Keep Your Wholesaling Business Simple
From Tom Nardone, Millionaire Mailman …
This is not a complicated business. Do your best to keep it as simple as possible.
Once you understand the basic mechanics of how real estate works, the basic fundamental becomes getting a house under contract at 30-50% below the market.
Since the marketing is the first step let's address it in this post.
Keep your marketing simple
Don't open up too many marketing channels at one time.
If you are not familiar with what a marketing channel is, it’s a lead source or method of bringing deals into your business.
The single most effective marketing channel that you can use efficiently and affordably is direct mail.
If you look at Cody's business in the “Direct-mail Dealmaker” part of the customer hub, you will notice that 65% of Cody's business comes from marketing with postcards and direct mail.
So what I mean about keeping this business simple is – don't open up too many marketing channels at one time. I promise you that doing so will drive you crazy trying to figure out all the metrics of each individual marketing channel.
You've probably heard it before about being good at one thing. So get good at one thing – and the one thing should logically be the thing that brings the best results with the least amount of effort.
So if 65% or more of Cody's business comes from direct mail, then keep it simple and master this one single marketing channel first before branching out into other marketing channels.
Both Cody and I use direct mail very effectively
We both Mastermind with other people all around the country, and everyone I talk to who uses direct mail postcards can pretty much agree that 5,000 postcards will result in about 50 to 60 calls. And out of those 50 to 60 calls there should be one to two deals.
So again, don't overcomplicate this. Just start by doing the one thing that is the most critical… and that is being in charge of a successful marketing campaign to drive leads into your business every day: Direct Mail
A quick word on negotiating
As far as the negotiating goes, that is important too but we’ll discuss that in another post.
But simply said, being a good negotiator comes with practice, practice, practice!
You learn by doing! Even though sometimes it can be scary (at first) - it's okay, just do it. The more you do it, the better you’ll be and the nerves will cease.
You will get through it, and when you live the experience of a successful negotiation it sticks with you, and you get better and better. The same goes for your marketing as well.
Just remember to keep it simple. You do not need to know 25 different ways to buy a house when negotiating with sellers.
Just market using postcards, make low cash offers, and keep it simple!
Enjoy the journey!
Tell me how you’re keeping it simple in the comments section below.