Today I’m doing a coaching call with Brian Stanart, who is a one-on-one client from Oklahoma.
Brian’s been working with me and Gavin for 2 or 3 months. His goal is to make $10k a month, and his focus is wholesaling in Tulsa. On the form he filled out for the call, he said he wanted to work on his limiting self-beliefs and lack of a mentor.
Brian makes about 8 offers a week and his go-to marketing tactic is bandit signs. He also does some cold calling and driving for dollars. He says the signs aren’t producing like they used to.
Eight offers a week isn’t bad, but since the signs aren’t working well, he needs to build confidence for cold calling. We need to help him get into text messaging the same people he’s calling… mostly absentee owners.
Brian has a VA that follows up by phone after an offer is made. I think he needs to do more follow-up once a month using letters, texts or voice broadcast. The close is best done by phone.
When you send a contract, it’s a good idea to set up a call to go over it. Set a deadline for signing and returning every contract. Give the potential seller the option of saying no so you don’t waste time.
If a seller tries to alter the contract terms after you feel like you had agreed on a price, take the contract off the table. Don’t be put in a humble position like that. You’ll either lose the deal or they’ll come back.
It’s unusual, but Brian may be overusing VAs. After his initial cold call, he has VAs contact them and go through motivation testing. Wrong! He should be doing that himself so he will know their pain point.
We think Brian needs to partner with an outgoing individual… one he might meet at a REIA meeting. He needs to go back to the chapter of my training called Building a Team.
Brian could also benefit by thinking bigger. High-level networking will allow him to move in that direction. He needs to look for bigger contracts/payouts and get some momentum going.
He could also learn from listening to other podcasts. Listen to other investors who have experienced success. Sometimes you hear nuggets of encouragement that way.
Listen and learn:
- If you know you’re not good at talking with sellers, find a partner who is.
- Brian knows he’s defeating himself by not networking with other wholesalers.
- Use the VA to gather information only while you build a relationship with the seller and go for close.
- Time kills deals… your goal is to make money today.
Mentioned in this episode:
- Joe’s podcasts on iTunes: Real Estate Investing Mastery Podcast
- Book recommendation: Fire Yourself by Brian Elwood
- CRM and more: REI Simple
- Video about successful virtual wholesaling: VirtualCaseStudy.com
- Mobile notaries, nationwide service: 123 Notary or NSS Notary
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