Mailing 15,000-25,000 cards per month was great, and I closed deals just based off the sheer volume of cards I mailed, but I didn’t “scale”. See, scaling is more than just increasing the number of cards you mail. Scaling requires precision. Scaling requires looking at your marketing campaigns, and saying “Ok, these are the campaigns that are working, and are profitable”. Then moving forward, when you increase your mailings, you focus on those particular campaigns.
I was not doing that. I was basically slangin’ 15,000-25,000 noodles against the wall to see what stuck. That’s Mistake #1.
Currently, we are only mailing about 8,000 cards per month and we’re only focusing on campaigns that have brought us deals in the past year. This seems like common sense, but it’s actually new territory for us. We’re kind of in a low point now, having 1 closing in January and 0 in February, but I’m positive about our direction, and I think my team and I are doing what we need to do to get out of the rut.
Mistake #2 may be even more important than Mistake #1, and it’s in a slightly different arena than Scaling. Mistake #2 I’ve made in my business is taking the advice of others as gospel, and not stopping to analyze it and see if it’s a fit in my business. Your business is your own. I can’t stress that enough. If you take one thing away from this article, please let it be that.
You can get all of the advice in the world, but that doesn’t mean it’s a good fit for you. You have to trust your gut, and trust what you can do within your own business. Just because someone else is doing it, doesn’t mean it’s a fit for you. I call this the “Quicksand Approach”. Now, don’t confuse this with Shiny Object Syndrome.
It’s similar, but I would argue that it’s even more treacherous because your thoughts and actions aren’t all over the place like with Shiny Object Syndrome. You’re taking targeted advice to help your wholesaling business, but instead of analyzing how it fits into what you’re already doing, you end up just firing from the hip and blindly implementing every halfway decent idea that you hear. You think you’re growing, and making the right move for your business, but it may wind up getting you in further over your head. That’s why I call it the “Quicksand Approach” ?
So, again, I’m not posting this to be negative. Hopefully someone who’s struggling with these wholesale real estate issues right now will read this and be able to catch themselves going off the rails trying to “scale”, or catch themselves running their business with the “Quicksand Approach”. Just trust your gut. Even if you’re just starting, TRUST. YOUR. GUT. You may be surprised at how well you know what your business needs.
At the end of the day, your business is exactly that; YOUR business. Learn from my mistakes, and take people’s advice into consideration, but also step back and look at the big picture. See how that advice fits into the framework of your business. I appreciate the advice I received about these wholesale real estate issues, and the people that gave it to me. I’m not blaming them for the direction my business went in. What happened was my fault, and my fault alone. I’m just writing this to prevent others from making the same mistakes when they face these same real estate issues.
That’s it for me this week. Hope you’re out there crushing it, and happy hunting!
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