Wholesalers: please follow up on your leads!

Wholesaling
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Wholesalers: please follow up on your leads!

Andrew S.
Investor · Raleigh, NC · Member since 2013 · 1k+ posts · 708 votes

Over the past 6 months, I have responded to probably 6 solicitations from area wholesalers (mostly yellow letters), and I have not received one single follow-up call!  I don;t understand this: the wholesaler spends his/her hard-earned money to send out postcards/letters to mailing lists and then, if they get a positive response, they don't follow up!  What gives?

Example a few weeks ago: got a "customized' postcard saying something like "Dear Andrew, we noticed you recently bought a property on 3455 Main Street - we have access to many properties just like this one, all over town.  Call us or visit our website".  So I call (recorded message) and leave a message saying I'm interested in hearing more.  I also go to the website (no info - just an e-mail capturing page).  I leave my e-mail saying I'm interested.  What happens?  NOTHING!

So, I don't understand what the business model is here, but I'm getting tired of wasting MY time, trying to respond to THEIR solicitation.  What am I missing?  This seems to be the rule, rather than the exception.

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Tim G.
Rental Property Investor · San Diego, CA · Member since 2011 · 1k+ posts · 1k+ votes
12y

Just tied up a deal from a mailer TWO years ago! 

The moneys in the follow up! 

2Reply
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  • JPaul Mills
    Wholesaler · Navarre, FL · Member since 2014 · 252 posts · 86 votes
    12y

    Well Andrew I'm a wholesaler and if I had properties in your area you be the first one is call because I never leave a lead alone until they tell me to goto you know where, or the sell me their house. I have sold cars for many years and that is one of the main reasons your customers buy other places. LACK OF FOLLOW UP.

    0Reply
  • Luis Lopez
    Personal Financial Coach and Investor · Miami, FL · Member since 2014 · 75 posts · 20 votes
    12y

    My best guess is they're building a buyer list without having any leads for properties yet.

    0Reply
  • Auspria Wade
    Investor · Grand Rapids, MI · Member since 2014 · 38 posts · 1 vote
    12y

    I am a newbie @Andrew S. and I just started mailing yellow letters.  However, if someone were to call me I would definitely call them back.  I believe it is just common courtesy on top of me spending money to send out the letters.  I am with you, I don't understand.

    1Reply
  • Jason C.
    Investor · Austin, TX · Member since 2014 · 217 posts · 170 votes
    12y

    I have the same problem. I have called bandit signs to get on the buyer's list, leave voicemail, then get no callback EVER.

    0Reply
  • J.j. McGuigan
    Real Estate Investor · Wichita, KS · Member since 2014 · 60 posts · 23 votes
    12y

    I am  newbie and the main problem I have is following up too much and borderline stalking if you will a buyer.  I hope you know I mean 'stalking' lightly but I fear of missing a deal so I don't want to waste any opportunity to build a relationship wight the buyer.  My take is that some of them might not have a plan after they solicit.  it's either 'paralysis of analysis' or they fear taking the next step. You're right in that it makes no logical sense so my best guess is that it's an emotional thing for them they have to work through.  Hard for anyone to fix but that but them so I can see how that is frustrating for sure.

    0Reply
  • Chris Purvis
    Real Estate Broker · Rocky Mount, NC · Member since 2014 · 45 posts · 3 votes
    12y

    hey @Andrew S.  The wholesalers in your area are fortunate to have you as a buyer to even call them and/or go to their website. Looks like they are dropping the ball. I agree with @Luis Lopez  they may be just building a buyers list. When I started studying wholesaling in august, that's the 1st thing that the "information seller" said to do.  As a newbie your and other comments here have taught me that follow up is vitally important.

    1Reply
  • Chris Martin
    Investor · Willow Spring, NC · Member since 2009 · 5k+ posts · 3k+ votes
    12y

    @Andrew S. 

    Your experience is on par with most active buyers in this area. (See note below.) I'd contend there are no "real" wholesalers in Raleigh.

    I've posted similar 'findings' elsewhere, as in http://www.biggerpockets.com/forums/67/topics/66594-wholesalers where I said "Our area could use a few good wholesalers..."  and http://www.biggerpockets.com/forums/24/topics/136721-help-north-carolina-wholesale-contracts-understanding-rehab-cost ,
    "I hope you work out. Our area could use a few good wholesalers."

