Hey guys and gals! I am really excited to sit down with a crazy special guest today, our first ever CarrotCast guest, Tom Krol of Wholesaling, Inc.
I first met Tom 8 or so years ago and I have been excited to be able to work with him ever since. Tom is one of those people with an incredibly infectious personality, who’s enthusiasm will help you believe you can do anything. My kind of guy.
When I first started the CarrotCast in 2016, I knew I needed my first guest to be someone positive, knowledgable, and motivating.
The first person I thought of is Tom. I am thrilled to have him back today to discuss the mindset a successful wholesaler must have, marketing, and what’s changed since we sat down together last.
Read the Full Show Notes Below…
What It Takes to Be a Successful Wholesaler w/ Tom Krol of Wholesaling Inc
Back in July/Aug of 2016, I was feeling a little burnt out and not sure what to do next. I had done an energy audit and realized that I wanted to share inspiration, incredible real estate information I was learning, and marketing strategies that were working for our clients, but I wasn’t sure how to do it. I was tired of writing long-form content and not sure how I wanted to get my message across. I was never one to want to be in front of the camera. I didn’t even want to record my voice on things because I didn’t want to hear it.
Fast forward to today and doing the CarrotCast is one of my favorite things that I am able to do. Once I changed my mindset, stopped doing the things that were draining me, and got past the fear, things really took off.
The Successful Wholesaler Mindset
Tom is an incredible example of how a mindset shift can change your life. 7 years ago, Tom was at rock bottom. He was broke, tired, fired from his last 5 jobs, and not surrounding himself with the type of people he should have been.
Luckily, Tom reached out to his brother-in-law, a successful wholesaler in San Diego. His brother-in-law became his wholesaling mentor, leading him step-by-step into his first deal. That first deal was worth $2k. Last year, Tom was able to write over $1 million in assignments.
For Tom, the mindset was fear. Wholesaling seemed so overwhelming with all of the real estate jargon, acronyms, and topics he didn’t know about. His brother-in-law lived in a much larger market, there was no way he could do it! Right?! Wrong. By staying consistent, motivated, and no over-complicating the process, Tom was able to find what he loves, with great success in doing it.
Making The Shift
When he was 33, Tom made the shift. You can make that shift too. Start today and write down some of the things you don’t like about yourself. Not physically, but your habits and mindsets. Then write down what you need to become in order to achieve the goals you have for yourself. Personally, I have seen great results from coaching. The costs are well worth it for what you receive in return. We have actually partnered with Tom to bring wholesaling coaching to our clients.
Marketing That Works
Wholesaling is about determination and grit, not your knowledge of real estate. You may call 400 people and they will all say no, it’s the 401st that may offer to sell their house at a discount in exchange for fast service. No matter what marketing channel you choose, having that grit is what will make you successful.
As Tom put it, when marketing your real estate business, whichever channel you think is the best, is the best. Go all-in with that one method and completely own it. Whether you are doing online, direct mail, or knocking on doors, be consistent, and be the best in your market. Doing too many things can dilute your efforts and ultimately be a waste of time.
Using The Right Lists
For Tom and his team, a big part of his marketing strategy includes direct mail. He’s found that the best lists he’s been able to get are the ones received directly from your city, county, municipality or township. If you are just starting out, keeping up with these lists and reaching potential home sellers before anyone else, can have a monumental effect on your success.
Some lists you can get online, others you have to call for. Some lists are more difficult to get, but they are there and can be invaluable to a successful wholesaler. A few of the lists Tom likes to use include:
- People arrested within the past 24 hours
- The water shut-off list
- Garage sale lists
- Unknown equity list
- Tax delinquent list
Once you have your list, do some digging to find their address or phone number, whichever channel you are using, and send your marketing. With his direct mail campaigns, Tom sends out the same postcards to everyone. One is more personal, the other is more corporate feeling. Once you get your process down, your marketing can be outsourced to a VA and taken off of your shoulders completely. Of course, the quality of leads will vary depending on where you live.
No matter how you decide to market, keep it consistent. So many people quit right as they are about to find success. Remove the emotion, stick to the math, and you will win every time. Never forget how powerful you are.
Mentioned In This Episode:
CarrotCast Episode 1: Getting Your First Deal Done + A Tip To Double Your Assignment Fees w/ Tom Krol
The Carrot Energy Audit
The Carrot Wholesaling Coach – Carrot Marketplace Service (Members Only)