In this lesson, you will discover how to wholesale real estate and the 4 things you must pay attention to in order to get the most leads.
We will dive through this 4 namely strategy attraction, obsession, consistency and guru data; most people fail because they get this wrong.
Below is a question for us to address with this lesson…
“ Hey Ola,
What marketing solution (DM, D4D, bandits, flyers, knocking, FB/YouTube/Online Ads, Website, lists, cold calls, SMS, etc.) brings you the most leads?
Have you found the effectiveness of one solution (DM or cold calling, for example) is consistent or inconsistent across those markets?
In other words, is cold calling (or whatever you use) as effective in Dallas as it is in New Jersey, or not?
Seller and buyer leads are the life and blood of a wholesale real estate business.
Ultimately, these are “people”; the 3rd of 3 core pillars of a smart real estate wholesaling business.
These are the different marketing strategies and/or channels that you can generate seller and buyer leads from.
- Direct Mailing
- Bandit Signs
- Knocking on Doors
- Digital Marketing
- Cold Calling
- SMS Text Messaging
That’s a about 7 different channels that can either fall under inbound or outbound.
It’s a costly and terrible mistake to categorize driving for dollars or website designs as a marketing strategy or channel.
These are never marketing as a stand-alone.
Driving for Dollars aka D4D or D4$ is a data collection activity and it’s the most expensive.
This becomes clear when you factor …
- the hourly value of your time,
- the cost of a full gas tank for the car,
- the cost of car, tire and break depreciation and
- the mileage you put on the car.
In any given 2 to 4 hours that you drive around for dollars, that cost you nothing less than $100.
After that, you then have to consider that there are faster and cheaper ways
…to collect even better quality data right from the comfort of your laptop.
I recommend inbound marketing which is when you leverage attraction marketing to get your ideal prospects initiating contact with you.
A website is a useless graveyard unless you deliberately market it by driving online traffic to it.
Therefore there is no way it can be a marketing strategy or channel for your wholesale real estate empire.
But keep in mind that none of these addresses generating buyer leads so far.
That’s why many new wholesalers are getting stuck with contracts they cannot dispose or find a willing and able buyer for.
With regards to the question of what could be the best marketing solution that generate the most leads?
The truth is that it varies.
When I launched my business in 2005, it was direct mailing.
Today, I believe it’s between PPC (pay per click) and JV (joint venture).
I will skew my opinions towards JV because no one is talking about it as a full blown marketing strategy because it’s free.
Not only is it free, it’s like printing money when done right in this 3 steps… in this order.
- Buyer List Building
- List Monetization
- OPD (Other People’s Deals)
In reality, consistency is the true source of most deals.
Therefore any strategies that positions you to quit sooner than you plan or
… Follow a patchy pattern in your marketing frequency will create the least
and more so, the lowest quality of leads.
Inbound or attraction driven marketing positions you to build upon leverage and attract the highest quality of leads.
They are the highest quality because they are reaching out when the timing is right for them.
You are the business owner so the timing is always right for you; at least it should be.
It’s also the most scalable because setting up marketing campaign limits the use of your personal time unlike…
Having to do outreach on an ongoing basis via cold calling and any outbound sale-sy methods.
By being in a position of outbound outreach personally, you become one of many options for the sellers.
On the flip side, you are the only option when a prospect reaches out for you to take a look at a piece of real estate they want to sell.
It doesn’t matter if it’s Dallas Texas or New Jersey, it’s the same everywhere.
So here we go: How to Get Most Leads for Wholesale Real Estate
(1) Focus on attraction marketing.
That means focus your resources on marketing campaigns that create inbound calls and action initiated by the prospect.
Also above all, focus on the marketing strategy that tickles your fancy the most.
(2) Obsession is a Prerequisite
Whatever marketing or prospecting strategy you want to invest your resources in require a level of obsession to stick to it until it works.
At the end of the day, consistency is the #1 marketing strategy.
