Software Features

BROKERAGE SERVICES

Software Features

Property Data

Research properties and their owners, compile lists, and more.

MLS Comps

A multiple-listing service comparable tool.

Listings

List your properties with Propelio Realty for incredible savings.

Short Sales

If you have an underwater property, our experts can help.

For Education

Blog

Interesting and valuable articles from Propelio and the industry.

Academy

Real Estate education platform led by a team of professionals.

Propelio TV

A channel that gives daily updated archive of our live video.

Discover Propelio

About Us

Get to know Propelio better – explore our story and mission.

Map Coverage and Brokers

Shows MLS coverage and broker transactions in your state.

Referral Program

Share Propelio with friends and family to earn exciting rewards

Template is not defined.
Play Video

Mastering Real Estate Wholesaling While Holding a 9-to-5 Job

If you’re navigating your way through real estate wholesaling while holding a nine-to-five job, you’ve come to the right place. In this detailed guide, we break down actionable steps you can take to get started, scale up, and streamline your operations. We also delve into team building and automation to help you balance your full-time job and your real estate business.

Getting Started in Real Estate

Educate Yourself

Before jumping into the field, educating yourself is crucial. Books, videos, and seminars are all great resources. The more you learn, the more prepared you’ll be to navigate the complexities of real estate wholesaling.

Free Lead Sources

To get started without breaking the bank, focus on free lead sources:

  • Zillow For Sale By Owner: Scout properties listed by owners who are keen to sell.
  • Craigslist: Another platform to find motivated sellers.
  • Driving for Dollars: Drive around neighborhoods to identify vacant properties. Note the addresses and look up owners to contact.

Basic Tools Needed

You don’t need to invest heavily in tools initially. Here are some basics:

  • Gmail Account: Create a dedicated email for your business.
  • Google Voice Number: Get a separate phone number for your real estate business.
  • Notepad or Spreadsheet: Keep track of leads and important notes.

Scaling Up

Once you’ve done a few deals, it’s time to scale up your operations.

Paid Marketing Channels

Investing in paid marketing channels can help you find more leads quicker:

  • Direct Mail: Though saturated, it can still be effective in niche markets.
  • SEO: Optimize your website to attract organic traffic.
  • Pay-per-click Ads: Use services like Google Ads to capture potential sellers.
  • Marketing Signs: Use bandit signs to alert sellers in targeted areas.
  • Telemarketing: Cold calling remains effective in various markets.

CRM Systems

To organize your growing list of leads, consider using a Customer Relationship Management (CRM) system like:

  • Podio: A versatile and customizable platform.
  • Freedom Soft or REI Pro: Other solid options tailored for real estate investors.

Hiring a Lead Manager

At this stage, you’ll likely need help managing incoming leads. Options include:

  • VA Service: Hire through a service that offers pre-trained virtual assistants.
  • Freelancer: Find freelancers on platforms like Upwork or Fiverr.

Compensation: Typically ranges from $2,000 to $3,000 per month, plus commissions.

Building a Sales Team

Acquisition Agents

Your next hire should be acquisition agents. These salespeople will go on appointments to secure contracts.

Compensation Models:

  • Commission-only: Motivates aggressive closers.
  • Base salary plus commission: Offers stability and incentives.

Splitting Roles

As your team grows, consider separating roles:

  • Lead Management: Qualify and nurture leads.
  • Acquisition: Close deals.
  • Dispositions: Handle the selling of contracts.

Personality Tests: Use tools like DISC or Predictive Index to identify suitable candidates.

Creating a Fun Company Culture

A vibrant company culture attracts and retains talent. Encourage ownership and inclusion. Regularly ask for feedback and make people feel their contributions matter.

Automating Processes

Automation can drastically improve efficiency. Here are a few ways to automate:

  1. Contract Creation and Sending: Automate the contract generation process.
  2. Getting Pricing Estimates: Integrate systems to pull in estimates automatically.
  3. County Data Integration: Pull in relevant property data directly into your CRM.
  4. Automated Emails and Follow-ups: Use email and SMS automation to nurture leads and maintain contact.

