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Business Development

Virtual Wholesaling: Snapshot of a Well-Oiled Team

teamCris Chico is commonly known as the GODfather of modern virtual wholesaling.   And with a successful virtual wholesaling business that has flipped over 116 houses and generated over $1,452,108 in profits, he has earned the title.

Indeed, Cris currently operates a very successful virtual wholesaling business, and he has intentionally developed this business with an acute sensitivity to the E-Myth*.   Essentially, he focuses most of his efforts on guiding his team successfully, rather that slaving away personally to address all the related minutiae.

*If you are not familiar with Michael Gerber’s E-Myth book, here’s the big idea: The E-Myth is all about the “Entrepreneur Myth”, which prevents most so-called “entrepreneurs” from actually being entrepreneurial.  Unfortunately, most entrepreneurs get so distracted by the minutiae of their enterprise that no real business-building ever occurs!  Many folks here at Real Estate Mogul have enjoyed applying Gerber’s E-Myth principles to our own real estate businesses, and we highly recommend getting your own copy now, if you haven’t done so already.

It is true that you must learn how to do every aspect of your business – but in order to successfully grow your business, you need to learn how to (i) create a franchise-like model and (ii) “pass the baton” to other well-equipped teammates.  

Cris Chico has done this successfully for his own virtual wholesaling business, and in today’s lesson, we encourage you to follow in his footsteps by “working on your business” rather than “working in your business”.  So take a moment to get caught-up on the godfather’s Step-by-Step Checklist for Virtual Wholesaling Success, then read on as Cris explains exactly how he manages his supporting cast of All-Star teammates …

team2A Snapshot of Cris Chico's Well-Oiled Team

Mogul:  So, Cris, what does your day-to-day business look like?

Cris:  In all honesty, if you were to come and watch me work, my business might seem a little boring.  My business is a little different than most real estate investors, because I don’t talk to very many buyers and sellers anymore.  Once I became successful with talking to buyers and sellers, I learned that I really didn’t enjoy talking to them!

Talking to buyers and sellers is one of the most important aspects of this business, but it’s not something that you have to do personally.  I know there are capable people out there who are way more inclined to talk to buyers and sellers than I am.

Accordingly, I now employ an “acquisition person” who actually talks to the buyers and sellers.   His job is to (i) return phone calls to all the motivated sellers we meet and (ii) negotiate with them. 

I talk with my acquisitions manager about once a day, to discuss the deals that we are currently working on.  And this allows me to focus my time on what I do best:  I do all of the marketing, and I create the entire infrastructure of my business.  My main job is to pretty much oversee the entire operation.  

Mogul: What does your team look like?

Cris:  My team currently consists of only four main people:

  • Me
    • Creating Marketing & Executing Strategy
    • Keeping the Business On-Track
    • Generate Buyers List
    • Acquisitions Person
  • In Charge of Talking with Sellers
    • Meeting with Sellers
    • Getting Contracts Signed
    • Sending Emails to Buyers
  • assistantVirtual Assistant
    • Processing Leads
    • Listening to Messages
    • Transcribing Messages
    • The VA Processes the Leads but Does Not Engage Sellers
  • Web Developer
    • Updates Web Sites
    • Post Property on Web Sites

Mogul: Can you explain a little bit more about what your VA does for you?

Cris:  The VA processes the lead, but does not engage the actual sellers.  He does the initial handling and then sends it off to the acquisitions manager who takes it from there.

Mogul:  How do you and your team sell the property?

Cris:  We have built a buyers’ list using direct mail.  We search for the most recent investors that have purchased property in our target areas, and we continue to increase that list every month.  Basically, the minute we have a property for sale, we put it up on our web site in its own specific market. 

Then an email gets sent out to all of our buyers.  Once we do that, we start to receive calls and get interest in the property, and then we can move the ball forward.  Then we start coordinating shows and get the property sold.

scarecrowMogul:  Who puts the property on your website and distributes a notice to your buyers’ list?

Cris:  I do have one web guy who puts the property on our web site.  Then my acquisitions person hits the “Send” button on the email.

Mogul: Do you have any full-time employees, or is everyone working part-time?

Cris:  We only have part-time.  The VA is part time, the web guy is part-time and my acquisitions manager is an independent contractor.  The acquisitions manager gets a percent of every deal we do together. 

That’s it for now!

Cris just shared some helpful information that you can now begin applying to your own real estate investing business.   Start considering the E-Myth in your own business, and stop agonizing over every aspect of your operations!

 

Do It To It! Immediate Action Steps

Nourish Your Mind – If you haven’t done so already, grab a copy of Michael Gerber’s E-Myth book.

Systemize Your Business – Create a system of easy-to-follow steps for each process in your business.

Outsource & Delegate – Identify the #1 source of frustration in your real estate investing business and outsource that task to someone who might be more interested in that responsibility. 

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