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Why does it have to be wholesaling vs real estate agents?
And what if there is a way to legally create a profitable partnership from a relationship?
Back in earlier to mid 2005 when I started to go very hard on my wholesaling business, I came across a mentor.
At the time, he had an agent lady who he used to pull comps and get marketing information.
To pull comps means to download the data and information of comparable properties for the purpose of determining the after repair and/or market value of a subject property.
So at the time, I quickly decided to go through the required 75 hours and get licensed as a real estate agent.
Today, we have free tools such as:
To replace that but the need for a relationship with an active real estate agent goes beyond just pulling comps.
My name is OLA and I am the author of 2 books:
Smart Real Estate Wholesaling and…
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In the rest of this lesson, I want to share 5 “must know” things about the relationship between wholesaling and real estate agents.
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Thing #5 – Comparable & ARVs
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As I said earlier in that short story, having a real estate agent in your corner was the main way to have access to market comps.
That has become an obsolete reason today.
Also, It was also not exactly fun to have agents ghost you after promising to send comps to you and waiting to confirm the ghosting.
For the most part and to be fair, people interested in wholesaling have been a waste of time to real estate agents.
Most of them will never do a single deal.
So this has, more so, become a terrible reason to involve real estate agents because you would effectively be wasting your time as well.
With tools like www.DealEstimator.com
…the business of wholesaling will need other reasons to need real estate agents.
Thing #4 – Insights Beyond Data
As a wholesaling strategists, your encounter with sellers is limited because it cannot be fiduciary in nature because your interest is profits.
But the real estate agent is licensed and is held accountable to spend the most time with sellers and buyers.
That means that they have better access to real-time insights and not just logged data.
So having access to a competent real estate agent can be an incredibly invaluable opportunity for your wholesaling real estate business.
The ultimate goal of wholesaling is to have cash buyers picking up your properties on a consistent basis before you have to market it since you are not licensed to do that.
So being inside the mind of a real estate agent will be a good way to feel the pulse of the market at any given point.
Thing #3 – Full Value Add Services
One of the many factors that separate a lot of businesses from the most successful is that the successful tend to have an array of services and not just one to offer their ideal client.
What does this have to do with wholesaling and real estate agents?
Wholesaling is just one strategy that tends to always involve acquiring the property outrightly from the owner.
In most cases, selling the property at that moment may not be the viable option.
So the question for you is this…
Do you have other ways you can serve a prospect if they choose to, cannot sell or sell at a deep discount.
After all, wholesaling is the art and science of finding deeply discounted properties first.
In the process of marketing to find these deeply discounted properties, most properties will not fit that wholesaling mold.
But with partnering with a real estate agent, more properties will fit into opportunities to serve and add more value.
That usually means you can also make more money with strategic partnerships. So a real estate agent never has to be an enemy.
In the next edition, we will talk more about how to facilitate such partnerships without being a nuisance.
So be sure to subscribe, turn on notifications and like the video to increase your chances of getting notified about that.
Thing #2 – Attraction Marketing
Where a lot of wholesalers make mistakes is the way they approach real estate agents.
I always recommend attraction marketing.
What is that?
It’s about understanding earning the relationship by investing first; leading with value.
If your approach to a real estate agent is for him or her to send you comps, you are obviously more concerned about what you want out of the relationship.
You are going to get ghosted.
I know that, many times, it’s backed by a promise to list properties with them later but savvy agents know when it’s empty promises and they don’t have time for that.
You are better off chatting with them about how you can pass leads to them.
Leads are more valuable than deals.
Thing #1 – Symbiotic Relationship
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This thing is linked to thing #2 because it ultimately favors both parties within compliance.
You are a marketer and your job in the industry involves generating tons of leads for everyone else.
“Hey Mr Agent,
I am an investor and I generate tons of leads that fit more of a retail need.
My personal strategy is mainly wholesaling and would love to pass retail leads to you if you have room in your business.”
This is how to create a symbiotic relationship and lead with value for mutual benefits over time.
The Main Lesson
Savvy and wise real estate agents do not hate wholesaling.
But I have to be honest.
They can’t stand people who title themselves wholesalers because of the tendencies to be naive newbies with high chances of wasting their time.
Always find ways to serve everyone you interact with in this business.
Check out the video on this screen for more information on how to do that.