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.
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!
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.