myEmpirePROOne of the most commonly asked questions by many sellers I talk to is this, “what is a real estate wholesaler?”
So a real estate wholesaler is a person who finds deeply discounted properties using marketing or prospecting…
With the intention to get the house sold by
- Locking the property under contract and
- Assigning the equitable rights of the contract
…to an able and willing buyer,
In exchange for a Real Estate Wholesaler Assignment Fee.
My highest fee from one single deal is $82,000; many have made as much as $250,000 without touching or fixing the property.
So real estate wholesaling is a real estate investing strategy that involves an investment of time and marketing skills.
And more importantly, sellers are asking this question because people are calling and introducing themselves as real estate wholesalers.
So these are the only 7 Questions that MUST get answered to your PREQUALIFY Sellers.
Here are 4 things that real estate wholesalers should never do in this business….
(1) Never Call Yourself a Wholesaler
The top producers in real estate wholesaling never reference themselves as wholesalers.
Because there is no better way to give yourself away as an amateur rookie and look like a predator
And more so, it confuses the hell out of your prospects.
Therefore, you are an investor.
So do you have that kind of money?
Maybe, not; at the very minimum, you are part of an investor network and you will need that confidence when dealing with sellers.
(2) Never Participate in Oral Agreements
I know.
We say that our work is our bond but not in business.
Oral agreements are only good enough to follow up on until you have the agreement in black and white.
And by the way, your contracts are only as good as the motivation level of your seller.
(3) A PRO Real Estate Wholesaler Never Wait for…
Once you are in the flow of a signed sales contract with a seller, you are waiting on them…
As in, service and like a waiter.
So never waste your time waiting for a potential seller.
Get it? Wait on but never wait for.
(4) Never “Work Around” a Non-Motivated Seller
The deal breaker (for a real estate wholesaler) is non-motivated sellers.
Because you simply don’t have time for it.
So if you are doing things right, other seller-leads should be waiting in your pipeline to be “waited on.”
And as far as the seller is concerned, you are not a real estate wholesaler.
You represent a highly sort after investor network that will buy the house from the many options in your pipeline.
If the seller feels like they are helping you out, the prospecting was wrong.
They are feeling more special than they need to feel.
Sure you should make them feel special; they shouldn’t be feeling special with respect to the problem you are there to solve.
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Below is a question for us to address this…
“So I’ve been working with a seller for a week and we came to an oral agreement on an offer yesterday.
She said she wanted to speak with her son before taking the next step.
But a few hours ago, I got this voicemail from an agent who claims to be working with the seller but the seller never told me.
Any way I can work around this?”
Enjoy the video.
