Treasure-Hunting For Money Keywords, Who Not How, The Art of Presenting Offers

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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:

• Treasure-Hunting For Money Keywords

• Who Not How

• The Art of Presenting Offers

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Treasure-Hunting For Money Keywords

If you’re new to scouring the MLS for good deals, here are some pointers to help you find a good deal.

One of the general rules of wholesaling is that we don’t look for properties, we look for situations. 

The clues to lead us to find these situations are keywords. Specific keywords.

Here are some common ones to look for:

• HUD home

• As-is

• Cash bank

• Bank owned

• Corporate owned

• Owner financing available 

• Non MLS lockbox

These keywords hint at a certain level of distress in the seller’s situation. And more distress usually comes with more motivation.

Here are some more obvious keywords to look for:

• Motivated seller

• Investor special

• Handyman special

• Priced to sell

• TLC

These are keywords that imply that the property may be in need of repair.

There are many others. After searching enough, you’ll start to notice similar language patterns among great deals.

So be like Sherlock Holmes. Follow the clues and good luck on your hunt. 

Who Not How

This is a friendly reminder that as a business owner, you don’t need to learn everything. 

In the beginning, that’s the case because you have no choice. But as you start getting deals done and there’s cash flow, all your problems become people problems. 

You should be thinking about what person you need to hire rather than what you need to learn.

It makes life that much easier. 

Unless you want to stay a solo operator, of course, there’s nothing wrong with that. 

Legendary business coach Dan Sullivan wrote an entire book on this subject called Who Not How. 

As high achievers, it’s easy to focus on the how. We want to control what we want to control.

To be able to recognize that other people are more capable of handling some of the hows – that takes courage and vulnerability. Letting go of the reins. 

It’s also the right thing to do. Because your time and energy are important. It’s also limited. So you need to spend it where it makes the most impact. 

Dan uses the story of Michael Jordan and the Chicago Bulls as his first example. 

Jordan was by far the best player in the NBA. No questions asked. But he couldn’t get past the second round of the playoffs. The Detroit Pistons kept whooping his ass. 

It wasn’t until the Bulls started adding pieces around Jordan – First, Scottie Pippen, then Dennis Rodman later – that’s when the Bulls became the dynasty we know today.

The name of this game is results not effort. 

So next time you find yourself stuck and trying to figure it out on your own… ask yourself if there’s someone you can hire to take that off your plate. 

Who not how. 

The Art of Presenting Offers

Sales is a numbers game.

The more leads you generate and offers you present, the more deals you will close.

Seems straightforward, right?

Generate a lead, present an offer, and hope for the best.

But here’s the catch: relying on hope or chance leads to disappointment.

From the "sure thing" offer that falls short to the deal that unravels at the closing table, many things can go wrong—and they often do.

Yet, as disappointing as a deal falling apart can be, it’s nothing compared to the frustration of knowing you missed out on a deal that someone else managed to lock up.

So what’s the secret?

Well, it’s not really a secret; it’s more of a mindset that starts with realizing one core concept.

Sales is not a sprint to the finish line where the goal is to get from point A to point B as quickly as possible.

Sales is a dance, and like any dance, it requires rhythm, finesse, and the ability to adapt to your partner's moves along the way.

Just as a skilled dancer anticipates their partner's next move, a successful salesperson must anticipate their client's needs, concerns, and desires.

The rhythm of this dance is set by the customer's pace, not yours.

Rushing through your steps or trying to force your partner into a move they're not ready for will only lead to missteps and disappointment.

Instead, focus on moving in harmony with your prospect, guiding them through the process by asking the right questions at the right time.

Start with identifying their price point.

Ask questions that get them talking and thinking about their ideal price.

"If conditions were perfect and you got exactly what you wanted, how much would you ask for the property?"

"Can you give me a ballpark number?"

"What's your best guess?"

"Are you looking to sell at full retail, or what kind of discount would you be willing to take for a quicker, more convenient sale?"

If they still don’t give you a number and insist on you throwing one out, give them a price.

But don’t just give them any price; start with a lowball offer that will get them thinking and produce an immediate response.

If they say, "Oh no, that wouldn’t work for me. I would need at least ______," this is your starting number.

But is this the number you want or the best they can do?

Narrow down the range

Once you have an initial number, use the range technique to gauge flexibility and see if the seller is negotiable.

"Let's say you want $350K. Would you consider something between $290K and $350K?"

Continue narrowing the range.

"How about between $310K and $325K?"

This will help you pinpoint an exact number and allow you to move to the next step.

Pushing for the Best Price

Now, ask them if that's the best they can do.

"Is $325K the best you can do?”

“Can you do any better?"

Negotiating Other Terms

If you hit a wall on price, pivot to other terms like the closing date, move-out date, or what items might be left behind.

This approach provides you with an opportunity to build rapport and gain their trust.

"Would you be open to closing in 30 days instead of 45?"

"Could we discuss the possibility of you leaving behind certain appliances?"

Returning to the Price

After ironing out the terms, circle back to the price.

“Looks like we’ve got the terms ironed out, but I was at $310K, and you were at $325K. What can we do about that?”

At this point, they will either come down on the price or they won't.

Present the Offer

The final step is to present an offer that addresses all the points you've discussed.

Here's how you might frame your closing question:

“Now, I've been thinking about everything we've discussed... What if I could offer you a package deal that addresses all your concerns? Let's say I could close in 30 days, you could leave all your stuff behind if you'd like, I'll cover all of your closing costs and commissions, and I could give you the $315K that you wanted. What would be the next step from your perspective?”

The key here is to be friendly yet confident, making it clear that you don’t need the deal but are willing to do it if they want to.

This approach not only puts the ball in their court but also makes them feel comfortable and in control, increasing the likelihood of them agreeing to your terms.

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