Real Estate Wholesalers: This is costing you money!

September 4, 2022

Before you start your next real estate wholesale campaign, I want to share one of the most important things I’ve realized as a wholesaler, and how it can help you grow your wholesaling business.

Don’t let missed calls from sellers take away from your wholesale business bottom line.

The Wholesaling Mistake That Is Costing You Money

Over the last 20 years I’ve completed roughly 200 transactions as a real estate wholesaler, and here is the most important task that any real estate wholesaler must complete: answering the phone!

Picking up the phone is critical to your marketing campaign and I cannot stress it enough. When a seller calls you (especially from a Google Ads/PPC campaign), either you or someone else qualified must answer the call. Based on my tracking, missed calls from sellers are lost forever at least 50% of the time – that could be a lot of potential deals!

Breaking Down The Numbers

Let’s say you have dedicated $1,000 to a marketing campaign. From that campaign, you get 10 calls back from motivated sellers. Each of those calls cost you $100 dollars to receive – that’s the easy math. If you’re paying $100 dollars per lead, and you know there is a strong chance of losing that deal if you don’t answer the call, you are throwing away your dollars!

In addition to losing $100 per incoming seller lead, you’re also missing out on a potential deal which could be worth thousands of dollars! That math is harder to quantify, but one thing is clear: incoming seller leads are where your business is going to make its money. Don’t miss them!

In Summary

I understand that many of you may leave your incoming leads in the hands of a virtual assistant (a strategy that could be diminishing your credibility – more on that in a future post). However, you should track your numbers! If your company needs to call a seller back and they don’t answer, write down how many times you call them back without contact. You may be surprised at how many potential deals your business is losing.

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