One 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.
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
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.
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.
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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.
Is real estate wholesaling worth it?
If you understand that wholesaling real estate is about your marketing skills and ability, it is worth every effort you apply to it.
How do you become a real estate wholesaler?
Becoming a real estate wholesaler does not require any licensing in most states to get started.
But as with any viable business in life, it’s only worth if you will put in effort in acquiring a few skills.
Particularly, success as a real estate wholesaler requires marketing skills.
How much money do you need to start wholesaling real estate?
Using the smart wholesaling formula, all you need is $300 but it can take a lot less if you don’t value time and have time to invest in manual marketing methods.
Is wholesaling real estate easy?
As simple as real estate wholesale is, it is not easy. But that’s why our competition in the business when it come actual doers are very low.