Wholesaling… The Beginning and End of Real Estate
What do I mean by the Alpha and Omega of Real Estate?
Put simply, within the confines of modern wholesaling practice, all of the skills required to be successful in sales… as well as life.. are found in Wholesaling (aka Assignment of Contract).
If you already have free membership to my Public Membership site, then you know there is an entire section devoted to you. I will be adding material from time to time to that place to give you the best material possible.
If you’ve thought about a freedom from your current job and want to have the ability to live life by your terms, then Wholesaling can be your “ticket to ride!”
No matter what you are trying to accomplish, a “Rock Star” life, filled with travel, exotic destinations and great food in faraway lands… then Wholesaling Real Estate can do that for you.
If you are trying to just add some extra security to your life, then wholesaling real estate can be a useful way to add a couple extra thousand to your bank account every now and again!
Begin With The End In Mind
To start your Wholesaling career… (the Alpha) you must begin with the end in mind. In my mind, you need to ensure that you begin building your business with the idea that you will one day sell it. Insurance brokers call this their “Book of Business”.
(Inside our free membership site you will discover the first of our complimentary downloadables.)
It is a “Center of Influence Idea Generator”. The purpose of which is to help “jog your memory” to build the beginnings of a Center of Influence list.
Your Center of Influence are the people who know, like, and trust you. To some degree, every person in your life falls into one of those three categories. Begin by categorizing this list of names into three categories. “A”, “B”, and “C”.
- “A” Category- Knows, likes, and trusts you.
- “B” Category- Knows you, likes you, but has no reason to trust you in a financial transaction yet.
- “C” Category- Knows you, is ambivalent or neutral towards you, and has no reason to trust you financially yet.
- “D” Category- Doesn’t know you, doesn’t like you, or won’t trust you. Delete them from your database.
CRM (Customer Retention Manager)
You will need a place to put these organized Leads. I recommend Zoho.com. There are several reasons why. First, it is easily adaptable with modifications (more on this later), and is easily upgraded as your business needs increase.
The purpose of a powerful Customer Retention Manager is clear. To help ensure that you do not “drop potential leads.”
Understand that each one of the people on your budding “Center of Influence List” will mean thousands of dollars of potential income over a lifetime of doing business. Their friends, their family, and their co-workers all become individual “salespeople” out in the field looking for business for you. But it starts with a list.
Your First Day of Real Estate
It is important to understand in your first days of real estate, what foundation blocks you are installing in your business. It isn’t always glamorous, or sexy, but these building blocks will ensure that you have a steady flow of business coming in.
If you were to walk into any real estate office in your town, and want to begin to work as a Realtor® for that Broker, they would invariably tell you that the first steps to a successful, long term career in real estate always begins with the quality and quantity of your Center of Influence List.
It can’t be overstated enough. You can’t know too much about the people in your life. Everyone from someone in your PTA, to your Church group, to your kid’s soccer team is on your list! These people can start referring business to you right away!
Reach out to them using The Red Pill Sales Scripts. In particular, the Center of Influence Script.
What? I Don’t Want to Appear As Though I’m Begging For Business!
Now, I recognize for many of you, this is a terrifying prospect! The idea of talking to your friends and family and asking them for leads. However, understand this!
Real Estate is a “people business”. No matter how much people try to take the “people” out of it with massive mailing campaigns, Google adwords, and all the other various ways people try to get business…
At the end of the day.. your phone skills and face to face skills are what make, or break you.
As I mentioned in Sales Skills for Real Estate Investors, you can actively try to obtain business, or passively wait for it to come your way. I hope you are like me, ACTIVELY out looking for business!
How Often Should I Call My Center of Influence?
At a minimum, you should attempt to call your centers of influence at least 4 times a year, and mail them something physically 4 times a year. Your “A” Clients should get contact more frequently than that, preferably once per month.
Your potential customers and clients aren’t sitting around the house wondering to themselves “Gosh, I wonder when Karl is going to call!” This is your time to begin establishing the lifetime contacts and business networks that will lead to future deals!
You can get extra training on building your Center of Influence here!
Ultimate Lead Generation System
Calling your Centers of Influence can have an INSTANT effect on your business.
Simply call the people that you know in your life, and let them know that you are looking to buy property! These people already know you, like you, and in many cases, are eager to keep an eye out for you!
It really doesn’t get much simpler than this. If you cannot speak to the ones who are least likely to judge you, how can you ever expect to speak confidently to a stranger when you don’t know what to say?
Gain the confidence to speak naturally with potential customers by practicing on your Centers of Influence. Why not? They don’t know you are practicing!
As your confidence, and experience grows, the list of people you are adding to your Center of Influence (COI) grows daily. As it grows, and you spend more time grooming, cultivating, and building your community of followers. That list of people will help you build your business as they become raving fans.
But it will take time and effort on your part. If you do it properly, you will be astonished at the frequency of which leads are presented to you free of charge!
Make it a point this week to identify, categorize, and call everyone you would consider part of your “Center of Influence”.
Cal them all, tell them this is a business call (learn How to use this script in ScriptsAndSkills) and then begin to ask them if they happen to know anyone who could use your unique talents!
Use the Lead Sheet found in The Red Pill Investor Scripts to keep track of your daily progress!
What you are looking for; are people who are considering Selling. Don’t worry too much about whether or not they are overly motivated. We will get to that in just a bit. For now, I want you to practice on the Skill of Asking Powerful Questions.
If you are so lucky enough as to set an appointment, use this powerful guide to help you!
Extra Bonus Point!
If you haven’t yet purchased a copy of my last book “The Red Pill Sales System” you may want to consider it! It will help accelerate your progress! For $25 it is a great value!