When’s the best time to start expanding your real estate wholesaling market?
This is a common question, not just from the members in AstroFlipping, but other members of the wholesaling industry.
For many wholesalers, they believe that the time to expand is when they’ve gotten a fully automated business or have a whole team. And don’t get me wrong – automation is great and a huge help to ensure that your business runs smoothly.
However, we are in a business that requires a human touch.
There should always be conversation to maintain good relationships with buyers, sellers, other wholesalers, fix and flippers, etc. This is something I discuss with Tyler in my latest coaching call:
As I explain, the time to expand truly depends on you and where you’re at in your business. Again, it’s not about the automation; it’s about the delegation. You know the saying, “work smarter, not harder.”
Now, with delegation, you can absolutely have aspects of your business being handed over to others that can help you maintain and keep your business running smoothly so you can do other things.
If you aren’t at the point where you can do that, then you shouldn’t be thinking about expanding. Your focus should be on continued consistency in your business operations.
“But Jamil, what if I am at the point of expansion?”
Then that’s fantastic!
But you aren’t ‘smooth selling’ just yet…
Why You Shouldn’t Avoid Competitive Markets
So there is a notion that to do well in this business, you have to avoid competitive markets. Why?
Because the more competitive, the less chance you’ll have at being able to find deals or get leads.
Guess what, guys?
This is absolutely not true!
And the one thing people forget about these non-competitive markets – the one ingredient that’s missing in these markets is the one thing we as wholesalers need in order to continue our success.
Buyers.
We need buyers to buy the homes and properties that we’ve purchased and unfortunately, you aren’t going to find buyers in non-competitive markets for the simple fact that no one is doing business there.
So when people ask me how to do comps in rural areas, my answer is extremely clear.
You don’t.
Because buyers aren’t there and if buyers aren’t there, then you aren’t going to be selling anything.
Competitive markets also hold something else – other wholesalers that you can work with.
Guys, there are tons of wholesalers that have leads or resources that you don’t and vice versa. And the one place that you’re going to find them is in a competitive market.
Are you struggling to find your market? Or markets that you can expand to? Then when you finish reading this, come join us in AstroFlipping!