We all know that wholesaling real estate is a hustle and such a transactional business. You can have the best month ever, but once that calendar turns you are right back to zero and have to do it all over again. Your business is built off of going after that next deal. Many investors gravitate away from the wholesale business into more of the lifestyle or passive ways to invest, which is where we all want to get to. But you can design a wholesale business to help you get there, as well and have it fit the way you want to live your life.
Building a wholesale business and still having a life is all about the team you put around you and planning out the type of business that you want. Knowing what you are strong at and what you have time for may be important, but putting the right people in the right seats to handle all of the other aspects of the business is even more crucial. Understand the type of life you want to be living, plan for it, and build a team around you that can support that life.
Your First Hires for Your Wholesale Business
Who should you hire first while building a wholesale business? That answer is different for each business owner/leader because each person has different talents, skills, interests, and availability. To figure out whom to hire first, ask yourself these two questions.
- What are the things I am doing that are not my strengths or suck my energy?
- What are the things I am doing that take up most of my time?
The answers to those questions will lead you to whom you should hire first.
If you already have a team, but find yourself still in the day-to-day too much, you can still ask yourself those questions, and then ask those same questions of your managers. The daily tasks that are taking managers’ time and energy can be the areas of the business that you can look to hire to elevate those managers, relieving you of those things that continually bring you back into the business.
Having a Great #2
If you want to grow your business and still be able to have a life, you need a great person underneath you that buys-in to your vision and can help carry it out. Call this person whatever you would like, COO, Integrator, or Sales Manager. This is the person that can take your business to the next level and give you back some of your time. If you are more of a process-oriented person, this person probably needs to be more sales driven. If you gravitate more towards driving the sales, then your second in command should probably be more process- and procedure-oriented. Having someone underneath you that can balance out what is needed and can help lead your team is immeasurable.
Never Underestimate the Level of Work a Virtual Assistant Can Handle
Virtual Assistants are generally brought onto a team to handle the administrative tasks in order to help a team, but the right VA can handle more than you may be giving them credit for. When you are looking at freeing up your time, you can look passed just filling out spreadsheets and working the phones. Virtual Assistants in some of the highly successful teams are working as lead managers, transaction coordinators, executive assistants, marketing directors, and deal analyzers. To be able to have VAs that operate at these hire levels, you must be on top of your systems, processes, and trainings though. (Your VAs can help put all those things in place.)
Culture, Core Values, and Purpose Buy-In
If you want to build a business in order to live the life that you want, you need to have your team buy-in and be representatives of your culture. From day one, someone that is working for you has to know and understand what your culture is, and they have to be a culture fit for your team. It cannot be something that is just talked about or hung on the wall. Your culture has to be something that is set by you and embodied by your team. Your culture needs to be how you operate and carried out by everyone on your team. For your culture to be at the forefront, you need to be able to hire and fire by your core values and your purpose. If an employee does not fit your core values or doesn’t believe in your purpose, the culture of your team will be disrupted. When the culture of your business can stay intact, you will be able to live the life that you want.
Brian Snider graduated from Ohio Northern University with a Bachelor’s in Middle Childhood Education and spent 14 years teaching reading and math. After working on his Master’s degree to become a Principal, he decided that was not the path he wanted to take, so he took a job with Brett Snodgrass and Simple Wholesaling where he was Marketing Director, Dispositions Manager, then COO. He took over as the company’s CEO in June 2020.
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