Who thinks their wholesaling strategy is most efficient?

Question

Anyone out there, proud of their time-efficient, deal-producing wholesale strategy?

How do you manage leads? Do you have voice mail, call service, receptionist, or do you live answer?

Do you have a type of CRM, or just a notebook?

How do you run your numbers? Do you look at properties, or have the seller do that?

Do you use a contract or just send escrow instructions?

Do you make offers right away on the phone, onsite at the property or send a letter in the mail?

There is no right no "right" or "wrong" way to do deals. There is only the way that works for you!

Lets mastermind and find out the pros/cons to each strategy. Please share what you find to be most efficient and don't be skimpy on the details.

Happy business ladies and gentlemen!

Best Regards,

Trevon Peracca

(Chicago, 60133, 60148, Midwest, Hanover Park, Lombard, Streamwood, Illinois)

Trevon Peracca · Answer

Its an unconventional strategy, but a strategy nonetheless. I think its titled: BP Summit Wholesaling Bootcamp with Ryan Weber and Aaron Mazzrillo. Its 2 hours of great content.

Pete Perez · Answer

Account Closed

He also talks about it in Podcast 37 right at the 21:00 mark he talks about how he doesn't write contracts for properties.

Account Closed · Answer

@Trevon Peracca

I will look into it. I can't believe with all the thousands of hours of podcasts I've listened to, and all the stuff I've read, that I've never heard about this.

Jacob Anderson · Answer

Thanks for starting this post. I have a great interest in this also. My leads only come from word of mouth and are very slow in coming. I want to also improve so that I can make more offers, thus have more opportunities to buy and sell.

Phil Evans · Answer

great info Trevor. Newbies like myself find encouragement when hearing best practices. I'm currently in a discouraged rut so this guideline helps

Trevon Peracca · Answer

I am currently doing business in the western suburbs of Chicago. Streamwood, Hanover Park, Lombard, Glen Ellyn, Glendale Heights, Bensenville.

All I'm looking to do is stir the pot really. Curious to know how others are managing business.

I have heard all ends of the spectrum when it comes to the business process of a wholesale transaction.

Some people use contracts, others don't. Some people actually go on-site to a property to evaluate rehab cost others manage to get the information they need over the phone and have buyers confirm the information they have gathered.

I'm interested in enhancing of my business. There is no single way to get deals. So I plan to learn every single way possible whether I decide to employ that strategy or not.

Trevon Peracca · Answer

Aaron Mazzrillo doesn't use contracts. He's a very successful investor out of Southern California. He simply opens up escrow and since wiring instructions for additional funds at the end of the transaction. His entire business strategy is quite admirable actually.

His theory is If a seller decides they don't want to sell their property to you anymore why would you waste time suing them. You are going to waste more time and money than the deals worth.

He explains it very well on the 2012 bigger pockets Summit wholesaling audio.Check it out

Account Closed · Answer

@Trevon Peracca

Some people use contracts, others don't?

How do you wholesale a house without putting it under contract?

Trevon Peracca · Answer

Great question and you do have a terrific point Scott. I will keep that in mind next time I create a topic.

I generate leads through direct mail. I am currently using yellow letters. I send them out twice per month.

To manage leads I have a call center with receptionists that are trained in REI, and they will answer all of my phone calls during business hours, determine if the property meets my criteria, determine if the seller motivated, book an appointment for me to call them or visit the property. They also make notes and keep track of information and statuses of my leads.

Lead follow up

1. If I visit the property, I will walk the property with the seller and determine all of the repairs that need to be made. I do this with the seller so that when I give them a low offer, they know that it’s reasonable. I do not expect the seller to take my word for it; I always use third-party verification. Utilizing my network, I know "Bob" down the street does bath remodels. So before I even meet with the seller, I will call "Bob" and ask for a ballpark estimate on remodeling a XXX SQFT bathroom. Bob tells me he can do it for $1500-$4000. So when I am walking the house with a seller and I identify that the bathroom needs to be remodeled, I will share the logical reasons for the remodel and tell the seller that Bob down the street can do a bathroom this size for $4000 (even though I may get it for less).

By the time I am done walking the property we a have a list of repairs that need to be made for the property to conform to others in the neighborhood. Our value to the seller is that when they agree to sell me there property, they will not have to worry about the $25,000.00 worth of repairs needed to have their property sold.

I will finish negotiation, make the offer and get the contract signed.

2. If the seller answers the qualifying questions correctly with the receptionist, I can return their call to begin follow up.

On the phone I will not ask the condition of the property because 99% of sellers think their properties are in great condition. I am sure we all can agree that isn't true. So instead of asking what the condition of the roof is, I ask when was the roof installed or last replaced. For a kitchen, I ask when the last time it was updated or remodeled was. Same applies for everything on your checklist.

Throughout the process I continue to use the third-party verification.

After gathering all of the property information, I will explore their needs and motivators to determine why they called me in the first place, and enable them by aligning their needs and motivators with the benefits and features in doing business with me. At that point, I make the offer and agree to the price or terms and either mail or visit them to get the contract signed.

To answer your question, this is how I currently do business. I know it not the most efficient way, but that is why I am on BP. I am in the process of putting some new systems in place to make things more efficient, but I am very open-minded and interested in hearing how others do business.

Scott Schier · Answer

@Trevon Peracca

How are you currently doing it?  Best way to start wholesaling topics is to start with your personal experiences.

Who thinks their wholesaling strategy is most efficient?

Anyone out there, proud of their time-efficient, deal-producing wholesale strategy?

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