Today we’re going to talk about the second step of the wholesaling process: handling incoming leads.
If you already have experience as a house flipper and understand how much it would cost to renovate a house, that helps tremendously. Typically, as a wholesaler, you are selling to house flippers or buy-and-hold investors. So having an accurate sense of rehab costs makes you very valuable to other investors because they can trust you.
I think that if you’re a house flipper and you want to try wholesaling, you’ll find that to be a very natural transition. In addition to having experience calculating rehab costs, you also already know a network of house flippers you can sell to. But that’s not to say that you can’t be a wholesaler otherwise!
So, let’s say you followed the advice in yesterday’s episode and have started getting leads in. What do you do? It depends on your availability. You most likely have another full-time job so you can’t answer every call yourself. You can have every call go to a live assistant working for you or go straight to voicemail where they can leave their information for you. There are a few companies that can handle calls for you. I use PATLive and have virtual assistants field every call for me and gather the information. You can tell them what questions to ask and what information you will need.
That information gathered by whoever you hire usually goes into a Customer Relation Management software. There are tons of options out there; a couple of popular examples are Zoho and Podio. Both are good options for small business owners. Whatever you choose, you need something to handle the information that comes in. You could have your assistant just send you an email and then put everything into a spreadsheet, but I would recommend using CRM software instead.
Then, you as the wholesaler need to call the seller back quickly. Talk to them personally and find out more about the property and their motivation. Hopefully they turn out to be a motivated seller who is really interested in selling their house soon. And remember, you have to call them back quickly because you’re not the only one sending them postcards!
Tomorrow, we’ll be talking about meeting motivated sellers.