The Biggest Mistake Wholesalers Make - Communication

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If you’re new to my channel my name is RJ Bates III. Myself and my partner Cassi DeHaas are the founders of Titanium Investments.

We are nationwide virtual wholesalers and on this channel we share EVERYTHING that we do inside our business. So if you’re looking to close more deals - at higher assignments - anywhere in the country… You’re in the right place.

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Over 10 years in the real estate investing business
Closed deals in all 50 states
​Owned rentals in 12 states
​Flipped houses in 11 states
​Closed on over 2,000 properties
​125 contracts in 50 days (all live on YouTube)
​Back to back Closers Olympics Champion
Trained thousands of wholesalers to close more deals

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Chapters

• 0:00 The Critical Skill Wholesalers Miss
• 2:05 Mastering Seller Communication
• 5:11 Cold Calls and Disposition Mistakes
• 9:14 JV Partner Communication Strategies
• 13:37 Title Companies and Closing Challenges
• 14:27 Honest Self-Assessment for Success

Transcript

Speaker 1: 0:10

wholesalers that mess this up are losing deals. And I bet, coming into this video, you totally thought that I was going to give you something tactical Lead generation, how to talk to sellers, dispositions, transaction coordination or even, if you've been following me for a while, it was going to be something about the hedgehog concept or consistent as a tree. But not today, not so fast. Like the great Lee Corso says, today I'm going to be talking about communication. If you suck at communication as a wholesaler, you will not succeed, because really communication is the basis of everything that we do. It starts with how do you communicate with sellers? You better be able to convey your message quickly before they tell you you're just a low baller. I've talked to a million of you and they get off the phone and they say I'm going to go talk to someone else that can solve my problem. If you could convey your message quickly to them and communicate with them clearly, despite their previous experience or maybe the thought that they have, that you're not a solution and you are just another low-balling wholesaler like our competition, then they're going to end that conversation. If you can convey that you can be a solution and really listen to them, then you can get those deals, those deals that everyone else would look at and say there's absolutely no way in the world that you could contract that deal, the deals that, quite frankly, we are speaking to, more often than not, even with the best lead generation that we've ever had, with PPL in 2025. So how do you properly communicate with sellers? And, by the way, we're not just going to be talking about communication with sellers, we're going to be talking about it throughout the entire transaction. That's how important it is, but it starts with our message to sellers. Using the closers formula, it conveys a level of confidence to the seller. See, there's been this misconception that it was so we could be quickly and efficient in the calls. We can embrace no embrace being that buyer and get off of the calls where you know it's not going to be a deal. The seller wants too much money. But the truth of the matter is, now that the closers formula has been used by thousands of people for years. At this point, we now see that it actually helps us convert deals that other wholesalers can't.

Speaker 1: 2:54

When we start the conversation, mr and Mrs Seller, my name is RJ Bates. I'm reaching out to you because you filled out a form on my website or you spoke to someone on my team about selling 123 Main Street. Are you still looking to sell that property? Awesome, how much do you want for it? How much are you asking for the property Right there?

Speaker 1: 3:18

What happens is we are conveying that one, we're serious about doing the deal. We want to make sure you're still looking to sell and then we want to know how much do they want for the property? See, it's always been this misconception that we're just asking people up front how much they want for it. We're saying yes or no. To a certain degree, that is the case, but what it really is doing is it's eliminating the fact that our competition is not asking for that price up front, and then they're making that low ball offer later on. They're anchor pricing them later on in the conversation. See, it changes the I guess energy of the call early on and then after that, it's a bunch of questions that we're going to ask the seller. We're going to allow them to communicate to us their situation, their story, their motivation. We're going to understand why they would want to sell this real estate to us for a discount. Now, if this isn't happening to you inside of your seller calls. Right now you need to go back and you need to watch yourself on the phone with sellers. You need to listen to how you're conveying that message because if that communication is not clear and it's not concise and maybe there's a subtle little nuance that you're missing inside of that, it can lead to negative conversations and without this conversation, the rest of the conversations that we're going to talk about are irrelevant because they never happen. This is the most important form of communication that you can have as a wholesaler is with the seller. You have to be able to have these conversations break down their situation, truly listen to what's happening.

Speaker 1: 5:10

Yesterday, cassie and I were having a one-on-one with a TU member and he gave an example. He was disgruntled and rightfully so. He's having a tough go of things right now. He got let go from his job. Seller calls aren't going well. He's feeling that pressure and that stress of life and being an entrepreneur and Cassie and I were trying to walk him through this. But he gave an example of a seller call where it was an inherited property and what the seller told him was is. There's no point in us talking right now because my brother doesn't want to sign a contract, so call me back in a couple of months. And as Cassie and I broke down this call and we started listening to what the TU member was telling us, we could see that there was a breakdown in communication, how he transferred the communication from what the seller was saying. I need to talk to you about this situation with my siblings and this being an inherited property to the property condition, the timeline, things that, quite frankly, were irrelevant to the conversation at that point, because the ultimate issue, the problem that the seller needed solved right then, and there was the issue with her brother, her siblings and selling an inherited property. Now, as we move away from seller communication, let's talk about communication with your end buyers Dispositions.

Speaker 1: 6:43

Right before this call, I received a phone call from an unknown number. It popped up as Gabriel. Gabriel's a wholesaler. He found me on InvestorLift. He's trying to sell me a property. Now, I don't know Gabriel, so this is a cold call. I immediately got a voicemail and a text message. The first text message I got was an address in White Settlement, texas. He said hey, rj, make me an offer Now. This is his form of communication that he's probably going to send to hundreds and thousands of buyers here in the Dallas-Fort Worth Metroplex. Now the issue with this is not that he's not consistent, because, quite frankly, he's done this to me probably 10 to 20 times in the past couple months, which means to some degree he is succeeding in communication early on because he has properties under contract. But now his communication is transferred to dispositions. So the message that he's giving me an end buyer is an address.

