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PRYME Homes · What Type Of Wholesaler Are You?
There are so many Blockbuster Wholesalers that will NOT realize that to grow, they must adapt and pivot. They fight tooth and nail to keep their ways.
Because of this, Netflix wholesalers come in and put them out of business!
In this episode, I will help you understand if you are a blockbuster or Netflix wholesaler and how to make sure you don’t get put out of business!
🗒 SHOW NOTES 🗒
⚡ What is a blockbuster wholesaler?
This is someone who has had some level of success with a particular strategy and WILL NOT pivot!
Let’s see how they handle the two biggest aspects of wholesaling.
1️⃣ Let’s take marketing.
DM marketing has been the norm for quite some time. But it has gotten very saturated. So, what do most people do? They’ve doubled down and increased their DM budget!
At some point, you must realize diminishing returns and stop and pivot.
2️⃣ Let’s talk strategies.
↪You have been negotiating 70% minus repairs and submitting a cash offer, and it has been great! But the market shifted!
↪Now, you have either a lot more competition, or perhaps sellers with less motivation, or maybe a lower inventory of highly distressed homes.
↪The cash offer no longer is working.
↪So, what have most done? Increased their budgets to get more deals and increase the chances of finding a deal to submit a cash offer.
↪Remember diminishing returns?
↪Or they start “virtual wholesaling” in areas where you can do cash offers.
⚡ How to be a Netflix Wholesaler?
To be a Netflix Wholesaler, you must be willing to pivot and adapt.
This means not being emotional. You MUST learn as a wholesaler, that carries into becoming a great investor is that you must look at the market as it is and NOT as you want it to be.
Those of us that do that will ALWAYS be in business and thrive.
So, how does a Netflix Wholesaler tackle these same challenges? Let’s break it down.
1️⃣ Same Marketing scenario.
↪DM has taken a hit. Time to start Cold Calling, DK, RVM, SMS, Social Media, SEO.
↪But what’s the guarantee? All of that costs money. YES, and? Failing will cost you everything. Don’t you think Blockbuster now wishes they would have stuck to the changes even though they hurt?
↪Everything at first is hard, especially with marketing, because it costs money. But that’s what is called an investment.
↪This is why so many fail because all they want is to take from day one. As an entrepreneur, you have to have the patience to plant and nurture, and then you take the little that has come out and plant more. Rinse and repeat! That’s how successful businesses stay successful.
↪Cash offers are no longer working. Ok, time to get creative!
↪Listings, Sub-to, Owner Finance, tighter margin but quick flips, buy and hold with less equity?
↪But I don’t like those… they take too long… ok, and? Remember, don’t be emotional. This is the market that you’re in, not the market that you want!
↪But I don’t know how to do those… PARTNER!!! You didn’t know how to walk, but someone helped you figure it out. Those principles have not changed.
⚡BONUS TIP: Here’s how to find all of the answers to how can I afford more marketing? How can I learn those strategies? How can I find out what’s working? You NETWORK! I did a video recently on Networking during this pandemic.
🔑Do you want to predict the future? Study the market, and you will start seeing trends developing and what is coming next.
❓DID YOU KNOW❓
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