I know it’s easy to get discouraged. All I can say is don’t give up! I am doing 3-5 deals a month, on average. I am doing approximately 80% cooperative assignments, 20% other types of wholesaling. Things were really slow for me in November and December, as far as finding buyers goes. I only sold 2 homes!
I did add a bunch of inventory. I have 22 homes on my website now, so I am expecting to start selling them soon at a pretty good clip. I also am still picking up deals from sellers. Just picked up 1 yesterday after only talking to the seller for 10 minutes. I haven’t even seen the house yet or met the seller.
The most important key I think is marketing, marketing, marketing. You can’t stop or lighten up on your marketing. What are the best forms of marketing for me right now?
1) Cold calls For Rent ads (craigslist, newspaper, etc)
2) Emails to Craigslist For Rent ads
3) Text messaging For Rent ads
4) Voice blast For Rent ads
5) Referrals – (I get probably 25% of my deals from referrals)
Just yesterday, I emailed 8 houses and sent text messages to 12 others. I picked up 1, maybe 2, deals. Not bad for 1 hour of work?
When you are talking to sellers, you have to be confident and know what you’re talking about. You almost have to play hard to get. I tell sellers that I can only help a limited number of sellers every month, and they need to get me their information as soon as possible to see if I can fit them in.
Also, my agreements are non-exclusive – so they can sell the house on their own if they want. I know there has been a lot of discussion about this lately, but I think it’s very important. I win a lot of deals because of this. Sellers often ask me “What’s the catch? It doesn’t cost me anything? I can cancel anytime?” I make it extremely difficult for them to say no. I probably only lose 10%-20% of my deals because the seller sold it first. It’s no fun, but it’s part of the business. You really need to focus on what’s in the best interest of the seller. When your sellers realize this, you will win more of their business.
So don’t give up. Ramp up your marketing! It’s all a numbers game. If you want more deals, do more marketing. If you don’t like making cold calls, hire someone to do it for you. Pay them $250 -$500 for every deal you buy. Practice your sales and negotiating skills.
If you want to do 3-5 deals a month, you should probably be talking to 5-10 sellers a day. And you will probably need 10-30 homes on your website. See how important marketing is?
Keep it up. Don’t be discouraged. I hope that helps…