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One of the most commonly asked questions by many sellers I talk to is this, "what is a real estate wholesaler?"
Needless to say, a real estate wholesaler is a person who finds deeply discounted properties using marketing or prospecting
With the intention to lock the property under contract and re-assign the equitable rights of the contract to an able and willing buyer,
In exchange for an assignment fee.
My highest fee from one single deal is $82,000; many have made as much as $250,000 without touching or fixing the property.
Essentially, real estate wholesaling is a real estate investing strategy that involves an investment of time and marketing skills.
More importantly, sellers are asking this question because people are calling them introducing themselves as real estate wholesalers.
So here are 4 things that real estate wholesalers should never do in this business.
(1) Never Call Yourself a Wholesaler
The top producers in real estate wholesaling never reference themselves as wholesalers.
Because there is no better way to give yourself away as an amateur rookie and more so, it confuses the hell out of your prospects.
You are an investor.
So do you have that kind of money?
Maybe, not; at the very minimum, you are part of an investor network.
(2) Never Participate in Oral Agreements
I know that we say our work is supposed to be our bond but not in business.
Oral agreements are only good enough to follow up on until you have the agreement in black and white.
Even at that, your contracts are only as good as the motivation level of your seller.
(3) Never Wait for...
Once you are in the flow of a signed sales contract with a seller, you are waiting on them...
As in, service; like a waiter.
Never waste your time waiting for a potential seller.
(4) Never Work Around a Non-Motivated Seller
The only deal breaker for you as a real estate wholesaler is non-motivated sellers.
You simply don't have time for it because other seller leads should be waiting in your pipeline to be waited on.
As far as the seller is concerned, you are not a real estate wholesaler.
You represent a highly sort after investor network that will buy the house from the many options in your pipeline.
If the seller feels like they are helping you out, the prospecting was wrong.
They are feeling more special than they need to feel.
You should make them feel special; they shouldn't be feeling special.
Below is a question for us to address with this lesson...
“So I've been working with a seller for a week and we came to an oral agreement on an offer yesterday.
She said she wanted to speak with her son before taking the next step.
But a few hours ago, I got this voicemail from an agent who claims to be working with the seller but the seller never told me.
Any way I can work around this?”
Enjoy the video.
https://myempirepro.com/blog/what-is-a-real-estate-wholesaler
BLOG POST - https://myempirepro.com/blog/
ABOUT YOUR HOST ::::|
Ola "Tux" Abitogun is the Creator of myEmpirePRO and author of Smart Real Estate Wholesaling. He became a FULL TIME entrepreneur in October 2006.
He is a computer engineer and an engineering management graduate from New Jersey Institute of Technology; (NJIT) class of 2004/5. He was born in Dallas Texas and raised in Nigeria by his Nigerian parents. He considers himself a proud Nigerian American.
Today, he is a marketing addict, trainer, marketing and business consultant, real estate investor and all around serial entrepreneur. Most importantly, he is husband and a father. The professional work he is mostly proud of is personally helping 1,000+ entrepreneurs around the world reach greater heights in their careers.
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