One of my goals this year is to build a better buyers list. Unless you are a buy and hold landlord, a good buyers list is the lifeblood of most real estate businesses. But, it is especially important for wholesalers.
Wholesalers like to do double closings or simultaneous closings, and having a good cash buyer’s list is absolutely vital to our success. Once we have found that “smoking hot deal”, we need to be able to sell it quickly. Even though I have made great strides in building my list, I am always looking for different ways to add cash buyers to my list.
You Need Some “A List Buyers”
One of the things I have done is to get clear and concise information regarding each person’s buying criteria. This has helped me enormously when I have a house to sell. The last few times I have been able to sell the property much faster by first calling those folks that were a fit for that particular property. I also call those people that are on my “A” list. Who’s on my “A” list? Anyone that has bought a property from me previously that is a cash buyer and can make a decision quickly.
A Unique Place to Find Cash Buyers
I have been writing weekly articles on a website for real estate investors called Bigger Pockets for a while now. I was contacted last week by a fellow real estate investor that lives in my area. He found me on Bigger Pockets. This is the second time this has happened in the past few months.
After telling me about himself and his investing criteria, he asked me if I had anything to sell. Well, “As a matter of fact I do” I said. He took a look at the house the next morning, we wrote a contract that day and the closing is this Friday. All in all, this deal took six days to complete. I bought the house on a Sunday (along with another one from the same seller), and I sold both of them the following Saturday. I might add that I sold the second house just by making a phone call to another cash buyer on my list that has bought several houses from me. Knowing his investing strategy was the key to this quick sale.
The next time you are thinking about how to build your buyers list, give some serious thought to all of the blogs and forums on the internet. Choose some that speak to you and begin to follow them; ones that interest you; ones you can learn from. If you are not familiar with Bigger Pockets, it is a site I highly recommend. Become an active participant in those discussions. Network with folks and see how you can add value to what they do. One day when you least expect it, you will get a call from someone that wants to help you.