myEmpirePROIn this lesson, I will be sharing the newest updates about virtually wholesaling real estate of any location from any location.
All you need is a laptop with a decent internet connection; that’s it!
Virtual wholesaling became very popular since 2017; although it has existed long before that as Smart Real Estate Wholesaling.
What is Smart Real Estate Wholesaling?
It’s a concept and a whole 200+ pages book that I wrote in 2018.
It outlines the direction that wholesaling in real estate was going and everything I covered in that book is still true till today.
Before I dive in with this story, here are some quick refreshers to bring you up to speed.
What is Wholesaling in Real Estate?
It is the art and science of…
- Finding deeply discounted real estate properties
- Using marketing to distressed property owners
- Locking the property under contract
- And selling the equitable rights on purchasing the property to an end buyer who is usually a cash buyer investor.
It becomes virtual wholesaling when you can facilitate the whole process from a laptop and an internet connection.
My Virtual Wholesaling Story
PREVIOUS POST: The Beginner’s Guide to Wholesale Real Estate [2021 Edition]
It was a nice late summer afternoon in Plainfield New Jersey; 2006 and I was chasing after my next deal.
I had received this call from a gentlemen homeowner who was facing foreclosure.
As always, I was excited that this was going to potentially be another deal.
I had closed a few deals but also wasted lots of time on pointless appointments that could have been screened virtually… even in 2006
But you will find out in a minute that I got what was far better than a deal from this experience and that’s why I want to share it with you.
My name is OLA and I am the author of the books Smart Real Estate Wholesaling…
And Real Estate Money Secrets…
…which you can download for free at www.SmartRealEstateWholesaling.com
So after a quick consultation with him on the phone, I decided to come by the house as I was taught traditionally to inspect the property.
And frankly and to be fair, I had closed a few deals doing the same thing.
The Virtual Wholesaling Involves Analyzing & Adjusting
Competition is real but that’s also an evidence that the real estate wholesaling business model works.
But, a question came to us yesterday asking…
“Is wholesaling saturated?”
You may have closed a few deals but find that you are not experiencing real growth.
I have both bad and good news for you.
Do you want me to share the bad news first or the good news?
See… The bad news is that real estate wholesaling is in fact saturated.
It’s like asking if the dating game is tougher in the digital era as opposed to before the year 2000.
The answer will always depend on your skillset.
We can all agree that the barrier of entry into the dating game is lower as all you really need is a free user-profile on Tinder.
The good news is that it’s still always very lonely at the top when it comes to saturation.
In fact, there is no such thing as the cream always rises to the top.
How to Fix a Low Appointment to Contract Conversion Rate.
So I knew that I didn’t enjoy going to a bunch of appointments without coming home with a signed purchase contract.
I know what you are thinking.
The closing gurus would convince you very quickly that all you had to do is pay $5,000 to learn how to close on the phone.
In fact, I consider myself a master closer because of my successful background in direct sales and network marketing.
But it had nothing to do with that.
It had more to do with analyzing and adjusting my processes with the times of history we were getting into.
One year before that, YouTube had just been launched. And 2 years before that time in human history, Facebook was just launched.
There were many things that were changing human culture as we knew it.
So I eliminated appointments altogether in my processes as against what I learned from my mentors…
…and virtual wholesaling for me was born.
But what was the final straw that made me eliminate appointments from within generating a lead and getting the contract signed?
Traditional vs Virtual Marketing Strategies
TRENDING: The History of Virtual Wholesaling Real Estate📍
There were many marketing strategies that we were taught back in 2004 and 2005.
But direct mailing letters was by far the most effective for my business.
Also like many people, distraction from shiny object syndrome was real.
Every other week, another guru is teaching sizzle dollar cards that you can insert in strategic places in the neighborhood…
Places such as;
- The Laundromat
- Gas Stations
- On the floor at the Groceries
- Train Stations
These gurus would swear up and down with everything they cared about on how effective these gimmicky strategies are.
Since I didn’t know any better or have adequate context to discern, I tested everything.
The Car Magnet vs Virtual Marketing Methods
So back then, one of those marketing strategies that I tested was a magnetic sign on the car that said…
AVOID FORECLOSURE
WE BUY HOUSES
800-555-OTUX
I pulled up to my appointment in Plainfield but I noticed right away that no one was in the house.
So I called my lead and he told me he was around the corner so of course, I was gonna wait for another potential $25,000 deal.
In about 3.5 minutes it seemed, he pulled up and told me to leave his property immediately.
At first, I was confused as I literally just got off the phone with him promising to wait for him.
He managed to give me a quick feedback in the form of “damn near yelling”…
Which is the fact that he felt I was putting his business out on the streets with my car magnet sign.
Wow!
Conclusion & Main Lesson
HAVE YOU SEEN THIS: More Video on our YouTube Channel
I could have just taken the car magnet out but I decided to analyze my business all together and adjust by eliminating some parts of it that were not serving my business.
