I'm about to start wholesaling, but I would like to know what's the best strategy to market myself. Experienced wholesalers, what's your most successful way in generating leads that you actually close on? Ghost ads, bandit signs, direct mail? I'm thinking about direct mail to start. Any success stories?
Wholesaling is a great way to start out, but it is not easy to get started and it all depends on you budget. If you have limited funds to get started, you are stuck with Craigslist ads, bandit signs and co-wholesaling with other experienced wholesalers. Direct mail is a tried and true method of marketing, just know that it is expensive and you will have to send out mail to the same list many times before sellers will respond. Thus, start with how much of a budget you have for marketing and start mailing to a smaller list that you are prepared to mail to several times. Many of the Guru's preach this as a way to start with no money, which is true for the transaction itself once you find a property and a buyer for that property, but it takes a lot of marketing funds to get the ball rolling, especially when you are starting out. If you have limited funds, then just be prepared that it will take longer to find deals using bandit signs and Craigslist type of marketing, but once you find and close a deal, you can roll the profits back into more marketing.
I hope this helps.
Thats very beneficial for me aswell. Would it be smarter to start looking deals first or work on a buyers list. See I was thinking about looking for homes to wholesale in specific area but then realized I could be wasting my time if it was not anywhere near my where my buyers were looking for.
pound the pavement.
Not fast or gratifying but it works and you'll be there to stay if you do it right.
My favorite marketing quote
"Everything works somewhere, Nothing works everywhere"
You have to find what works for you in your area with your resources. Direct mail works great for many people but it is very expensive. Tracking down owners of vacant properties is one of my favorites but some people don't have the time to put in that kind of work.
There are plenty of threads and blog posts here on how to find deals. I recall one blog post of 101 ways to find deals.
Ned Carey, Crab Properties LLC | http://baltimorerealestateinvestingblog.com/
The best way to succeed in wholesaling is to focus on one product at the beginning. once you have good data base of customers you can expand to more products.
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