Often one of the biggest concerns when starting as a newbie investor is how to get started with no money. In my opinion, the second biggest concern is perception. This article will address some of the things a wholesaler can to do to ensure you’re taken seriously as an investor.
The perception you have of yourself is critical in becoming a successful wholesaler. I’m sure you’ve asked yourself the following questions: Will the seller see that I’m a beginner? What do I do if I can’t close the deal with the seller? I have no money — I wonder if the seller will know this? These questions and many more will enter into your mind to try and stop you from succeeding. Fear is the enemy of faith, and you must have faith in yourself to go after your dream.
The perception component is critical, but being a professional will combat that fear of how you are perceived.
How to Purchase Real Estate With No (or Low) Money!
One of the biggest struggles that many new investors have is in coming up with the money to purchase their first real estate properties. Well, BiggerPockets can help with that too. The Book on Investing in Real Estate with No (and Low) Money Down can give you the tools you need to get started in real estate, even if you don’t have tons of cash lying around.
Be professional at all times. I’ve seen wholesalers show up to appointments late, unprepared, and dressed like they just got off the basketball court. Your seller’s first impression of you will tell them if they are going to do business with you. Being a professional is an attitude, not an act.
True wholesalers view their work as a business and not a hobby or something they are just trying out. If this is a business, then you must get the little things right; you must be punctual, you must dress like you are prepared to conduct business, and you have to be able to educate the sellers on market trends.
Be an Educator
OK, I get it. Some people don’t feel comfortable dressing up to go on an appointment. You can supplement your attire with knowledge. What I mean is that people will look past your appearance if you’re knowledgeable on a subject matter. I often hear people say Steve Jobs never dress professionally, and my response often is, “Are you a subject matter expert like Steve Jobs?”
By being an educator to your sellers and buyers, you will gain the credibility it takes to be known as a professional in the industry. How do you become an educator, you ask? By networking, continuously learning your market, and being able to identify market trends and communicating these trends to others.
Have an Online Presence
Having an online presence is a validation of legitimacy for some people. If someone is skeptical about you or your service, the first thing they will do is Google your name. Also, if they are interested in possibly doing business with you, they will check your online presence for your level of professionalism and for testimonials. I always urge those getting starting in wholesaling to birddog first. The reason I advocate for birddogging is because it gives the newbie the opportunity to speak with sellers and buyers and to journal their experience. The journal is important because it can be used as a marketing tool in the future, and you will be able to gather testimonials, which validates you in the eyes of those who you are doing business with.
Be a Deal Closer
Most importantly, close deals if you want to be taken seriously. Sellers want to know that you have the capacity to close on a deal. The most frustrating thing for a seller is to be mentally prepared to go on with life only to find out their house is not sold.
Being a closing wholesaler is the real validation you need in this industry. Once you are able to close deals consistently, then you will be able to scale your business.
Anything else you do to bolster your credibility as a wholesaler?
Let me know your thoughts with a comment!