    Some topics where I called out local 'wholesalers' as bunk have been removed.

    Related: http://www.biggerpockets.com/forums/93/topics/138398-what-is-wrong-with-some-wholesalers?page=1
    Also: Vikram's comment here: http://www.biggerpockets.com/forums/12/topics/62332-what-mentors-are-looking-for- "...wholesaling is a very tough business and pretty much every wholesaler I know is a failure in business. Most of them quit after a while because (a) they cannot find buyers, (b) they cannot find properties or (c) they cannot find the right margins."

    (Note: my company is selling more than buying in this part of the cycle, so I am not that interested in what wholesalers claim to have. In other words, I'm not wasting my time with them.)

    2Reply
  • Brandon Kargol
    Fayetteville, NC · Member since 2014 · 59 posts · 20 votes
    12y

    This is such a shame. As a fellow wholesaler I can say that most wholesalers do a very poor job with their business. They read a book. Drop some bandit signs. Send a few letters and then HOPE everything falls into place. Wholesaler gurus say that anyone can be a wholesaler. Well the truth is, it takes a certain breed. Not everyone has the touch or the ability/knowledge to run a business. After all thats what wholesaling really is. Sorry for your bad experiences folks! 

    0Reply
  • Jeremy T.
    Investor · Pittsburgh, PA · Member since 2014 · 266 posts · 240 votes
    12y

    This is why starting a business with "no money, credit, or business experience/savvy whatsoever" is a (I really really want to use some foul language here) joke. 

    These people are clearly the victim of some brilliant guru who told them how to retire early/escape the rat race/be their own boss/etc, but forgot to mention the part about it being really tough, and like 95% of people (rough estimate just from my brief experience here on BP) fail. 

    Having a google voice number and littering some stupid and ugly signs on telephone poles does not constitute starting a business. It's a joke.

    1Reply
  • Anthony P.
    Financial Advisor · Raleigh, NC · Member since 2013 · 71 posts · 11 votes
    12y

    @Andrew S.   serious cash buyers are hard to find as well.  Contact me with your buying criteria and I will partner with you to find your next investment property in Raleigh, NC. 

    0Reply
  • Tim G.
    Rental Property Investor · San Diego, CA · Member since 2011 · 1k+ posts · 1k+ votes
    12y

    Just tied up a deal from a mailer TWO years ago! 

    The moneys in the follow up! 

    2Reply
  • Chris Martin
    Investor · Willow Spring, NC · Member since 2009 · 5k+ posts · 3k+ votes
    12y
    Originally posted by @Anthony P.:

    @Andrew S.   serious cash buyers are hard to find as well.  Contact me with your buying criteria and I will partner with you to find your next investment property in Raleigh, NC. 

    Regarding "serious cash buyers are hard to find as well..." Not really. google "how to find cash buyers site:www.biggerpockets.com" to find multiple topics and lists of methods that work in Wake county.

    1Reply
  • Andrew S.
    OP
    Investor · Raleigh, NC · Member since 2013 · 1k+ posts · 708 votes
    12y
    Originally posted by @Luis Lopez:

    My best guess is they're building a buyer list without having any leads for properties yet.

     Just had another example of "no response" that triggered me re-reading this thread.....

    Luis, yes, I thought about this too, as many gurus seem to advise that people establish a buyer list first.  However, this is probably going to be a very "unhappy" and "unimpressed" buyer's list.  For sure, if these folks ever contact me in the future after blatantly ignoring my inquiries now, chances are I will be the one doing the ignoring in the future....

    0Reply
  • Catherine Morel
    New to Real Estate · NJ · Member since 2024 · 1 post · 0 votes
    2y

    how soon after getting in contact with someone who might be interested should i follow up and see if they want to sell?

    0Reply
  • Jamaal Jaynes
    Greenville, NC · Member since 2013 · 7 posts · 4 votes
    2y
    Quote from @Andrew S.:
    Originally posted by @Luis Lopez:

    My best guess is they're building a buyer list without having any leads for properties yet.

     Just had another example of "no response" that triggered me re-reading this thread.....

    Luis, yes, I thought about this too, as many gurus seem to advise that people establish a buyer list first.  However, this is probably going to be a very "unhappy" and "unimpressed" buyer's list.  For sure, if these folks ever contact me in the future after blatantly ignoring my inquiries now, chances are I will be the one doing the ignoring in the future....


    0Reply
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