myEmpirePROAs you are building your team of scouts and marketers in real estate wholesaling, you will encounter a a trap. The “do what I say” trap.
Before I get into the details of maximizing team production, I don’t want to assume that you are completely ‘in the know’ on what wholesaling is all about.
What is real estate wholesaling?
If you like the idea of making $5K – $50K in pure net profits from buying and selling real estate, then real estate wholesaling is what you should pay attention.
The idea is to real estate deals where you can negotiate and put it under contract at 50 – 60 cents on the dollar and then flip to end buyers at 70 – 80 cents over and over again.
Why would a real estate seller in their right mind want to sell a $100,000 home to you at the price of $60,000? That takes me to the next sub topic here.
How does real estate wholesaling work? – 5 STEPS
- Market an offer to distressed and motivated home owners such as pre-foreclosures, divorcees, probate. All these information are available on the public records.
- When they call you for more information, offer them 55 – 65% of the fair marketing value of the home.
- Once you agree to a price, have them sign a sales contract with the agreed price.
- Secure interest in the deal you have secured with an end buyer who is willing to take over the contract from you for a fee of $5,000 – $50,000 depending on how much room is in the value of the home.
- Go to closing and collect your fee. The highest fee I collected was $82,000
How to learn real estate wholesaling?
If you want to learn this as a profession, it’s easy. The money I made doing this is some of the easiest money I’ve ever made because a successful real estate transaction always involve a team.
That and leverage is the reason why you must employ the help a the right team in building your new real estate wholesaling business.
When building a team, one of the toughest challenges you will face is this; Team motivation.
True motivation for you Real Estate Wholesaling team comes through leading by example. Do what I do; not what I say.
When you keep doing exactly what you want your front line team members to do like marketing, prospecting, recruiting and producing, those who are meant to be motivated will automatically get motivated.
You superstar real estate wholesalers will get motivated simply from watching your production.
Those who do not belong there will be spat out in order to reserve and preserve energy and resources for those that will multiply them in your organization.
In traditional network marketing…
This is called staying the phase 1. The opposite of phase 1 is management mode.
At some point, it will not make sense for you to be in phase 1 from a productivity stand point. Until then stay in phase 1.
QUESTION from a Viewer
– “Hello coach. So about one year ago, I caught that team building bug and I got my friends involved.
The problem is that I ended up getting burnt out just from trying to get them to do their daily reach outs. Eventually, they dropped off one after the other slowly.
I stopped calling them. These were my close friend who pretended to be interested in making money.
I was on my 3rd deal when I started building the team. Unfortunately, it also seems like business slowed down for me too so I couldn’t brag about closed deals too.
I am conflicted. Should I focus on just doing the one man thing? Thanks. I love your videos.”
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http://olatux.com/donate
ABOUT YOUR HOST ::::|
Ola “Tux” Abitogun is the Creator of myEmpirePRO. He became a FULL TIME entrepreneur in October 2006.
He is a computer engineer and an engineering management graduate from New Jersey Institute of Technology; (NJIT) class of 2004/5. He was born in Dallas Texas and raised in Nigeria by his Nigerian parents. He considers himself a proud Nigerian American.
Today, he is a marketing addict, trainer, marketing and business consultant, real estate investor and all around serial entrepreneur. Most importantly, he is husband and father to their 2 Boys. The professional work he is mostly proud of is personally helping 1,000+ entrepreneurs around the world reach greater heights in their career.
#myEmpirePRO #OLATuxAbitogun #RealEstateWholesaling
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