Speaker 1: 7:50

I don't know anything about the condition. I don't know anything about his asking price. The communication is not clear and concise. It's not enticing me to want to run numbers on his deal. Just because he has a property under contract 15 minutes down the road from me does not make me want to stop what I'm doing in my life and in my business to run numbers on his deal. His deal is more important to him than it is to me. His deal is a dime a dozen. I could go look at hundreds of properties that wholesalers have available in the Dallas-Fort Worth Metroplex right now. Why would I stop to run numbers on his deal? I know nothing about the condition, I know nothing about the exit strategy, I have no idea how I make money on that deal and I have no idea what he's asking for that property. The communication sucks.

Speaker 1: 8:43

When it comes to dispositions, you have to be so clear and concise with your end buyers. Do you have to stand out from the masses and say this is the reason why you want to analyze my deals, why you want to stop what you're doing, open your comping software, figure out what the after repair value is, figure out what the current market value is and see if this deal works for you Now, ultimately, your job in dispositions is to build a relationship with your end buyers, so every single time you reach out to them, they want to run your numbers. This is what has made us successful over the past five years, is that we have built these types of relationships with end buyers. And now, at this point, there's certain end buyers that don't even run numbers on our deals. We just pick the phone up and we call them and we say, hey, we got a new deal. In fact, we assigned a deal on Friday in Missouri to an end buyer where we called him and we said hey, man, we need you to buy this deal. We've had this property under contract for a while. The seller needed 90 to 120 days in order to move out. I closed this deal live for you guys to see. It's already been posted. You've seen the call. We need you to buy this because we want a known end buyer as the buyer that is securing this one. We want to make sure that you can perform. This is a deal that we need you to purchase from us. He said send me the assignment. He didn't go look and run the numbers, because he trusts us. He's bought deal after deal after deal.

Speaker 1: 10:23

That comes from the initial communications that we had with that end buyer. It is an established relationship. How does that start? It doesn't start with a cold call and a voicemail and a text with an address saying make me an offer. I get those all day, every day. You have to get these buyers on the phone and explain to them why your deal is better than all of the competitors.

Speaker 1: 10:51

Now let's talk about communication to JV partners. Now I tell everybody when you get started and you get a property under contract, don't stop acquisitions to now try to figure out dispositions. You should absolutely partner up with someone and allow them to dispo their deal for you. The reason why is because this is our path that we took back in 2015. We're actually starting in late 2014 and 2015 and 2016. We JV'd almost all of our deals. Why? Because that allowed us to do more volume and build up that skill set where we didn't ride the roller coaster of acquiring a deal. Now this point deal, we make money, we don't have any more deals, so the money goes down while we're trying to get the next deal. This is what leads wholesalers to have monster, record-breaking months followed by a month where they make zero dollars. It's very consistent with newer wholesalers, something that they have to overcome.

Speaker 1: 11:50

Now, when you communicate with JV partners, one of the things is if you are going to send a deal to a joint venture partner, give them everything that they need to analyze that deal Very similar to your end buyers. The other thing is respect the time of your JV partners. If you were going to send a deal to a JV partner, send it to one. Don't send it to three or four and then the first to respond. This isn't like end buyers. Respect them. Respect the fact that this is part of their business and they're taking time out of their day to analyze your deal to determine if they want to dispo that to make anywhere between 30 to 50% of the assignment fee. 30 to 50%. That's it, so respect them. The next thing is exclusively work with one JV dispo partner, with one JV Dispo partner. Trust that you have chosen the right Dispo partner and allow them to work their process until they say we've sold the deal or we cannot sell the deal Now move on to the next one.

Speaker 1: 12:58

Stay in communication with your seller. Make sure that the deal doesn't fall apart because you sucked with the communication post signed contract. Stay in communication with your JV partner daily If you are the dispo JV partner. Update the acquisitions JV partner. Tell them what's happening. Tell them the buyer feedback so they can communicate appropriately with the seller.

Speaker 1: 13:24

And then, finally, communication with title companies. If you are not actively communicating with title companies and staying on top of your deal and making it a priority, your deal will never make it to the closing table. If you don't prioritize your deal, the title company is not going to look at it and say that's the deal that I need to work on. Be squeaky, be the one that gets the priority. Make everyone feel like your deal is the most important one because to you it is. Otherwise they're not going to feel that At the end of the day, wholesalers are losing deals because they're not good at communications Communications with sellers, buyers, jv partners, title companies and even sometimes internally with their own team, telling everybody where they're at. This is what we need to accomplish today.

Speaker 1: 14:22

Communication is key, just like I talk about consistency and focus and all of this. But realistically, if you break down the single greatest skill set that you need as a wholesaler, it is communication. So if you're struggling today, I would look at how am I communicating with all the different parties that are involved in a wholesale transaction? Where do I need to work? And be brutally honest with yourself about where you're lacking in your communication. A lot of times what I hear from struggling wholesalers is it's everyone else. It must be the leads, it must be the sellers, it must be the end buyers, but ultimately, when I actually boil it down, it always ends up coming back to a poor communication from the seller somewhere in the transaction. Now, if you're currently struggling with communication, let me know in the comments. How can I help you, how can I support you to be better at communication during your wholesale transactions. Make sure you show me some love, like today's video. We'll see you guys tomorrow.