Attention Wholesalers: 2 Ways to Stand Out from your Competition
I’ve never successfully wholesaled a deal. I have, however, purchased real estate from a wholesale dealer. And I am constantly emailed, mailed and called from wholesale dealers wanting to buy my properties or sell me properties they have under contract. Plus, I’m a former VP at a New York City advertising agency so I know a thing or two about marketing.
So that’s my frame of reference as I talk to you about wholesaling. I know what appeals to wholesale clients and that’s what we’ll focus on.
Here are 2 Ways to Stand Out from your Competition and Grow your Wholesale Business
1. Be a teacher
Don’t just send out deals to your list. That’s what most people do and it looks, at best, self-serving and can look sleazy if done really poorly. Instead, have a regular schedule of sending out thought-leadership articles about your market, the industry, and what you’re seeing from the ground. This will position you as someone your clients could go to for advice on wholesaling instead of someone just looking to make money on a transaction.
I bought my 4th house from a wholesale dealer but it wasn’t until 2 years after I received his email that I finally acted on a deal. And, before I put an offer a property, I spoke to the wholesaler about the process. He was very knowledgeable and spoke in simple terms to me that was really easy to understand. During the deal he walked me through the entire process and really made me feel comfortable about it all.
2. Keep in mind how you are benefiting each party and speak from that perspective
It’s so easy to get caught up in ROI and cash flow, quick turnarounds and big profits but if a potential buyer or seller catches a wiff of that then they will instantly have their guard up. However, if you approach it from their perspective where you genuinely want to help them quickly sell their property or buy a property at a good discount, then you’ll gain their confidence and close on more deals.
I’ve dealt with many wholesale dealers and the ones that have a genuine interest in my needs stand out.
What are some other ways you can stand out as a wholesale dealer?
Comments (16)
Daniel Brueske - we share a passion in teaching. I just LOVE that too. Glad the article was helpful!
Joe Fairless, about 10 years ago
Great points. Teaching is a passion of mine, and the prospect of being able to use that in one more area is exciting. As I learn more and more about real estate and investing I am striving to learn as someone who can then go and share that knowledge with others. I also think that point #2 is a great reminder when fighting against the "middleman" stigma. It's not just about sneaking into a transaction (as if it were that easy). It's about creating added value. Very helpful.
Daniel Brueske, about 10 years ago
In my area all you need to do to stand out is actually deliver a "good deal" to many guys pushing junk.
James Wise, about 10 years ago
yep, that helps too. :)
Joe Fairless, about 10 years ago
This is wonderful advice, I've only been on BP for a few days & I must admit you guys/gals are teaching me a lot more than I initially expected. I'm very thankful, I haven't closed a deal yet & many believe its due to the city I'm in but I have to be honest Detroit is my home & I along with others want/must see a turn around before we can relax.
Account Closed, about 10 years ago
Thanks a lot, @sanchez. If you live in a market where the #s don't make sense I'd check out other ones.
Joe Fairless, about 10 years ago
I'll echo Roy N. on that! Best way to stand out as a wholesaler is actually find good deals to present. Now that being said I totally agree with your suggestions. #1 is going to come with being knowledgeable and experienced, so hopefully you have the good deals and this will just make you easy to work with too. #2 helps to gain trust and report with your buyers and sellers. As a potential buyer I do appreciate the people that take the time to really try to understand me and my business. It does make them stand out more than people that just ask if I want to be on their list or if they give me some lame sheet to list my "criteria" for them. They still might not have any real deals, but I'll be more likely to look at theirs and help them learn what IS a deal for next time.
Shaun Reilly, over 10 years ago
Shaun Reilly - yep, agreed - by walking us through the process it really builds our trust in them for future deals too even if we don't initially buy
Joe Fairless, about 10 years ago
One way to stand out: Make certain you are sending out deals! Ensure your information is accurate and you are not simply parroting the vendors rose-coloured sales pro-forma. We do not get a lot of traffic from wholesalers, but 85-90% of what we see are no where near a deal and most of the remainder would make a marginal deal.
Roy N., over 10 years ago
Ah, yes, actually making sure they are good deals. Very true!
Joe Fairless, over 10 years ago
Too very good suggestions especially the 2nd one. I tried some internet marketing for the last couple of years and did not do so well. I believe it may have been that I could not see the win for everyone. Some of the "courses" I enrolled in left me feeling like taking a shower after the firs few lessons. I wish I would have found bigger pockets back then as everyone here gives freely for the good of the community and not trying to bash you over the head with their next big system for $97.00.
Robert Farabaugh Jr, over 10 years ago
Thanks a lot, Robert. Yeah, I'm not opposed to those courses because I've bought them for other stuff (not wholesale) but the best way is to just find someone who is successfully doing wholesaling in your market and learn from him/her.
Joe Fairless, over 10 years ago
Thanks a lot Pitts Wilson
Joe Fairless, over 10 years ago
Very helpful information there Joe, thanks. As a newbie, I am trying to learn and absorb as much as possible.
Pitts Wilson, over 10 years ago
Very good article. Will keep both ways in mind when wholesaling! Thanks!
Joshua Gordon, over 10 years ago
thanks a lot, Joshua!
Joe Fairless, over 10 years ago