10 Tips To Being A Great Real Estate Wholesaler

10 Tips To Being A Great Real Estate Wholesaler

Unfortunately, there are tons of people who call themselves wholesalers, giving such a tile to yourself does not actually make you a wholesaler. True wholesalers add value and provide accurate information, not inflated exit prices or underestimated rehab costs. Wholesaling is an art form that you have to prefect over time. You must become a master of getting things under contract at rock-bottom prices in the right areas. You will need a constant supply of deals to make your wholesaling business run smoothly. Also you need a good understanding of what your buyers are looking for. This is a problem with new wholesalers because they cannot make a decisions quickly and a prime skill of the successful wholesaling I speed. You have to have quick feet once you find that good deal. Wholesalers that dedicated time and money to learning the business, are thorough, and give quality information are the ones who last. Everyone else eventually quits or simply gets put out of business by the “real” wholesalers.

 

10 Tips To Being A Great Real Estate Wholesaler

1. Don’t worry about the competition

2. If you have a property under contract and can’t get a buyer go back and get the price lowered. Never back out of a deal unless you completely have to.

3. Use accurate repair estimates and be prepared to back them up with actual quotes.

4. Always pre-qualify your buyer’s to find out what they are looking for to find it for them.

5. Focus on a specific area (geographically).

6. Plan, systematize and organize.

7. Under promise and over deliver (close sooner than you promise if possible).

8. Partner (with realtors, other wholesalers, title companies and more).

9. Build A Team (have good people around you).

10. Always get earnest money deposits from buyers especially so called “cash buyers”.

 

Most wholesalers don’t have a data-base of investors to buy their contract. They don’t have a system, perfected to streamline. Most have very little knowledge and have a game plan of exactly zero. No investor data-base, no marketing plan, no networking plan, no business plan and some have no plan at all. Remember that the way of the wholesaler is like that of a ninja. He is stealthy, quick, and strikes fast. You can make a great living doing this but there is a right way and a wrong way to do things.