Many companies and businesses rely on relationships.
Whether it’s relationships with customers, vendors, or partners, relationships are the key to building business success.
What do these relationships look like?
And more importantly, how do you find them?
Wholesaling Relationships 101
When it comes to wholesaling real estate, relationships are what can make or break a business.
I have yet to come across a wholesaler who’s able to get triple digit flips without having the necessary connections and a network that’s needed to secure deals.
That’s because this business is all about knowing the people who understand collaboration and who will help find or work a deal with you.
And that’s why these connections are so important!
Talking to the right person not only helps in finding deals, but working those deals to ensure you get the maximum profits.
My Astro students will constantly squad up or tell each other about deals they come across, helping to supply leads to others.
There’s much more about the relationship between a wholesaler and a seller; wholesalers can do deals with other wholesalers, fix and flippers, and real estate agents.
Even if a wholesaler doesn’t do a sale with one of the above, they can use these connections to find deals that might not be found on the MLS or just speaking with buyers.
How to Find the Right Wholesaling Relationships
How do you find these great relationships?
Luckily, it’s really not that hard!
First and foremost, I always say ‘squad up!’ meaning to partner with someone else, working as a wholesaler or a fix and flipper.
Why?
Isn’t that partnering with your competition?
No, actually and there’s nothing wrong with cooperating with your so-called ‘competition’.
That competition may see or have a deal they can’t work on or perhaps there’s one you have that you can’t handle on your end.
And the best part is, you get an assignment or referral fee for sharing the deal.
Another great relationship is with realtors. If you want to know what’s happening in the real estate landscape, realtors are your pulse.
Those are the most obvious connections, but here are some you may not have even thought of:
Accountants and CPAs
Attorneys
Building inspectors
Carpet cleaners
Local Chamber of Commerce
Lenders (hard money, private, and banks)
Moving companies
These individuals are often in contact with sellers or potential sellers. No, you won’t get access to personal information, but you will get the lowdown on possible homes that are or will be going up for sale.
A major, and crucial, avenue for success in this business is talking to people.
That’s really it – you need to talk to people to learn about deals that are happening in your area.
If you’re worried or afraid of talking to sellers, don’t be!
It’s only scary before you do it, and that’s why I also stress partnering with people because they will have skills and talents you lack and vice versa.
Hear how I was able to grow my entire business by just talking to people:
Work smarter, not harder – that’s not just a cliché, that’s a real thing.
Building up your wholesaling relationships is working smarter, by getting exclusive access versus just cold calling, or using bandit signs to get attention.
If you want to build these invaluable relationships or learn the tips and tricks on growing your wholesale business, then come join us in the Astro community.