Be a Wholesale Matchmaker-with Cody Hofhine-EP77

During this episode of the Lab Coat Agents Podcast, host Jeff Pfitzer speaks with wholesaler Cody Hofhine. Cody shares his strategy for connecting wholesale investors with cash buyers to generate more deals. Listen for a ton of impactful marketing and business development advice. Episode Highlights:  Cody is not a licensed real estate professional. Cody started as a sales rep for vinyl fencing and found a mentor in a colleague in that field. This led him to being a salesperson for homeowner insurance and founded his own insurance agency. He found his way into wholesaling homes, asked someone to mentor him, and he was told no because he didn’t want more competitors.  Cody started self-educating with podcasts and other resources, and within 40 days he got his first deal that paid him $24,000. Lab Coat Agents works from a place of abundance not scarcity, and Jeff points out that the person who turned down Cody as mentor is probably working from a scarcity mindset. Cody has an unstoppable drive and was willing to take imperfect action to get started. While transitioning from homeowners insurance sales to wholesaling, Cody began delegating a lot of his insurance work to others so he could focus on wholesaling. Within the first 6 months, Cody was doing a quarter million dollars in revenue, and within 18 months he had had his first million dollar year. For Cody, the key has been effective marketing. Cody made his marketing headlines match the main message he was hearing from existing clients. Licensed realtors can do a similar thing by asking people what they liked about the realtor they hired and taking that data and using it in your own marketing. Put your marketing in layman’s terms that people can understand and that meets your customer where they are. Cody suggests finding wholesalers at investment clubs and match-making them with cash buyers, found through the Real Estate Investor Association. Use Facebook groups to find wholesalers.  Nothing about entrepreneurship is easy, but it is simple. Cody is confident that everyone knows at least 7-10 real estate agents, but those aren’t the contacts a person needs when they are in a distressed situation and need to sell their home or don’t have the money to fix a distressed home. Most marketing communicates its whole message in the photo, which prevents people from actually reading what your message is because they already know they’re being sold to. Cody’s own marketing is just black text on a white background so that people are forced to actually read his message to know what it is. Only take advice from people you are willing to trade places with. Your income will never outpace your personal development. 3 Key Points: Be willing to take imperfect action rather than taking no action. Focus on marketing and meet your potential clients where they are. Work on your personal development and income will follow. Resources Mentioned: Lab Coat Agents (website), (Facebook), (Facebook Group), (Twitter), (Instagram) Cody Hofhine (Instagram, Facebook, YouTube, LinkedIn, Website)