However, consistency doesn’t fall out of heaven.
Focus on making sure you are positioned to make consistency easier to achieve.
(4) Beware of Guru Data
Gurus will pull numbers out of their butt if you ask them.
The truth is that the only source of success statistics and data you can trust is YOU and your experience.
Some will tell you, every 200 house addresses collected turns to a deal… it’s a lie.
Focus on understanding the concept of wholesale real estate, marketing in a digital age and consistency.
That’s all you need.
Are you STRUGGLING in launching or... GROWING your Real Estate Investing & Wholesaling business?- FREE BOOK ($97 Value)Are you having a difficult time generating motivated sellers, qualified buyers and closing your 1st or NEXT deal? Is your dream to build an empire to sustainable heights heading down the drains? Smart Real Estate Wholesaling PLUS BONUS BOOK "Real Estate Money Secrets" ...and he is giving away a limited amount of both books for free ($97 Value) for a limited time. Would you like the secrets of learning, earning and building your lifestyle, business and real estate empire simultaneously with leveraged and minimal effort? This book is your gateway to 10X and may be even 100X your business and income using the art and science of attraction. Smart Real Estate Wholesaling also serves as a manual for all types of businesses, aspiring and experienced entrepreneurs. In addition to the download of these 2 books, I will also give you exclusive access to a free bonus an optional million dollar opportunity to be coached and mentored by OLA personally. Simply tell us your email address below and the book access will be instantly sent to you. You will have options for Paperback sent to you as well as Kindle or PDF downloads.
Padilla 5.0 out of 5 stars ⭐⭐⭐⭐⭐ Awesome book!!
Cliff R. 4.0 out of 5 stars ⭐⭐⭐⭐ Full of actionable, useful information for sure.
The author does an excellent job of cutting through much of the real estate wholesaling BS that is prevalent in the market. That is to say while most gurus are teaching what they DO NOT DO, Ola outlines steps of creating value at the center of your marketing. His down to earth delivery just makes sense. He speaks of leveraging technology, the importance of multiple income streams, and an overview of the real estate wholesaling business in the new age of business marketing. For example, he mentions that many people don't even like their family members stopping by unannounced, so how can you expect them to be ultra receptive to a stranger popping up looking to capitalize on a misfortune. Of course that's not how the "Door Knocking" conversation would be framed, but that's exactly what it is. All in all I enjoyed the read and if you plan on making action your focus, you will too.
Brian Ellwood 5.0 out of 5 stars ⭐⭐⭐⭐⭐ Solid Advice From Someone Who's Been There
Ola is a legit real estate investor and marketer. He's a real student of wholesaling and marketing - his approach to marketing for wholesale deals - ADD VALUE - is recession proof and feels right. Don't pass up this book!
Melton Thomas 5.0 out of 5 stars ⭐⭐⭐⭐⭐ A true mindset shift!
As a virtual real estate wholesaler and investor, it makes sense to me to optimize my approach and use technology to drive. This book gave me a clear, concise framework that I could leverage and implement!
stacy 5.0 out of 5 stars ⭐⭐⭐⭐⭐ Amazing
This book is amazing and very beneficial. The author is very knowledgeable on the concepts at hand. Definitely a great book to read.
Frequently Asked Question on How To Wholesale Real Estate
How do I start wholesaling real estate?
It starts with collecting data of potentially distressed real estate properties and their owners.
However, the most profitable way is start by building the list of potential investors for other wholesalers to assign contracts to.
Do you need a license to wholesale real estate?
A broker license is not required to wholesale real estate in most states and if it is, it’s usually after one deal in any given year.
How does wholesale work in real estate?
Wholesale real estate is the assignment of the equitable rights in an executed real estate purchase contract to an able and willing end buyer in exchange for an assignment fee.
Is real estate wholesaling worth it?
Real estate wholesaling is only worth it if you come to the full realization that it is a marketing business.
You are not one deal away from changing your life; you are one skill away.
And that’s marketing.