Now that you’ve closed your first deal – the stress of getting over the hump of your first one is FINALLY gone, and it seems like your business is ready to go from $0 to $1M in no time …right?
Before you go quit your day job and buy your first exotic car, let’s figure out how we are going to scale your business from doing 1 or 2 deals here and there, to achieving a consistent deal flow of 3 to 5, to even 10 in a month.
Let’s quickly rewind to why you started your real estate business in the first place, and remind yourself that we did not go into this to make a quick buck or two…
If your goal is to wholesale real estate and go on a nice vacation, get a new car, or maybe the down payment to a new house, then CONGRATS!…Your goal has been achieved with just a wholesale deal or two and no need to carry on…
And for the majority of those you who are reading this that are building a successful business for the long haul, and driven by the personal develop & financial stability that comes with it…these 5 tips are for you.
The below are 5 areas where you can take your profits and reinvest them back into your business.
- Purchase a power dialer subscription (I.e. Calltools/Mojo Dialer, XenCall/Readymode, etc.)
- We started with XenCall (Now Readymode) and used that successfully for over a year, however, due to connectivity issues & declines in the service, we have now moved over to CallTools which has been the best thing for our business since making the move in late 2021.
- Hire a Cold Caller for part-time or full-time work
- We hired a cold caller for $6 an hour for 30-40 hours a week. They were outsourced and trained by a 3rd party group and were ready to start Day 1. If you’re never managed people, trained staff, or delegated responsibilities to another team member – I would recommend outsourcing to start. It will be more $, but less headache and give you time to focus on converting warm leads qualified by your caller into closed business. Eventually, you will want to train on your script and way of doing things within your business where it might make more sense to hire a freelancer
- Purchase software that will help you either save time or money, or will make you more money within your business
- InvestorLift | Use Case – disposition tool to find the most active & qualified buyers in your markets, as well as post your off-market deals (☑️ Saves Time & Makes Money)
- REISift | Use Case – marketing lead lists & data management (☑️ Saves Money)
- Loom | Use Case – SOP creator & training software (☑️ Saves You Time)
- RooR | Use Case – Mass Text/SMS blasting Tool for SMS campaigns (☑️Saves Time & Makes Money)
- Zapier | Use Case – Systems Integrator for Software & Tool Automation (☑️Saves Time)
- Mailchimp | Use Case – Email Marketing For Your Network & Deal Distribution Lists (☑️ Saves Time & Makes Money)
- Hire a Part-Time Virtual Assistant For Admin Work*
- There is a reason I put an asterisk at the end of this…JUST BECAUSE YOU ARE A BUSINESS OWNER, “CEO”, OR YOU ARE TAUGHT TO DELEGATE EVERYTHING YOU CAN ON EVERY PODCAST/YOUTUBE VIDEO YOU HEAR DOES NOT MEAN YOU NEED TO GO GET AN ASSISTANT THE DAY AFTER YOU CLOSE YOUR FIRST DEAL…and I say this with love because I made that very mistake. I spent close to 1,000 dollars my first 2-3 months on an Executive Assistant I did not need. Before you get an assistant, make sure you:
- Have a list of things to delegate that will ultimately deter you from moving your business forward and making more $
- Have clear direction & SOP’s (standard operating procedures) created before they start so they can be easily trained and you don’t keep getting pulled away from your desk to put out fires
- Make sure you carve out time to review their work and productivity at least twice a week if not every day (don’t assume they are doing what you are asking of them because you are their boss)
- Use that money to put into marketing and acquisitions to get more deals and make more money before you hire an assistant
- Coaching & Mentorship (not courses)
- If you can afford it at the beginning, I suggest paying for mentorship & coaching on Day 1. We made the mistake of purchasing just 1 course about wholesaling that helped us understand the concepts and provided us with the framework, however, all of this information can be easily found sifting through YouTube videos & podcasts. It wasn’t until we saved up enough money that we invested into a hands-on mentorship engagement from some heavy-hitting wholesalers out of the Columbus (OH) market and then invested into some additional sales training tailored to real estate and wholesaling after closing our first deal. There are a ton of different mentorship & coaching engagements to choose from in the real estate and wholesaling space. It’s important to figure out where you are struggling most in your business. Are you struggling to convert leads to contracts? Great – invest in some sales training and negotiating. Are you closing deals, but getting bogged down with delays in your processes for moving leads, and your systems aren’t communicating properly and slowing you up? Perfect – invest in a group that guides systems, processes, and scaling of your operations. Are you getting deals under contract but not being able to close them? I suggest investing in software that will help expand your dispositions reach such as InvestorLift, or joining mastermind groups that cater to real estate investors so you can have access to legitimate buyers.
Our recommendations:
I want to make something clear – it took us 9 months to close our first wholesale deal…which was for $21,000 and it was a Duplex in the Greater Boston market.
