How to get your deal thrown in the trash:
You did lead generation. You got the deal. You are now ready to market it. You then do the worst. The infamous e-mail blast or worse, the text blast.
The problem is simple. The details are scarce. And with scarce details tends to be scarce business.
Let’s face it people are more ‘spoiled’ than ever. Buyers have a supercomputer in their pocket called a ‘phone’ that has amazing power. And with that power comes great convenience. As a wholesaler, you have to recognize that and make it EASY for Buyers to buy. The easier you make it, the more likely they will pull the trigger.
So why do wholesalers make it hard by providing so little detail? I am not sure but here is an example of some of the things I see wholesalers do whether with ads, emails, texts, calls:
- Put next to no detail in the ad
- Not able to provide pictures
- Mark up the price considerably so there is no ‘realistic’ room in the deal for the rehabber clearly showing they have no experience with property construction or running comparables using real data
- Not do any due diligence on your Buyers to see if they credible ones for repeat business (a.k.a. planning for long term success)
- Not being able to substantiate your numbers with knowledge
- Sending ALL your deals out with the same scope of work (things that the property needs) and the same rehab list
- Lack honesty and integrity
- Not listening when Buyers genuinely interested in a win-win share real world knowledge that would help you
- When the comps listed are inaccurate
- When you use active listings for sold comps
- When there are no comps, you provide no alternative valuation
- When you are a partner to what seems like every deal you do. While there is nothing wrong with co-wholesaling, get busy and get your own deals.
- Sending deals out that you do not have a contract for and are not co-wholesaling
- When you press the forward button to every deal that crosses your desk without any of your due diligence, especially at a higher price
- Never talking to your potential buyers on the phone
- Ignore your Buyers knowledge when you do talk with them…especially when you have never done what you are asking them to do with the numbers you present to them (rehab/new construction/development)
This is just a sampling of some of the more typical issues we see. There are several others but you get the idea. To ensure your deal doesn’t get thrown in the trash today or preferably ever, don’t fall victim to any of the above mentioned items when working with Buyers. They will appreciate it but most importantly, so will your pocketbook.