If you’re an intermediate wholesaler doing 15 to 25 deals a year but still feel stuck in solopreneur mode, you’re not alone. Many find themselves in this situation with only one team member and a desire to scale. Here are some practical tips to take your business to the next level without the need for a massive team.
Two Ways to Scale
1. Utilize Other People’s Time
Bringing on employees such as acquisition agents, marketers, and sales agents can allow you to scale. However, not everyone wants to manage a large team. If you’re not keen on having a 35-person team, don’t worry. There are other ways to grow your business.
2. Co-Wholesaling: A Proven Method
Co-wholesaling offers a strong and proven way to scale. By leveraging the systems you’ve already set up for sourcing and selling deals, you can grow without heavy investments in marketing or a large team.
Shift Your Focus
When starting out, you likely spent 40 hours a week on marketing. As you grow, it’s time to shift those activities. Hire a team member to handle a chunk of your marketing efforts. Meanwhile, focus on networking and partnerships.
Attend REIA Meetings
Start attending Real Estate Investment Association (REIA) meetings regularly—aim for at least two or three a week.
- Meet Every Person: Network with everyone. Yes, it can be uncomfortable if you are an introvert, but growth happens outside your comfort zone.
- Purpose-Driven Networking:
- Generate Private Capital: Finding private capital can help you break out of the wholesaling box and start owning assets.
- Build Your Buyers List: Meeting new people helps you build a solid buyers list.
- Network with Other Wholesalers: These connections provide opportunities for co-wholesaling and partnerships.
The Importance of Private Capital
Private capital allows you to do flips, purchase properties, and take advantage of new opportunities. By discussing your business at REIA meetings, you can attract potential private capital partners.
Building a Buyers List
Attending multiple REIA meetings helps you gather contact information from numerous attendees. Meeting roughly 25 new people per meeting can add up to about 175 new contacts a week. Over time, this builds a robust and fresh buyers list.
The Power of Partnerships
Partnering with new wholesalers is key to scaling. Many new wholesalers are nervous about various aspects of the business, such as offloading a contract or making the right offer. By offering to help them with these challenges, you can create a win-win situation.
Benefits for Both Parties
- Intermediate Wholesaler: Leveraging systems and processes to close more deals.
- New Wholesaler: Gaining experience and support.
Offer to work with them on a 50/50 split. You handle the selling, they bring the leads. This approach can transform your business from doing 15 to 25 deals a year to 70 to 100 deals, without the overhead of a large team.
Summary
Scaling your wholesaling business doesn’t have to mean managing a large team or making heavy investments. By leveraging other people’s time, engaging in co-wholesaling, and shifting your focus to networking and partnerships, you can grow your business significantly. Attending REIA meetings and purpose-driven networking will help you build a robust buyers list and attract private capital.
Collaborating with new wholesalers can create mutually beneficial partnerships that drive growth. With these strategies, you can transition from a solopreneur to a thriving business, achieving greater success and higher deal volumes without the burden of a large team.
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