Many people pick up real estate wholesaling as a side stream of revenue, especially since it has a lower cost of entry than other types of real estate investing. But there is increasing competition in the real estate industry, and very few wholesaling businesses grow to reach their full potential.
Truly succeeding in real estate wholesaling requires strategy, marketing, and close social connections. Fortunately, there are tactics you can use to tick each of these boxes. So if you’re ready to crush the competition and become the go-to wholesaler in your area, read on.
Why Is Wholesaling Real Estate So Competitive?
For many years, wholesaling real estate has been advertised as an inexpensive way to begin investing in the real estate industry. While there is some truth to these claims, wholesaling isn’t easy. It requires perseverance, planning, focus, and a willingness to learn.
To begin with, the wholesaling market is slowly becoming saturated with competition. More real estate investors are sharing information online, such as selling courses with information and advice for up-and-coming investors. This has opened the door to many people who treat wholesaling as a get-rich-quick scheme — though most of these wholesalers will not be around for long.
But what if you’re one of the wholesaling investors that plan to stick around and build a lasting business? Although the industry may be oversaturated, there is no shortage of certified buyers and sellers. It’s all about approaching them strategically and positioning yourself as a top competitor.
Without a clear plan, you’ll quickly find yourself mired in low-quality leads, unprofitable deals, and poor brand recognition. To avoid these pain points, here are strategies that you can implement to outshine the competition.
How to Make Your Business Stand Out
Use Both Online and Offline Advertising
Most beginner wholesalers primarily leverage digital marketing to build their clientele because it seems quick and easy to start a social media account or advertise on Facebook. However, more experienced investors understand that it’s essential to reach potential clients with all means possible. In other words, ensure your marketing strategy includes diverse channels both online and off.
Online, the best wholesalers form a connection with their audience using a blend of targeted ads, search engine optimization, and carefully crafted web pages that accurately represent their company. In every aspect of your online presence, your wholesaling business should have a unique tone and aesthetic that appeals to your ideal customer.
In the realm of offline advertising, you might consider ads in local publications, radio spots, or billboards. But these aren’t your only options — one often overlooked tool for lead generation is the art of the phone call.
Cold calling is a wonderful way for your company to come in contact with more qualified leads. With cold calling, professional cold callers learn all they can learn about your company and the types of prospects you’re interested in attracting. Then, they create a script designed to help your company meet your specific objectives. Professional cold callers will send qualified leads to you when a seller appears interested in your business. And because it boasts a more personal touch than print ads or digital channels, cold calling is one of the best ways for wholesaling businesses to differentiate themselves from competitors and attract better prospects.
Prioritize Consistent Deals
If your wholesaling business is only attracting low-quality prospects or your company is generating leads on an inconsistent basis, it will be impossible to sustain success. Closing deals consistently enables your company to generate predictable monthly revenue and succeed while your competitors cannot keep up.
Early on, you should develop a thorough understanding of how much it costs your company to close a single deal. After calculating this figure, you can create an accurate budget. This data will help you build better profit margins into your property portfolio and manage your expenses so you aren’t overextending your resources.
This data should also include the cost of marketing and lead gen. Analyze your campaigns’ ROI to find where most of your leads come from, and double down on those channels to create a more consistent stream of prospects.
Cultivate a Positive Brand Image
If you’re serious and ready to outshine the competition, potential buyers and sellers should be familiar with your brand. Ensure that when people in your area are interested in wholesaling, your company is the first one potential customers consider. But remember that name recognition isn’t everything — real estate wholesalers should cultivate a brand image that customers will respond to.
When your goal is to raise brand awareness, one of the best actions you can take is to spend time in your community, networking through word of mouth with real people. The more people that you come in contact with, the more likely you are to earn referrals.
In the same vein, prioritize customer service for both your buyers and sellers. Potential clients want to know that they’re in good hands, so having a positive track record will sway them in your favor. Where possible, encourage satisfied partners to leave reviews of their good experience buying or selling property with your business.
Find Sellers and Buyers with Call Motivated Sellers
The most difficult part about starting a wholesaling business is finding buyers and sellers to start building your portfolio. So why not leave this to the experts?
Get ahead of your competition with the assistance of Call Motivated Sellers. We’ll contact and vet potential buyers and sellers to find the best prospects, so you can focus on other aspects of your business.
Call Motivated Sellers is an American-based real estate cold calling service that can help raise your sales and provide hot leads year-round. We have years of experience cold calling in the real estate industry, along with access to the best information for buyers, sellers, and agents to help you close more leads.
Want to position your real estate wholesaling business for success? Contact our team today to learn more about our services!
Marketing by Joseph Studios