as a newbie, but also not causing any conflict with doing this for 2 people at the same time. As well as still making time to grow my own business as I work with them.
@Maurice Smith a lesson no one wants to learn the hard way.
Hi @Danielle Jackson thanks for responding! You're absolutely right, I'll take in as much experience and information as I can. Comping and estimating ARV are two of the main things I want to become solid on.
That's a good point! I'll definitely come up with systems for both. I can see how that could become messy if I don't have systems in place, I hadn't considered that. Thank you so much!
@Taylor M. absolutely and good luck!