The difference between a wholesaler and a real estate agent is that Wholesalers spend most of their time building a buyers list. Wholesalers (if their doing it right) build their buyers list with active buyers, investors etc... before they even begin locking up deals. The buyers list is the foundation that wholesaling is built on and every good wholesaler spends allot of time and energy building that list.
Building a buyers list must be an ongoing process if a wholesaler is ever going to be successful. There are many tactics to building a buyers list. Here are a few that I have implemented successfully.
Search the newspaper for ads that say "I buy houses", "Cash for houses" etc... once you find them call the number listed in the add. Ask the Investor what type of property they are looking for. Get all of their information, email, phone number etc... I suggest using a notebook to keep record of all of your buyers information.
Search the internet with the same keywords. You must put in your location after the keyword to ensure you are dealing with buyers in your area. Ex. "I buy houses NJ". Again you will contact each Investor and get their information.
Ask your Realtor to run a search for Absentee Owners. These are Investors that own a property but do not occupy that property. They have tenants in the property. Once you get the name of an absentee owner do a little research to find their mailing address. Mail them a flyer or a letter letting them know that you have investment properties at great deals. Be creative! I sometimes send them a postcard with one of my deals listed on it.
Research Investor groups in your area and become a member. This is a great way to introduce yourself to buyers that invest in your market.
Research contractors and builders in your area. Call them and see if they do any investing. 90% of the time they do. Put them on your buyers list!
Place your property on the classified sites like craigslist or backpage (I have listed 20 free classified sites in the side bar). Keep a record of every person that contacts you about your deal.
Do the above steps weekly because new adds are always being placed in the paper.
Words of Wisdom...Never slow down or stop building your list!!
Written by Carol Stinson. All rights reserved.
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Thank you for the advice Carol
ReplyDeleteWords of Wisdom...Never slow down or stop building your list!!
I love this post, it was very clear cut and to the point. Very easy for the newbie REI to understand and create a plan from. Thank for your deposit into our future.
ReplyDeleteVery educational article well written
ReplyDeleteCarol, I am glad to come across your post. It was very enligting, specially the short sale part. I realized why I am stuck, I dont have a good buyers list. I need to work ont this.
ReplyDeleteJust a question, I have the opportunity to do a lots of short sales here in Oklahoma, but I am a little scare of not knowing what to do, do you use your agent to process the paper work.
thanks,
max
Carol,
ReplyDeleteI just want to thank you for your input on building your buyers list. I follow your tips yesterday, and today I got my first buyer who has a downpayment for a property on a Lease Option. I had a seller but needed a buyer and she just called me couple of hours ago. I shall have the property on contract next week. And I shall past it to them for a small profit right now, but we have to start right now. A little of something is better than 100% of nothing. I just need help in finding a good Lease Option contract, the one Dean gives us on the website, it does not meets my subjec to clauses.
any input is highly appreciated
max
Hi,Carol thank you for tips on making a buyers list. I will get to it ASAP so I can become successful in this game thank you again.
ReplyDelete