Scaling the Team

Projections for the Next 3 Months

Aim for:

  • 3-5 Acquisition Agents: To handle increased lead volume.
  • 1-2 Disposition Agents: To streamline the selling process.

Adding Cold Callers

Cold calling is effective but time-consuming. Adding dedicated cold callers can free up your acquisition agents to focus on closing.

Avoiding Risks of Rapid Expansion

Scaling too quickly can break your systems. Add staff and implement new processes gradually. Always monitor performance and make data-driven adjustments.

Working While Employed

Leveraging JV Partners

Joint ventures can be invaluable. If you can’t attend appointments, collaborate with other investors who can. Split the profits and make more deals.

Time Management Challenges

Time is your most limited resource. Allocate specific times of the day for different tasks and use automation wherever possible.

Balancing Family Life

Work-life balance is crucial. Make sure to allocate time to spend with family and for self-care. Prioritize tasks that yield the highest ROI.

Hiring Virtual Assistants

Services

Virtual assistants can be a game-changer:

  • MyOutDesk
  • RIVA

Getting Referrals from Existing VAs

Ask your current VAs if they know anyone suitable. They’re likely to recommend competent, trustworthy candidates.

Pros and Cons of US vs. Overseas VAs

US VAs:

  • Pros: Better language and cultural fit.
  • Cons: Higher cost.

Overseas VAs:

  • Pros: Cost-effective.
  • Cons: Possible communication issues and time zone differences.

Marketing Strategies

Direct Mail Saturation

Direct mail can still work, but it’s competitive. Use it in conjunction with digital methods for maximum reach.

Telemarketing Effectiveness

Cold calling has shown to be effective, especially in competitive markets. Invest in good lists and train your team well.

Paid Advertising Data

Track your ad performance meticulously. Adjust your strategies based on ROI data to maximize efficiency.

Accountability and Motivation

Public Accountability

Make your goals public. This helps you stay committed.

Celebrating Small Wins

Acknowledge achievements, however small. This fosters a positive environment and keeps the momentum going.

Using Others’ Success as Benchmarks

While it’s good to benchmark, don’t let others’ success discourage you. Focus on your journey and achievements.

Future Vision and Final Thoughts

Hyper Growth Mentality

Once you’ve set up your team and systems, focus on scaling. More deals, more hires, and improving efficiency.

Nurturing Company Culture

Culture is key. Keep it inclusive, lively, and goal-focused.

Realtor Lead Opportunities

Explore partnerships with realtors. They often have access to off-market properties and motivated sellers.

Key Takeaways

Balancing a full-time job and a real estate wholesaling business is challenging but achievable. By starting small, scaling smartly, and leveraging automation, you can make significant strides. Build a dedicated team, focus on efficiency, and keep your eyes on long-term goals.

show less

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Episodes

Play Video
78 minutes

Good morning, everyone! I’m Ron, and today, along with Daniel from Propelio, we’re...

Play Video
10 minutes

Exploring owner financing in real estate opens up a unique pathway to property...

Play Video
16 minutes

Max Maxwell has become a name to reckon with in the real estate...

Play Video
32 minutes

Getting into real estate can be daunting, especially when trying to secure private...

Play Video
47 minutes

Hey real estate enthusiasts! Today, I’m excited to share some invaluable insights from...

Play Video
33 minutes

Hey everyone, Grant Kemp here from Creative Cash Flow. Today, I want to...

Play Video
44 minutes

Good morning, investors! Today, we’re diving into one of the most crucial skills...

Play Video
43 minutes

Good morning, everyone! Welcome back to episode 5 of “Grant Teaches You Something.”...

Play Video
9 minutes

Hey there! Today, I’m excited to give you a quick rundown of how...

Play Video
10 minutes

Today, we’re diving into the basics of owner financing, one of my favorite...

Propelio TV

Do you love learning from your favorite hosts? Subscribe and we will notify you when we release new shows.