Create A Buyer Frenzy On The MLS, Treating Your Real Estate, Probate Leads Business Like A Successful Trader,

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Welcome To The Business Of Wholesaling Newsletter!

Every week, we’ll be sending you strategies, tactics, and tools used by successful wholesalers and we’ll cover any important market insights and news in the industry.

Here’s what we got for you today:

• Create A Buyer Frenzy On The MLS

• Treating Your Real Estate Business Like A Successful Trader

• Probate Leads

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Create A Buyer Frenzy On The MLS

Imagine the stereotypically depicted auction where a heated bidding war is taking place.

The auctioneer is riling up the crowd to put in more bids, talking so fast that he’s mushing words together, and jacking up the price with each bidder.

Want to know the secret that causes this bidding war in the first place?

The price of the item usually starts at a value lower than its real value. This enticing price causes the first flurry of bidders. And then it becomes a battle of ego, one person not wanting the other to win until it doesn’t make sense anymore. 

When you’re marketing your properties on the MLS, you can create the same effect.

There’s no perfect formula, everyone will have their own bias on what is best. But the common theme is listing your property at a price below what you know it will sell for.

There can’t be a bidding war if no one shows up to the party.

So a lower listing price causes activity. More eyeballs. More bids. And inherently, this creates a ton of social proof. 

Have you ever tried a restaurant just because you saw how packed it was?

The same thing happens here. Then these buyers who are looking for their home start to bid and are willing to overpay.

I’ve heard accounts of wholesalers being able to raise their average assignment fee from $20,000 to $30,000+ just by using this simple tactic on the MLS. 

They’ve essentially boosted the revenue of their business by 33% without doing much more work.

Obviously, there are nuances when marketing on the MLS. You have to check with a real estate attorney to see if it’s legal in your state. But for most states, it is. And the language you use will also matter.

Try it out. Create your own buyer frenzy and watch what happens.

Treating Your Real Estate Business Like A Successful Trader

In the world of trading, the amount of people who succeed consistently is few and far between.

And there’s really only one thing that separates a successful trader from an unsuccessful one.

Discipline. 

If we look at the pillars of what makes a good disciplined trader, there’s a lot we can take away and apply to how we approach our real estate business. 

1. Stick to your plan

A successful trader has entry and exit plans depending on the market conditions. You should employ the same mindset. What was selling hot off the lot before may change as the economic climate changes. 

You need to have a well-defined buy-box and stick to it. And don’t be afraid to pivot if the market calls for it.

2. Patience and timing

Successful traders wait for opportunities that align with their strategies. 

Many deals happen months after initial contact with a seller. So it’s your job to stay top of mind until the timing is right with the seller. If they’re asking for too high of a price, just walk away and follow up every once in a while. Do not chase deals for the sake of getting a deal. 

3. Risk management

Successful traders never risk more than they can afford to lose. 

We see wholesalers look at a deal and jump on it right away without asking enough questions. Or they jump on another deal which is a little more than they can chew and want to figure it out along the way. One bad deal could mean the end of your business, can you withstand it in your current situation?

4. Emotion control

Your emotions have to take a backseat when it comes to the deal. Be as rational as possible and stick to the numbers. 

5. Continuous learning

It’s never a bad time to sharpen your skills. Whether that’s in marketing, sales, negotiation, hiring, etc. When you look at your business as an actual business owner and not just a wholesaler, there are a ton of things you could brush up on.

6. Record Keeping

We don’t see many wholesalers doing this and really don’t know why. But it’s not a bad idea to keep track of all your deals and take notes on how they went. What was the profit? What was the process like? What market was it? Property type, etc. 

You may find a pattern that you can double down on instead of spreading your focus too thin.

Maintain your mental discipline and stick to your plan. Don’t get FOMO and you’ll come out on top more often than not.

Probate Leads: The Hidden Gem of Real Estate Wholesaling

Not all leads are made equal.

And that is certainly the case when it comes to probate leads.

As wholesalers, we are often led to believe that the most important thing is to find undervalued properties.

The ones that are distressed, foreclosed, abandoned, and so on…

But while these properties are often undervalued, it doesn’t necessarily mean that the sellers are motivated to sell.

After all, you probably weren’t the first one to approach them or present them with an offer.

However, probate leads are a different breed.

These are properties often inherited by individuals who have no emotional attachment to the property.

They're not selling out of desperation or necessity but out of convenience.

They are motivated by the desire to get the cash from the property and move on, rather than holding out for the highest possible offer.

So, what’s the best way to target probate properties?

Build Relationships with Probate Attorneys

Probate attorneys are key players in the probate process and often have early access to properties that will be coming on the market.

By establishing a good relationship with these attorneys, you can get a heads-up on new probate leads before they hit the open market.

Offer Convenience and Speed

One of the biggest advantages you can offer to probate sellers is a quick and hassle-free transaction.

Emphasize your ability to close deals quickly and handle all the necessary paperwork.

Sellers who are looking to move on from the property will appreciate the convenience and might prefer a lower offer in exchange for a faster, smoother process.

Understand the Emotional Aspect

Dealing with probate properties often means dealing with people who are grieving the loss of a loved one.

It's essential to approach these situations with empathy and respect.

Demonstrate that you understand their situation and are there to make the process as smooth and stress-free as possible.

Your sensitivity can set you apart from other investors and build trust with the sellers.

Know the Legal Process

Understanding the probate process in your area is crucial.

Each state has different laws and timelines, and being knowledgeable about these can help you navigate potential roadblocks more effectively.

This knowledge not only helps you move the transaction along more smoothly but also positions you as an expert in the eyes of the seller.

Implement Effective Marketing Strategies

Use direct mail campaigns, online ads, and even local networking events to reach potential sellers.

Make sure your marketing materials highlight your expertise in probate properties and the benefits you offer, such as quick closings and hassle-free transactions.

Provide Value Beyond the Transaction

Sometimes, it’s not just about selling the property.

They may also need help with cleaning out the home, finding movers, or dealing with other logistics.

Offering to coordinate these services or providing recommendations can add significant value and differentiate you from other investors.

By understanding the motivations of probate sellers and approaching them with empathy, speed, and expertise, you can secure deals that are both profitable and less competitive.

Focus on building relationships, offering convenience, and providing exceptional service, and you'll find that probate leads can become a valuable part of your wholesaling business strategy.

Thanks for reading this week’s issue of the Business of Wholesaling. 

We’ll be back next week with more marketing & sales strategies, market insights, and other advice you can use to grow your wholesaling business. 

See you next week.

Team Business of Wholesaling