Wholesale Real Estate in Six Easy Daily Checklists
We run the world’s largest real estate wholesale business selling wholesale properties to investors in 280 US markets and the entire wholesale process can be broken down into 6 easy to follow daily checklists. implement. Here they are in order of importance and, coincidentally, the order in which you should work on them each day.
First, you need to remind yourself on a daily basis of the direction you are headed and what you want to achieve. Stephen Covey says, “begin with the end in mind,” and so we want to review our goals, strengthening daily questions and affirmations first. It should only take 5-10 minutes, but it sets the tone for the entire day and is a critical first step, one that is often overlooked.
Second, and this is an important one, you need to take care of all your marketing. When selling wholesale real estate, you should focus your marketing on a few main categories: buying (or controlling properties), selling (and building your list of buyers), and hiring help.
For property purchase marketing, you will be carrying out actions so that sellers call you with the properties they have for sale. Easy things like using Craigslist effectively can produce a steady stream of wholesale deals.
You can also rely heavily on Craigslist when you market to sell properties you have control over and to grow and strengthen your list of buyers. However, there are some highly effective and low-cost direct mail methods for finding the more serious and active buyers who are buying deals like the ones you control and who are also trying to sell wholesale.
One of the easiest things to do to automate your wholesale business is to find help that costs you nothing up front and is only paid when you close a deal. Posting just one or two ads a week to find researchers and bird dogs can bring you a flood of offers and investor buyers putting you in the position to sift and rank which sellers and investors you work with.
The third daily checklist is to work with your seller’s inquiries throughout the entire buying process, from returning the initial call, through the research phase, to making offers and following up all the way. up to the collection of your wholesale fee when you relinquish control of the property to your buyer.
The fourth daily checklist is to work with your buyers (both retailers and investors). One of the great attractions of wholesale is being able to rely heavily on the work you have done in the past with your list of existing buyers. Growing your buyer list in number and strengthening your relationship with your buyer list are worthwhile daily activities.
The fifth daily checklist is where you work with the other members of your real estate dream team. This is where you focus on working with your title company, hard money lender, real estate agents, mortgage brokers and more. A strong team can make even the weakest leader successful, so focus on getting the strongest team possible and let them do their best. If the transaction is paying for your dream team member, why not work with the best?
The sixth and final checklist is the business management checklist in which you take care of all the business management activities like bookkeeping, business entity maintenance, asset protection, and backup of important data. .
Following these six checklists that have been proven to work consistently will help you grow a successful wholesale real estate business.