How to Hire An Acquisitions Manager | Wholesale Real Estate
Hiring an Acquisition Manager for your wholesaling business can be incredibly rewarding and, if done correctly, lead to explosive growth, providing time freedom and greater consistency. However, most people approach hiring for this role completely wrong and, as a result, struggle to find the first rockstar that will help them graduate from a one-person show to running a real business.
What Is an Acquisition Manager?
Before we dive into the "WHY" behind hiring an Acquisitions Manager for your Wholesaling business, let's talk about what an Acquisition Manager is first. We'll dive into their roles, responsibilities, and how bringing one on to your team can create the freedom you deserve and explode your success!
- Responding to all leads in a timely manner
- Building rapport with Sellers
- Negotiations and getting properties under contract
- Manage a database of leads and follow up where needed
- Run comparables on the property to determine the value
Why Hire an Acquisition Manager | Wholesaling Real Estate
When all real estate investors start, they are all a one-person show. This business structure works for a while until the investor hits a wall until the inevitable happens. He wants to grow and create more income but realizes that he can't work more hours, he can't take on more responsibility, and as a result, is left feeling frustrated.
Some real estate investors even push through this point but soon recognize little details falling through the cracks and, if they don't solve this problem quickly, will lead to burnout and total resentment for the business.
I suggest hiring people way before this even happens. However, that's not how we did it. Three years ago, we started our hiring process and hired our first Acquisitions Manager. I can tell you this was a gut-clenching and incredibly nerve-racking process because this is the one position in our business that generated 99% of the revenue...🤯
Yes, it was scary, but as an entrepreneur, we knew that we had to move forward despite the fear to experience the success we truly desired. However, that four-letter word, our ego, and lack of knowledge were the things that held us back for those three years.
Avoid The "Golden Goose" Resume
After a few months of scanning through resumes and doing loads of interviews, we thought we had found our "golden goose." This person had everything. He had a fantastic resume and years of experience in the position, so we hired him and were ready to hit the ground running...or so we thought.
To make a long story short, he didn't end up working out and, by paying attention to the wrong details, that single hiring decision would cost our company tens, if not hundreds of thousands of dollars in revenue.
One of the BIGGEST mistakes you can make when hiring people is making a decision solely based upon their resume or years of experience. Some of our BEST people didn't have the resume, they didn't have the experience, but you know what they did have?
HEART...and lots of it.
As a matter of fact, this advice is biblical as when God wanted the prophet, Samuel, to find a new king to replace Saul, He said:
"Don't judge by his appearance or height, for I have rejected him. The Lord doesn't see things the way you see them. People judge by outward appearance, but the Lord looks at the heart." - 1 Samuel 16:7
See, the prophet Samuel thought that God wanted someone tall and strong, and then the Lord replied with a shocking response to Samuels's first "candidate."
That's all you need...
Someone that is HUNGRY, HAS HEART, and is not afraid to get to work!
So you might be asking right now...ok Chris, I get that "heart" is essential, but how do you hire for heart?
We gauge this by looking at their "Hustle Resume."
You can find this by looking at what they are doing right now. For instance, our best sales rep used to work a job for FedEx, and when he would come home at night (after working a 10-hour day), he would then cold-call sellers for 2-3 hours every night.
THAT IS HUSTLE.
See what I mean? You want to look for work ethic, which is important for an Acquisition Manager and is an intangible that you can't teach.
So, in summary, instead of basing your hiring decision on skills alone, look for someone that is HUNGRY, HAS lots of HEART, and is not afraid to HUSTLE!
Trust me. If you apply this, it will shave years off of the learning curve. Now, go forth in victory! 👊
To Your Success,
- Chris Logan
P.S. By the way, if you'd like to discover how to get access to the BEST deals in your market and sidestep the competition you should check out the FREE training I am doing this week. You can access it here: FREE Webclass. Take care.