About the session
- The session features Jerry Norton, a real estate wholesaling legend, and discusses his journey, the future of wholesaling, and his free product, Property Wire.
Key speakers
- Jerry Norton, Real Estate Wholesaling Legend
- Robert Wensley, Found + CEO of Investorlift
Agenda
- Jerry Norton's journey in real estate investing and wholesaling
- The future of wholesaling
- Real estate wholesaling legislation
- Property Wire
Takeaways
Takeaway 1: Building a successful wholesale business requires focus and determination
In the webinar, Jerry shared his journey from digging holes in construction to becoming a real estate wholesaling legend. He emphasized the importance of being able to think creatively and practically, as well as having a strong vision for where you want to go with your business. By focusing on building a strong foundation and constantly learning, he was able to create a successful wholesale business that has stood the test of time.
“Writing has for me two parts: a smart part and a slog,” said Jerry. “I can understand some trepidation, but for me, as a content generator myself, I love the idea of leverage.” He also highlighted the importance of being able to find good deals and keep “all the meat on the bone” in order to generate a high income. “Sometimes, people get displaced, and it sucks. But more often than that — five times, 10 times — you get to see people really focus on higher value work,” he added.
In order to achieve success in the wholesaling business, it's crucial to focus on building strong relationships with sellers and understanding the market. By doing so, wholesalers can ensure that they're providing value to their clients and making a profit in the process.
Takeaway 2: The future of wholesaling lies in embracing technology and automation
The panelists discussed the impact of technology and automation on the wholesaling industry, and how it's changing the way wholesalers operate. They emphasized the importance of leveraging technology to streamline processes and focus on higher value work.
“I think if you take a step back, it's about automation and it's about AI. This dialogue's happening at a very high level, and it's been going on for years,” said Ty Magnin. He pointed out that automation allows wholesalers to focus on more strategic tasks, such as deciding which properties to invest in and where to distribute their marketing efforts.
May Habib agreed, predicting that AI-generated content would actually create more content marketing jobs, rather than causing layoffs. “AI generated content is going to mean more content marketing jobs, because people are going to get leverage faster — which means content marketing will impact marketers meeting goals faster, which means marketers get more budget to do more content marketing.” By embracing technology and automation, wholesalers can streamline their operations and focus on the most valuable aspects of their business.
Takeaway 3: The importance of collaboration and working together in the wholesaling industry
In the webinar, the panelists emphasized the need for wholesalers to work together and collaborate in order to navigate the changing landscape of the industry. With new regulations and legislation emerging, it's crucial for wholesalers to band together and ensure that their interests are represented.
Jerry Norton highlighted the importance of creating a trade organization for wholesalers, in order to help the industry develop best practices and maintain a strong reputation. “We need some more manpower. We need people that want to do work, like, want to come on, hold a board position. You can have official positions and you can have honorary members or whatever. But then, for example, compiling all these contracts, getting these over, maybe finding redundancies. We could have a lawyer do that, but we probably have somebody also that can go through them all.”
The panelists also discussed the benefits of combining technology and collaboration in order to streamline processes and improve efficiency. By working together and embracing new technologies, wholesalers can continue to thrive in an increasingly competitive industry.
Insights surfaced
- Jerry Norton started in real estate wholesaling almost 20 years ago and has a YouTube channel with almost half a million subscribers.
- Wholesaling is a great starting point for real estate investors as it allows them to learn how to find deals and keep all the meat on the bone.
- The future of wholesaling may involve more regulation and licensing, but it is essential for wholesalers to work together and create their own rules to prevent being steamrolled by legislation.
- Property Wire is a free software that provides unlimited property data and has over 30,000 subscribers.
Key quotes
- "Honestly, I kind of feel like all real estate investors should know how to wholesale, even if it isn't your end game or your main thing, because when you can learn how to find your own deals, you can keep all the meat on the bone."
- "I think that's the industry. A lot of people want to start there and get some education before they get going."
- "I want to be the one that would give all the steps, not just the barn, the whole farm."
- "I think the end game is going to be wholesalers are going to have to have a license, they're going to have to be under a broker and they're going to have to pay their broker a split of their wholesale commission."
- "I think if you have that vision going in, then you're not going to be thinking about a deal. You're going to think about building a business that does deals."