Overview of my first week of wholesaling

12 Replies

Last friday was my first call from my marketing campaign. This week I have received around 30 calls in all. I wanted to talk about the things I am doing right and things I need to improve on.

Improvements needed 

Good note taking

Thanks @Michael Quarles I have been using your script you provide on the website with great success. At first I was keeping the notes on paper and due to lack of organization lost someone of these notes but traced the numbers back fortunately.

No follow up system/ tracking

Currently I am not using a CRM or any lead follow up system. This is something I am researching. I was overwhelmed by the calls I received and while I tried to return most of the calls within twenty four hours, this did not happen. Being a full time student, I had to balance phone calls with studying which I could have done better. 

Things I am doing well in:

I am an extrovert and love to talk to anyone. I found it rarely easy to build rapport with sellers and get on their level.

Something that surprised me?

I believe in honesty and people did not care that I was inexperienced. Part of my list was absentee landlords and I have found three potential mentors from the campaign. I am meeting with an experienced rehabber monday who has offerred to help me. My young age is working to my advantage and people are impressed with me taking initiative.

Meeting with first seller

This past monday I met with Tommy. I drove Tommy, an 80 year old man to see a vacant house he has. The home needs a lot of work but Tommy is a motivated seller. We saw the house and I am running comps and am going to have an expert come out and help me determine rehab costs.

After looking at the home I took Tommy back to his house and sat with him and his wife for an hour and talked. (I think I might have found adopted grandparents:)) Tommy asked if I was married, and I told him I wasn't. He then insisted that I meet his granddaughter!

How I view the campaign?

I view the campaign as a first class education and I am a very big proponent on experiental learning. I am in college and have fairly small expenses and no responsibilities, and lots of time. This is the perfect time for me!

@Michael Westberry  

Congratulations! Sounds like you are off to a great start.

You should definitely be adding all of you leads/contacts into a CRM to effectively manage them and optimize your leads through follow up. We get deals later down the road from just following up once a month. If you are going to follow up with direct mail it's even easier (and cheaper) to follow up by phone or email!

If you are looking for an inexpensive CRM then a couple good options are Podio and Zoho. I like Podio becasue you can customize the apps to the way you work with simple drop and drag features. They also offer external web forms to have VA's fill out without giving them complete access and it uploads the info into your CRM automatically.

Good luck!

@Michael Westberry  Invest some time learning how to use Podio effectively. Better than some overpriced CRM, many investors use it. It will help you with your note taking.

Also, Evernote. It's great to keep track of ideas, scripts, business plans, rehab ideas or cheap materials.

Just be careful with mentors offering to be your mentor. There's a lot of dishonest people in this business and you need to aware of who you get into bed with. Speaking from experience here as a former young "entrepreneur". Geez I hate that term.

I am glad things are going well for you! Yes don't worry about being 'inexperienced.' So was I just a couple years ago in what I do. You learn all the questions and how to respond. 

I am naturally introverted. When I started doing this, my partner told me he too is introverted but learned to not be through practice. I didn't believe him. But I have found it to be pretty true. I talk to so many people, I just kind of 'learn' to be extroverted in my work. 

@Lucas P. Thanks for the heads up about investors using me. I have thought about that and it is definitely far assumption. I actually have switched over to evernote and will give Podio a look

@Account Closed  So true, I found that every call is more natural and organic sounding than the last. Something that only experience can provide

@Tim Herndon  You are absolutely right, I realize I am missing out on some opportunity. I am going to set up follow up by the end of this weekend!

yes sir you are dead on there. If an introvert like me can get used to it, anyone can. Good luck to you!!

Michael,

Great feedback on building rapport with new sellers. What a great first start to your wholesale career. 

Please provide your marketing methods. Bandits, yellow letters, post cards, Internet marketing, just curious. 

Let us know what happens with that deal. 

David Gianna

@David Giana no prob 

mailers to 1000 divided weekly this week was 250

owner occupied

15 year dead

65 year or older home owner

30% equity or over

absentee 

same equity

7 year dead

Homes only under median price in the area and 1-3 Bedroom SFR

Hope this helps!

@David Giana

And I did not specify I used yellow letters

My first CRM was an Excel spreadsheet @Michael Westberry  . Money was tight but it helped me to stay organized. I kept a yellow pad everywhere I went so I never missed out on note taking. In my car, at work, wherever! If I was driving and the phone call had sounds of motivation, I would pull over so I could properly annotate whatever I needed. I set a time allotment each night to update my spreadsheet. Then I moved on to a CRM program but you still have to enter everything in manually, so you do the math bro... 

Pics of grand daughter? 

...kidding. Excellent campaign! 

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