We ran the largest real estate wholesaling business in the world wholesaling properties to investors in 280 US markets and the entire wholesaling process can be broken down into 6 easy to implement daily checklists. Here they are in order of importance and, coincidentally, the order you should work them each day.
First, you need to remind yourself daily the direction you are heading in and what you want to achieve. Stephen Covey says, “begin with the end in mind,” and so we want to review our goals, empowering daily questions and affirmations first. It should only take 5 or 10 minutes but it sets the tone for the entire day and is a critical, often overlooked, first step.
Second, and this is a big one, you need to take care of all your marketing. When wholesaling real estate you need to focus on marketing in a few major categories: buying (or controlling properties), selling (and building your buyers list) and hiring help.
For the marketing for buying properties you’ll be taking actions that get sellers calling you with the properties they have for sale. Easy things like using Craigslist effectively can produce a steady flow of wholesale deals.
You can also rely heavily on Craigslist when marketing to sell properties that you have control of and to grow and strengthen your buyers list. However, there are some highly effective, low cost direct mail methods of finding the most serious, active buyers that are buying deals just like the ones you control and are trying to wholesale too.
One of the easiest things to do to automate your wholesaling business is to find help that costs you nothing up front and that is only paid when you close a deal. Posting just one or two ads per week to find researchers and bird dogs can bring you a flood of deals and investor buyers that puts you in the position of sifting and sorting which sellers and investors you work with.
The third daily checklist is working with your seller inquiries through the entire buying process from the initial call back, through the research phase, to making offers and following up all the way through you collecting your wholesaler fee when you release control of the property to your buyer.
The fourth daily checklist is working with your buyers (both retail and investor). One of the great appeals to wholesaling is being able to rely heavily on the work you’ve done in the past with your existing buyers list. Growing your buyers list in number and strengthening your relationship with your buyers list are worthwhile daily activities.
The fifth daily checklist is where you work with your other real estate dream team members. Here’s where you focus on working with your title company, hard money lender, real estate agents, mortgage brokers and more. A strong team can make even the weakest leader successful so focus on getting the strongest team possible and let them do their best. If the transaction is paying for the dream team member why not work with the best?
The sixth and final checklist is the business management checklist where you take care of all the business management activities like accounting, business entity maintenance, asset protection and backing up important data.
By following these six proven to work checklists consistently will have you growing a successful real estate wholesaling business.