Real estate agents can be great resources for you when wholesaling properties but not without these 3 best practices.
Ultimately, how you show up to an engagement with an agent can present you as a nuisance or a client.
Those are the 2 languages That Real Estate Agents Understand.
Wholesaling properties is of course primarily about off market deals; no one should be targeting a house on the MLS with the marketing resources.
There are some strategies that can target MLS but those are the exceptions.
Wholesaling properties is legal but an out of the box investing strategy; not a job… you are an investor.
So essentially, you are not really in competition with an agent but you can easily look like a competition or worse; a scam artist.
In the case of the question below, the agent was an afterthought so I agree… it came off a little tricky.
But with these 4 best practices and rules of engagement, it wouldn’t matter if the agent came out of the whole, you would handle it like a G.
And potentially still bag a deal.
One of the most common mistakes wholesalers make is talking too much when engaging an agent.
Once an agent is involved, you are now a full blown 100% buyer and you should ask questions and listen.
It will make them feel more special than they actually are.
(2) Let Go
If you approach them by trying to hug up on the control on the deal, you will lose the deal.
It makes you look desperate and that yells “RED FLAG”.
And then you will end up having to explain yourself which puts you in the box of breaking the 1st rule of engagement.
Sure you are wholesaling properties, but as far as your sellers’ agent is concerned you are a buyer; a customer.
And the customer is always right.
(3) Pay Up
Not only should you entertain listening to the agent, offer to pay the agent’s sales commissions.
There is no agent in their right mind who would not get on your team in that case especially if calling the agent was an afterthought for the seller.
There is always a possibility that it won’t work out.
Therefore always keep your eyes on building your leads pipeline so that you can always maintain the energy that you have options.
It’s easier to move on when you know that there are 100 million prospects out there for you as you can see here.
Below is a question for us to address with this lesson…
“Question: Property under contract as a wholesale deal.
I am selling to a retail buyer and closing with transactional funding.
The problem is our buyer decided to hire an agent that went directly to our seller’s agent to call my partner and I scams…
And trying to block the buyer from putting money into escrow with the title company.
It’s a huge mess.
I called her to clarify and the woman hangs up on me, yells that I’m a scam smh.
The contract has been submitted to the title company for at least 10 days.
Have you had this nightmare with working with agents?
This agent could literally just verify by calling the title company.”
Enjoy the video.
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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.
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This book is amazing and very beneficial. The author is very knowledgeable on the concepts at hand. Definitely a great book to read.
What is wholesaling properties?
It’s the art and science of finding a deeply discounted property using mass media marketing, locking it under a purchase contract and optionally selling or assigning the equitable interest in the contract to an end buyer who will execute the contract for an assignment fee.
How does wholesaling properties work?
Wholesaling real estate is the art and science of finding deeply discounted properties using mass media marketing, locking them under purchase contract and assigning the equitable rights of the contract to an able and willing end buyer for a fee.
How to find wholesaling properties?
You can find wholesale properties by target marketing at potentially distressed property owners such as pre-foreclosures, tax delinquency, unwanted inheritances, tired landlord and etc.
How to start wholesaling properties?
The first step in wholesaling real estate is to make sure you are well educated in marketing especially in aa digital era.
You have to learn how to get and capture attention of your target market where it is most resourceful and effective.
Is wholesaling real estate worth it?
Wholesaling real estate is only worth it if you build a marketing machine with consistent lead generation into the pipeline. Closing one deal every other quarter perpetually is not worth it.
Are wholesaling houses illegal?
Wholesaling real estate is never illegal just like it is never illegal to wholesale any other products.
However, some states may require that you are licensed when engaged in more that one deal within a year; it’s regulation.