5 Practical Tips to Help Anyone Wholesaling Real Estate Improve Their Business
Follow up System – Cleanliness is Godliness, right? Same goes for your work space. You will want to have a filing cabinet divided into 12 sections. Each section should have 31 folders in it. The sections represent one of the 12 months and each folder will be numbered 1-31 for each day within a month. Once you have scheduled an appointment with a seller, take your lead sheet and place it in its appropriate date. Everyday check your folders to see what your next day looks like and to confirm your appointment.
Get Assistant/Partner – Get someone to help you! You can go to the local college and post and ad for an internship. To do this you will have to get permission from the college job board. You may also post an ad in Craigslist, but you will get flooded with responses. Too many people who fail work alone so get a partner and split responsibilities. This partner should be someone who wants the same you do and can work alone.
Get Maps – Buy a map of your city, town, or farm area. Make sure you circle which areas you want to target and outline them. Once you know what your area looks like, go to a maps website and split your area into 8 parts. The reason for this will be to systemize your bandit sign campaigns. You will hit up each area once every 8 weeks. Maps will be vital in organizing your guerrilla marketing campaigns. Universalmap-dot-com is a great place to start looking for city maps
Have Capital – Although wholesaling real estate takes little to no money down, but starting any marketing campaign will take a few hundred dollars in order to achieve any kind of result. If you just want to post bandit signs you can get 50 blank yellow signs for around $75 on eBay. This does not include the cost of staple gun, staples, and time to put them up. If you have no capital, you will be putting in a lot of man hours upfront until you get a deal done. Any bandit campaign should be accompanied by a direct mailing campaign. Having at least $1,000 a month to spend on marketing is essential on getting your wholesaling business of the ground.
Start Online Marketing – Five years ago only teenagers and college students were going to social networking sites. Today social media is creating a revolution in the way marketing used to be done. If you currently have a page on Facebook, don’t get a new one, just add a business page, gear it towards wholesaling in your city/area and ask people join this group. You will find people eager to join you who are already members in other real estate groups. Also, when you network, make sure you try to find everyone’s page that you’ve met and add them to your network.