Originally posted by @Scott Schier:
@Trevon Peracca
How are you currently doing it? Best way to start wholesaling topics is to start with your personal experiences.
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.
