Real Estate Wholesaling in Six Easy Daily Checklists
We run the world’s largest real estate wholesaling business, wholesaling properties to investors in 280 US markets.And the whole wholesaling process can be broken down into 6 easy daily checklists. to implement. Here they are in order of importance and, coincidentally, the order in which you should work them each day.
First of all, you need to remind yourself on a daily basis of the direction you are heading and what you want to achieve. Stephen Covey says, “start with the end in mind,” so we want to review our goals, first strengthening the daily questions and affirmations. It should only take 5-10 minutes, but it sets the tone for the entire day and is a critical first step, one that is often overlooked.
Second, and this is one of the most important, you have to take care of all your marketing. When selling wholesale real estate, you should focus on marketing in a few main categories: buying (or controlling property), selling (and building your buyer’s list), and hiring help.
For property purchase marketing, you will take actions that will get sellers to call you with the properties they have for sale. Easy things like using Craigslist effectively can produce a steady stream of wholesale offers.
You can also rely heavily on Craigslist when you market to sell properties you have control over and to grow and strengthen your buyer list. However, there are some highly effective and inexpensive direct mail methods for finding the most serious active buyers who are buying deals like the ones you control and who are also trying to wholesale.
One of the easiest things to do to automate your wholesale business is to find help that costs you nothing up front and only pays you when you close a deal. Posting just one or two ads a week to find researchers and hunting dogs can give you a flood of deals and investor buyers that puts you in a position to select and rank which sellers and investors you work with.
The third daily checklist is to work with your salesperson inquiries throughout the entire buying process, from the initial callback, through the research phase, to bidding and following up to the point in time. which charges its wholesaler fee when it relinquishes control of the property to its buyer.
The fourth daily checklist is to work with your buyers (both retailers and investors). One of the great draws of wholesaling is being able to rely heavily on the work you have done in the past with your existing buyer list. Growing your buyer list and strengthening your relationship with your buyer list are valuable daily activities.
The fifth daily checklist is where you work with the other members of the real estate dream team. This is where you focus on working with your title company, hard money lender, real estate agents, mortgage brokers, and more. A strong team can make even the weakest leader successful, so focus on getting the strongest team possible and let them do their best. If the transaction pays for the dream team member, why not work with the best?
The sixth and final checklist is the business management checklist in which you deal with all business management activities such as accounting, business entity maintenance, asset protection, and important data backup. .
By following these six checklists that have consistently proven themselves, you can grow a successful real estate wholesaling business.