To succeed at wholesaling real estate, you’ll need persistence, drive, dedication, and a few tricks up your sleeve. As with all businesses, you can expect your wholesaling business to grow over time, but getting your first deal will be especially difficult. Most beginner wholesalers lack the social network, marketing resources, and knowledge to close a large number of deals in the first year.
However, if you are patient and take the time to develop a solid foundation with reliable connections, buyers and sellers will eventually come in droves. For now, we have a few tricks that will allow you to start strong and finally land your first wholesale deal.
1. Check For Sale By Owner Listings
In the real estate industry, properties listed “for sale by owner” (FSBO) are listed by the owner rather than by a real estate agent. Most sellers list properties independently to avoid the fees that real estate agents typically require. As a wholesaler, you should know that when a seller lists their home as FSBO, there’s a good chance that they’re a motivated seller. Look at FSBO websites, like Loopnet or Trulia, to find FSBO listings. Online listing websites make it easy to find FSBO listings because you can easily filter through your options.
2. Create Bandit Signs
Chances are you’ve seen a bandit sign regardless of where you live. Those signs you often see near traffic light areas with eye-catching phrases like “We Buy Houses” can be a great way to get in touch with potential buyers and sellers. You never know who may see your sign and help you with your first wholesale deal. Remember to be careful where you place your signs because people will take them down if you hang them in the wrong location. In the worst-case scenario, you could be fined or face legal consequences. Before putting up bandit signs, make sure that you do some research to ensure that you’re choosing a safe, lawful area.
3. Contact Your Local Attorneys
If anyone knows when a seller needs to get rid of their home at a moment’s notice, it’s attorneys. Attorneys have many clients who may need to sell their homes quickly, whether due to divorce, bankruptcy, or even probate. The best way to contact attorneys is in-person, so make it a point to get them at events. However, you may also be able to reach them through their website or email. Direct your attention towards attorneys specializing in bankruptcy, real estate, or family law to find the most wholesaling deals.
4. Partner with Professional Cold Callers
Cold calling presents the perfect opportunity to get in touch with buyers and sellers you may have overlooked. The idea of cold calling makes many people nervous, but the great news is that you won’t need to undertake this task alone. With the assistance of professional cold callers, finding new deals is a breeze. Experienced cold callers will work with you to devise a conversational script that appeals to your ideal customer. If a buyer or seller appears interested in your offering, cold callers will send the contact information to your sales team so they can close the deal.
5. Drive For Dollars
You may need to get out in the world and drive for dollars to find the most lucrative wholesale deals. Sometimes, opportunity lies right around the corner. The best way to find these properties is by “driving for dollars,” which is when wholesalers drive through neighborhoods and search for homes that appear as though they’ve been neglected. Whenever you have some free time, consider driving around nearby neighborhoods. You may find an investment opportunity right around the corner.
When you find a property that appears profitable, take note of the address. Later, you can research the property to find the owner and the title work. Use this information to contact the owner and devise a wholesale deal.
6. Contact County and City Inspectors
As a real estate wholesaler, county and city inspectors are some of the best people to befriend because they’re constantly viewing new properties to ensure that the buildings are up to code. If a property appears to have issues, such as septic systems or zoning violations, it’s their job to flag the property. If a property owner has too many liens, they may be interested in selling their property for a price far below the market value. By forming a partnership with inspectors, you can expand your list of motivated sellers and create more wholesaling deals.
If you haven’t begun networking, today is the perfect day to start. You can network anywhere and everywhere. Consider joining local real estate investment groups and finding like-minded individuals on social media sites to find a wholesale deal. However, don’t limit yourself to people in the real estate industry. As a wholesaler, you can get in touch with new people at the gym or your local coffee shop. When you let others know about your real estate wholesaling business and services, your enthusiasm will spark their interest.
Find Sellers and Buyers with Call Motivated Sellers
To start building your network, acquiring properties for your portfolio, and turning a profit, enlist the assistance of Call Motivated Sellers. Our team of professional cold callers saves you time and effort by vetting leads for your team. Informing interested buyers and sellers about the benefits of your wholesaling services, we’ll use our expertise to warm up leads, find the best prospects and set your sales team up for success. With cold callers on your side, you can leave the hard work of lead generation to us and 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 deals.
If you’re ready to leverage the power of cold calling for wholesaling, Call Motivated Sellers is here to help. To learn more about the services we offer, just contact our team today!