3 Ways Elite Wholesalers Always Maximize Their TimeNov 27, 2020
Wait. Isn’t wholesaling real estate supposed to be about hard work?
Not quite. It’s about smart work...
There used to be a saying in the corporate finance community that went something like, “If you’re still at your desk after 5 o’clock, you’re doing something wrong.” The natural reaction most folks have here is, “C’mon, that’s hard work... nose to the grindstone. Burn that midnight oil!” It’s conventional wisdom, but guess what — conventional wisdom can be wrong.
You can start closing deals with ambition and sweat equity alone. But once you have a handful under your belt, you shouldn't have to break your back all the time. Working smart is as important as working hard when it comes to wholesaling. It took me too long to learn that, but it’s why my business is now built on systems that make closing deals second nature.
So how do you maximize your time while still snatching up deals? Here’s a few tricks of the trade I wish I knew when I got started...
Use Resources... To Be Resourceful
What separates the successful from the frustrated is resourcefulness. It can be the difference between chasing leads that never pan out and actually getting signatures that turn into deals. Ask yourself this: What can you do with what you have; and how can you get the most out of it?
Let’s say you’re working on a distressed property that’s a few towns over. You want to get a look at it, but that equates to an entire day cruising up and down a highway — burning nothing but daylight and gas. Is scouting a distant property in person the best use of your time at this stage in the game? Probably not.
You’ve closed some deals in the past, so tap into your network to have someone you’ve been working with take a peek for you:
Rather than driving all the way out to the property and wasting a whole day that could have been spent scheduling appointments, hanging out with the family, or both, you reach out to an inspector. Ask them to do a quick look at the house and snap some pics. They can give you the run-down in a fraction of the time you’d spend doing it yourself… and now your time can go to lining up more leads and appointments.
But that’s not all...
Let Your Cash Buyers List Do The Hard Work For You
Imagine if you could skip to the part where you instantly find a buyer who’s chomping at the bit to close a deal and give you your price? That would save you a ton of time and energy while possibly breezing right by the most painful part, negotiation.
Enter: Your cash buyers list.
The list you should have been crafting from day 1 can start a feeding frenzy on your deals with a quick email or text. Whether it’s a fix-and-flip or a wholesale, the right cash buyers are ready to close deals yesterday. So why not use their enthusiasm to your advantage?
If you don’t already have one, start here. If you do, keep growing that sucker. It’s the gateway to tons of time and financial freedom. And arguably, the number one indicator of your potential success since you already know how to hunt down distressed properties.
Allow The Occasional Distraction
Not long ago, a study revealed that employers who don’t block Facebook on work computers saw employee productivity actually increase, along with morale. Why? Simple: They had a couple of moments to rest their brain and stay fresh -- without getting “road blind” by staring at the same thing for hours.
You shouldn’t be plugging away for hours and hours, exhausting yourself. Save that for the total newbies. You got into wholesaling real estate to quit your day job, not to find a higher-paying gig.
Take a break from time to time. If you’re lucky enough to have a team, let them handle the next call or email. And if you don’t have a team yet, it might be time to start building one (I can help with that). You’ll find yourself much more productive, refreshed, and focused.
By just making these strategies part of your day-to-day, you can maximize your effort and time, so you can close more deals and enjoy your newfound freedom.
How to Skyrocket Your Close Rate (& Confidence)
You’re already into wholesaling, but you’re still hustling hard to actually close deals. You’re searching for consistency so you can feel more comfortable about the future. Truth is: You’ll never quit your day job once and for all if you don’t have it. And every lost lead and blown deal is a gut punch that reminds you of that. Skyrocket your close rate by joining my Deal Closing Mastery program. Click here for your exclusive invitation.