And if it wasn’t serving the business, that also meant I wasn’t serving as many people as I could.
That also directly affects revenue.
If anyone was doing anyone a favor in that relationship, it would be me.
So how did I put myself in a position where the lead or prospect felt they were doing me a favor by signing my contract?
Let’s be honest… the sign was a stretch into the thirsty zone.
More importantly, my time needed to be more expensive so I started prequalifying my potential clients to make sure they were a fit.
There was no DocuSign for digital signature at the time.
So I did phone consultations and sent emails with the contract for them to sign.
Faxing was the popular thing at the time so I had them fax it to me as my signal that the seller is motivated.
If I don’t receive a fax with a signed purchase contract, that’s okay. I simply consider them a non-motivated seller; at least not in the moment.
So we follow up when we can.
Some may argue that I lost some deals but I would go on to become personally responsible for more that $3 million in transactions in under 24 months.
I don’t care if the prospect house is next door to you today; there is no such thing as non-virtual wholesaling.
To learn more, go ahead and download my 2 books…
SMART REAL ESTATE WHOLESALING and
REAL ESTATE MONEY SECRETS
for free at: www.SmartRealEstateWholesaling.com
For a quick start guide,
go to www.11DaysChallenge.com to set up a lead pipeline in 11 days.
The Ultimate Guide to Virtual Wholesaling… 📍 Real Estate
Thanks to the 2020 pandemic (sadly); virtual wholesaling is now a hot topic and yes, you will learn all there is to it now.
I am also going to give you system and software recommendation to automate the most of the work.
This is not so much of a review; it’s the only guide that you need to get started and run a real estate wholesaling business from a laptop.
Before we address what virtual wholesaling investing…
Let’s address some elephants in the room that may represent obstacles later if you didn’t come here today.
“How Can I Buy a House Wholesale With No Money?”
That’s a fair question because the society as taught people to make money the God when in fact, it just a resource…
Just like time and skills.
So there goes your answer.
With time luxury (which most people with money don’t have) and some skills, you too can participate in the game of real estate investing.
And dare I say… virtual real estate wholesale investing,
…in this fantastic digital era that you and I find ourselves.
So with time and skill of marketing to find distressed owners of houses,
You can legally partner with people who have money and buy houses with none of your own personal money.
Hopefully, that’s why you are here; to learn how to virtual invest time into acquiring the skill of virtual wholesaling.
I got you on that.
But before that….
Is wholesaling real estate Dead?
So back on January 17, 2017, I streamed the training you are seeing below on YouTube and it caught an unusual amount of attention.
Wholesaling will never be dead.
However some strategies will of course become obsolete but most people always wait till it’s almost too late to pivot.
Well, here we are 3 years later and the whole industry is now talking about virtual wholesaling.
Here is my promise to you.
The way I will teach you is designed to always place you ahead of the curve; so stay tuned if you want to build a sustainable business.
Virtual Wholesaling – Step by Step
So it is important to know first of all what wholesaling real estate is all about.. at least a quick review.
It is the art and science of of these 3 steps:
- Finding deeply discounted properties (75% of below of the market value);
- Locking it under a purchase contract we call those first 2 steps part of the game acquisition.
And lastly, - Assigning the equitable interest in the contract (that means the right to exercise the buying rights) to an able and willing buyer or investor.
That last part is called disposition.
Personally, since 2005… I have always done my best to make this process more of a science than an art.
I find data points and try to create a predictable system from that 3 steps and now…
Welcome to virtual wholesaling.
Today, we can now gather data of all distressed owners in the nation from a laptop with internet connection.
We can analyze the data and then market to only people with the highest chance of needing and wanting to sell at a deep discount.
That is to say we don’t have to waste resources on marketing to the wrong sector or neighborhood.
This is the software that I use.
So in order to make this strictly a science which essentially means a predictable income machine, I’ve created a system from it.
Before that it was madness.
How do I start virtual wholesaling?
You start by collecting data, then using the data to identify sweet spots with low competition in the nation.
So I will be doing a demo of the software that I use in a free masterclass with other important information.
It’s a 100% free training with demo of the software.
QUESTION ⁉️
“What’s the best way to wholesale a house out of state?
How does that process go?”
In this digital age, you need the same resources that you need in-state as you need with out of state
If you want to wholesale houses like a pro..
Virtual wholesaling takes the same if not less amount of work to create success.
In fact, it’s the only way forward even if the subject property is right behind your house.
You need to offer value, using automated media to serve people.
When you think of it this way, it gets even a lot more easier.
Check out this edition of my daily video to see what I mean.
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You can legally partner your time and skills with people who have money and buy houses with none of your own personal money.
Virtual real estate investing is involved when you facilitate real estate investing deals remotely without having to be physically present.
Wholesaling will never be dead but marketing strategies and mode of operation can become obsolete due to ever evolving technology and competition
Like every other business, wholesale real estate starts with marketing research, data collection, data analysis before marketing.