Wholesaling real estate works just like any other form of business. If you want to succeed, you must be willing to run the extra mile.
In the process, you must also recognize that there are certain skills and abilities that you need to master in order to become truly successful and profitable.
More than your willingness to work and drive to earn decent money, you have to develop the right qualities and establish the right connections.
Here are some tips and tricks that can pave your way to success with real estate wholesaling;
Work on Area Familiarity
Get to know your target area and territory. Take the time to explore the neighborhood, get to know the people, the local shops and the social organizations.
You must identify areas of interest such as locations with distressed properties, where people who are most likely to sell their houses live, relevant landmarks and other potential deals.
Scout for abandoned houses, homes that are rarely visited by their owners, poorly maintained yards.
Familiarizing yourself with your area and the people around it can help you locate the best deals.
Develop Excellent Social Skills
Establish rapport with the people within your target territory. Introduce who you are and what you do. This way, you can get a lot of leads and referrals.
You can also gain a lot of information from the people around you especially those who have a wide network.
All it takes is proper representation, good rapport and the ability to communicate.
Participate in Meetings and Assemblies
Take advantage of the meetings and gatherings within your target territory.
During a homeowners’ assembly, you can ask for a few minutes from the organizing committee to introduce yourself to everyone as a real estate wholesaler.
You can take advantage of this opportunity to share something relevant to the community even as you promote yourself.
You can suggest about proper home maintenance or trash disposal – or anything that is related to the subject of the assembly.
In this way, you can present yourself as someone who is socially-responsible and do your part in sharing while subtly implying what you can do for them.
Learn How to Negotiate
One thing that you will need to master is the art of negotiating. You will never know exactly which offers will be accepted and which ones will be denied.
Therefore, it is crucial to spend a good amount of time making better offers than the ones you are currently making.
Learn how to assess what home sellers particularly want or what their goals are by studying their motivation for selling their property.
Try to assess both financial and emotional aspects. From here, you can identify what areas to look for when entering the property.
You can also assess your own numbers to determine what is reasonable from what is not. And, this is crucial when it comes to making profit.
Attend Networking Events
It is important to build your network if you want to become a successful real estate wholesaler. This is one way of promoting your brand and credibility in the field.
The more relevant people you know, the more deals you can potentially get along the way. Moreover, it is the best way to get in tune with what most investors want so you can plan on your strategies more effectively.
Keep in mind that investors come in many forms. Some invest exclusively on real estate, others invest on real estate among many other things and there are some who need to be aware of what real estate investing is.
It is your job to explore all types of investors to build a strong network.
Here are some of the most relevant people that can help you build a good network:
- Fellow Wholesalers
- Private Investors
- Independent Home Buyers and Sellers
- House flippers
- Mortgage Brokers
- Hard Money Lenders
- Real Estate Agents
- Probate Attorneys
- Public Adjusters
- Land and Property Title Agents
- Homeowners’ Organizations and Social Committees
- People within your local neighborhood