- Four simple concepts that will spike growth and generate momentum for your wholesaling business
- Production and the importance of tracking
- How to set realistic goals
- How to go after low-hanging fruit that will result in quick wins
- How to set up an effective followup
- Commitment to mastery with one marketing channel
If you’ve ever found yourself in a constant cycle of gaining some momentum for your business and then things falling to the sidelines, this will be an enormous resource for you because I am about to share the four simple ways that will spike your business and keep the lulls down to a minimum.
So let’s dive right in!
Track your production
I want you to start jotting down any and all income-producing activities for the next 30 days. By production, I mean what is your output?
How many calls are you making on a daily basis? How many letters are you sending out weekly? How many verbal offers are you making over the phone? Are you going to any networking events?
By doing this over the course of the next month, a couple of things are going to happen.
- You’ll start to get a gauge of those activities
- You’ll get a better idea of why you’re getting the results you’ve been getting.
If you haven’t gotten a deal on a contract, you’ll likely see a decrease in production!
Therefore, by ramping the activities up, you’ll be talking to more and more sellers because you’re marketing and advertising more. You’ll be taking more decisive actions!
It doesn’t have to be pretty or overly complicated, but you want to track what you’re doing Monday-Sunday and then total those results up at the end of each day and the end of each week. If you take a day off, that’s fine, just whenever you’re working on your business during the hours and days you operate is what you want to track.
I promise by doing this, it’ll become evident why you’re getting results in some areas and why you’re not in others. For me, it wasn’t until I really focused on tracking my production that I realize I wasn’t being as productive as I thought I was.
Set realistic goals
When I first started out in this industry, I would come up with such high goals, like so many phone calls in a day, so many offers in a week, but I would never hit those goals and I would get so discouraged every time.
When you don’t meet your goals, you lose motivation and beat yourself down.
I’d rather you sit and think about what is realistic for you and your business. Are you able to make five calls a day? Send out 20 letters a week? Would you send 100 letters each week, or 10?
Be honest with yourself and set up small goals with a number that you believe you can hit.
Once you begin hitting those numbers two, three weeks in a row consistently, then I suggest during the latter part of those 30 days of tracking, increase your production a little. For example, if you’ve been making 10 calls before, I want you to make 20.
Increasing your income-producing activities will generate more momentum in your business, but it won’t happen overnight! You need to think of it in 30, 60, 90 days chunks.
Even on the low end of 30 days, though, you’ll definitely see a spike.
Go after the low-hanging fruit in your business
What’s an easy way to do that?
Have a better followup system is one method of how you can go after that low-hanging fruit!
Remember, 80% of the people you’re talking to are not going to want to accept your offer that’s 50, 60 cents on the dollar, they want that full retail price. Not everyone you talk to will accept your offer right now, but they will over time.
As you develop the relationship and establish a follow-up process in place, those will start happening.
One way I like to do this is by using the good old legal pad that I like to call my “hot pad.” Every lead you talk to, that you’re going to make a verbal offer to on that property, or if it’s a hot lead with some distress and motivation, you want to take detailed notes on your own hot pad while you’re on the phone with the seller.
Write down the date and the time you make the verbal offer and when you want to follow up with them.
No matter if you’re working with probate leads, self-generated leads, or marketing, you go back and call everyone you’ve ever had an appointment with and everyone you’ve made an offer with.
“How do I follow up?”
The best method I’ve found going about this is in a nonchalant manner. A typical conversation may play out like this:
“Hi, John. This is Steven Howell touching base with you. I know we’ve talked the other month about your property over on Brown Street. I just wanted to give you a quick call to see how things are going. I wasn’t sure if you’ve sold the property yet, but I like checking in.”
Now a lot of times, they may have already sold the property, or they still may not be open to your offer, and that’s fine. It’s not a complete loss because you’re planting a seed in that relationship to let it grow. Think about how valuable that is, because those leads will appreciate the followups and see that you’re invested in them.
At the same time, if the property is still available and they’re still frustrated, you could get a potential deal by doing those followups.
Commit yourself to mastery in your marketing
Why? I used to be a jack of all trades and a master of nothing. The truth is that in wholesaling, there are a million of different ways to go after motivated sellers. If you try to be good at all of them and jump strategy to strategy like I did, you will find yourself frustrated and getting mediocre results.
I don’t want that for you.
Instead, stick to 1-2 strategies that you genuinely feel resonate with you and your business, and then become a master at them over the next 3-6 months.
Clear out all the clutter and just purely focus on those 1-2 forms of marketing.
When you narrow your target to the commitment of mastery, you’ll discover a lot of awesome things happening. You could end up becoming the “Probate Guy” in your area, or the go-to guy for sellers because your marketing stands out as a result. It doesn’t matter if you’re doing probate or foreclosures, or if you advertising by paper ads, google ads, or flyers. This will still be beneficial.
Mastering one thing will help your business by tenfolds compared to going about and trying 30 things halfheartedly.
The key takeaway here is that action and implementation will lead to more momentums and growths. I promise by doing these four things, you will see impressive spikes over the next few months!
I’m excited to see where you’ll go from here.
To your success,