Doing business with real estate investing is not all about you purchasing and renovating properties. It also involves wholesaling, which is looking out for certain owners interested in selling their property. Wholesalers find distressed properties from desirable neighborhoods and then talk to the owners of those properties so they can negotiate for the price before putting it in a contract. So you might be wondering, how can you find these properties and quickly locate their owners? Let us go on to different ways to find motivated sellers to be effective at wholesaling.
#1 Be heard; Do marketing
If you are in a business, you always need to market it to gain traction and look into it. By doing so, you can generate the lead from your marketing strategy. You can then convert the information, which then turns into sales, and fulfill it by providing the product or service you have. It is the same case with real estate investing. You have to do marketing so potential buyers and motivated sellers can reach out to you if they want to purchase properties from you or sell their properties to you, respectively.
Marketing is not an easy thing to figure out as you need to formulate a strategy to effectively promote your business and gain your potential partners’ full trust and get even more deals.
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You can begin your marketing strategy by phone calls, texting, sending emails, door knocking on neighborhoods, or sending snail mails and direct mails.
#2 Be fierce in the real estate ecosystem; go fishing and hunting
If you want to survive as a wholesaler in the real estate industry, you should adopt other leads. Fishing and hunting are some of the strategies that you may like to learn.
Fishing in real estate is like actual fishing, where you throw your line and wait until a fish gets the bait. You can reel in the leads once they are ready to send postcards or put up ads on Facebook or anywhere online. It is the right way of finding leads if you have a specific budget to start up with.
Meanwhile, hunting in real estate is similar to actual hunting, where you go and hunt them yourself. You are actually finding deals by searching for them personally. You can knock on neighborhoods, call potential leads through the phone, or send out a text message. It is an alternative way of finding leads if you don’t have a specific budget available.
# 3 Be a communicator; go help people out
Trying to talk with other people during specific gatherings, events, or communities would not just enable you to establish good relationships and connections with them. Still, you would also have the opportunity to know that they may be selling or buying properties.
With that being said, you are adding more value to people by helping them with their problems. The more value you can provide, the more profit you can possibly make. So, when more significant issues are solved, given that you provided a lot of value for them, it’s going to have a significant impact on your paycheck.
As you communicate with other people, you open up the conversation about whether they have a problem. With this, you can address their issues and be a significant problem solver for your clients.
Moving forward, as wholesalers, we want to work with motivated sellers. To achieve this, you must have many connections and people to talk with, so you can have plenty of contacts to reach out with and keep the deals coming. After all, stagnancy is the thing we hate in deal-finding. If you stop getting new deals, then that’s the time that your business stops as well. In that case, these strategies would help you keep on getting deals and continue the cash flow within your business.
Credits:
Luke Watkins is a real estate investor with mastery of fix-and-flip and wholesale deals. His experiences include working with some of the biggest residential flipping companies in the country with a monthly average of closing 20 to 30 deals. He also has a background in construction and property management; and has invested in Salt Lake City, Utah, Indianapolis, Indiana, Albuquerque, New Mexico, and now Dallas, Texas.
Disclaimer: The blog articles are intended for educational and informational purposes only. Nothing in the content is intended as legal or financial advice.
