Outmarket Your Competition, Pitching Novations, Hidden Goldmine For Wholesalers

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Welcome To The Business Of Wholesaling Newsletter!

Hope you had a great Thanksgiving! Stuffed yourself with delicious food and got some quality time in with loved ones.

And hope you scooped us some Black Friday deals too.

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:

• The Real Way To Outmarket Your Competition

• The Key To Pitching Novations

• A Hidden Goldmine For Wholesalers

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The Real Way To Outmarket Your Competition

While everyone else is searching for shiny new strategies or trying to be more creative…

You can use this timeless strategy to outmarket your opponent. It’s been working since the early days of advertising with the Mad Men, and it will continue to work till the end of time. 

What is this strategy?

Spend more than everyone else. Don’t roll your eyes yet. Let’s look at this objectively.

One of my first marketing mentors told me that the person who is able to spend the most will win. Keyword is “able”.

To be able to spend the most, you need to make your marketing profitable. There are three ways to do this. 

1. Generate leads at a lower cost.

You don’t get paid to generate leads. You get paid to have conversations and close deals.

Let’s look at some numbers. If it costs you $500 to generate 1 lead, and you know that for every 10 leads, you get 1 deal – you’re spending $5000 to get 1 deal.

The deal size doesn’t matter for this example. But let’s say you could drop your lead cost to $250 per lead. Now with the same marketing spend, you could get 2 deals. 

And this could open up the opportunity for you to spend $10,000 instead of $5000 for marketing. 

2. Generate better leads.

We won’t go over different methods to generate better leads. But generally, to generate better leads, you need to spend more.

So going off the previous example, your budget is $5000. Instead of spending $500 a lead, you spend $1000. So instead of 10 leads, you get 5. 

BUT let’s say these 5 leads are super-motivated sellers who are ready to get a deal done. Because of the situation, let’s say you’re able to close 2 deals out of the 5. 

Same situation as before, it opens you up to be able to spend more.

3. Do bigger deals.

Let’s say for some reason, you’re restricted to the $5000 marketing spend. It’s normal to spend $5000 to make $20,000 in this industry.

But after you pay all your costs and overhead, what will that amount to?

If you started doing bigger deals and made $50,000 instead of $20,000 – even if you generated fewer leads or spent more per lead, it would give you the cushion you need. 

These are just elementary examples of the real lesson. If you want to outmarket everyone, you need to be able to spend more. 

The Key To Pitching Novations

An exit strategy you can utilize is a novation. 

A novation allows you to transfer an existing contract to a new buyer with the terms still intact. You can leverage novations to list your deals on the MLS to potentially get bigger profits.

When would you ever want to use a novation? 

When you come across a seller who wants the benefits of a cash offer but also wants a retail price. If you know you can flip the property for a decent profit, but it makes zero sense for a wholesaling deal, a novo can get the deal done. 

So what’s the key to pitching novos?

Don’t pitch them. Not as the first option at least. 

You want to do some anchoring first. You actually want to pitch them the usual cash offer first.

You know they’re going to reject the offer. But that’s the point. The seller needs to understand and see what a typical cash offer looks like.

It opens up the opportunity for contrast. And this makes the option for novation a lot more attractive.

You’re going to tell them that they’re going to get all the benefits of the cash offer, but you get to remarket the offer.

It is a little more complex. So you’re going to need to take your time to walk the seller through all the details. There can’t be any confusion.

We’re dropping a podcast with the Novation King Rich Wonder soon! Rich works hundreds of these novo deals simultaneously across the country with his team.

Stay tuned.

A Hidden Goldmine For Wholesalers

These two factors make for the best wholesaling environment.

1. Very little competition

2. You’re the first person to walk a seller through a cash offer process

Nowadays, that’s nearly impossible. Unless you get first contact with a seller. 

But what if there was a niche of properties that’s still very green? There’s little to no competition. And really, their only option is cash offers. 

Sounds too good to be true, right?

This is one of those rare exceptions. If you’re already doing these types of deals, sorry.

Here’s a fun fact first. The average mobile home flip is $30,000. 

I’ve seen wholesalers who only focus on mobile homes, and they are usually the only ones doing it. 

Mobile homeowners who can’t sell for 6+ months are burning money. They have to pay lot fees and rent.

Plus, banks don’t really like providing financing for mobile homes unless it comes with the land.

This checks off all the boxes for a golden wholesaling opportunity. And you can find these deals on Facebook Marketplace or Craigslist.

I don’t know the ins and outs of doing mobile home deals yet. Still learning. 

So I’m just reporting the opportunity for now. Definitely worth looking into.

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