How do I ramp up the lead flow?!

Question

Hello fellow wholesalers. I've read time and time again that wholesaling is a numbers game. I mostly drive for dollars. I've only been able to do about an hour and half worth of driving a day because my girls want out of the car by that time. I come home with about 12-20 addresses which only lead to about 3-8 leads that I mail too. If driving for dollars is your main source for lead generation how many hours a day are you driving? How do you map out coverage of an area? For example if I target a specific neighborhood, I want to make sure I hit every street in the neighborhood. How do you accomplish this. Also do you map out your driving course for that day? If so, how do you go about doing that? What is your daily target for the amount of leads that you want to have at the end of driving? Do you meet the goal? How many letters are you sending out a day to make this make sense and actually get calls from home owners? I also skip over leads that have the homeowner actually living there and houses that have 2 bedrooms or less. Am I leaving money on the table when I do that? Any advice you could give would be helpful.

Jerryll Noorden · Answer

Wholesaling is NOT a numbers game.

Wholesaling like flipping like buy and hold, like  ANYTHING REI is a lead generation game.

Never ever again think that anything is a numbers game.

You know what is a numbers game? Gambling, black jack, cards... numbers game = luck!

Do not drive for dollars, don't do bandit signs don't do RVM, do what all the other companies use that are succesful.

Facebook ads, PPC, SEO.

If you are afraid to spend money, investing is not the game you need to be playing. Think abou tit. What is investing? Spend 1 dollar make 10 in retuirn.

You NEED to spend money to make money reliably.

There is NO WAY around it. The sooner people unsderstand this the sooner people will become succesful.

So the question then beceoms.. ok how much money do I need to spend?

Now we are talking.

You figure out the cost/deal for PPC, for FB Ads... and then you save until you have enough.. and THEN will you go to town with  marketing.

Forget all these Deal machine nonsense and apps and or paying companies for leads. Its all crap.

Get your leads by sending motivated traffic to a very credible website and do it the right way. This is the ONLY way that is sustainable.

Get your website. That is the first step.

Barry Pekin · Answer

Hi @Mashika Patrick,

I'm going to stick more to your questions.

I'm certain D4D is a good thing to do.  I currently know wholesalers who are doing this successfully.  While it lacks the ability to scale beyond what you are capable of doing yourself (until maybe you get some bird dogs), it can definitely help you to get started.

I wouldn't worry about the number of leads you generate by doing this.  I would focus more on what you do with those leads.  An effective marketing campaign takes advantage of multiple ways to contact sellers.  You should be mailing them, calling them, and possibly texting as well.  It takes multiple "touches" for them to get to know you and to make a deal - not to mention timing.  If you contact someone today, they might not be interested in selling.  If you contact them in 6 months, and they recognize/know you, and their situation has changed to where they need to sell, you stand a much better chance of making the deal happen.

If you're trying to fully cover an area, the Deal Machine app is pretty good, but you need to consistently do it to justify the expense.  They have an add-on that draws on the map while you drive, so as you drive, you can see where you have been and where you need to go.  I find that feature to be very helpful.  That said, I was thinking of getting rid of the app.  Why?  Let me tell you.

I'm using PropStream to search for an analyze properties.  I pick a local area, enter my criteria (something like 50%+ equity, out-of-state owners, etc) and come up with the houses I want to look at.  I then use an app called Batch Geocode.  It takes a little work, but you can import addresses into the app and it creates a route for you to most efficiently visit each of the locations.  I follow that route and make notes of each of the properties that are in my list.  (Are they vacant, distressed, etc.?)  I keep my eyes open for other properties as well, but my main goal is to check out the properties on my list.  Now when I market to these properties, I know how they met my initial criteria as well as what condition the houses are in.  If I'm lucky, I find something owned my someone out of state and see that it's vacant and in distress.  If I find something like this, you can bet I'll put my all into contacting the owner.  If they aren't interested in selling, I will also keep tabs on the property and continue to follow-up.

Jonathan Greene · Answer

Driving for dollars is more for learning. It's not really a good source of lead generation because if you are identifying it by sight as a property of value, it's likely already been identified months, if not years before by a predictive analytics algorithm. You drive for dollars to learn the areas and track which homes you identified as ones that then get renovated and then you watch the numbers to learn the scale. To become a real wholesaler you will need to start mailing and have a full business plan to respond and close deals. What's your plan when you get a call back? Have you closed a wholesale deal? Can you purchase if you can't assign? These are some questions you need to know the answers to in order to think about getting more leads.

Kody Thompson · Answer

Not sure of your budget but the deal machine app might be helpful to you.

How do I ramp up the lead flow?!

Most Popular Reply