As a wholesale real estate investor, you must sell your houses fast to make money. Usually, you’ll sell these properties to other real estate investors at a wholesale price. These investors should be part of your buyers list.
The real estate investor buyers will then fix these properties, and sell them at market prices, or rent them depending on their exit strategy.
So, how do you sell them quickly to make money? You need to find real estate investors with cash looking to buy wholesale deals.
This is where a buyers list comes in.
What is a buyers list?
A real estate buyers list is a list of real estate investors that buy wholesale properties in your area, preferably with cash. A cash buyer is someone who has the cash to buy the property outright, without having to take a mortgage.
Cash buyers will close on any type of property, even if it needs repair. They can also close quickly, which can be necessary if the property is going through foreclosure.
Cash buyers are typically real estate rehabbers who buy investment properties at wholesale prices. They have cash, or access to private funding to buy properties without taking a conventional mortgage.
In your case as a wholesale real estate investor, you need a list of cash buyers who buy wholesale deals in your area.
This list will become a golden asset for you.
I cannot recall the last time I had to advertise a property for wholesale. When I send an email with my wholesale deal, I typically have a buyer within hours of my email.
And because I have done this long enough, I have a few preferred buyers who beg me to always send them my deals before I send them to anyone else.
So how do you build a buyers list?
There are several ways to do this.
1) Get a good wholesale real estate investor website
In order to have a buyers list, you need a website for real estate investing where they can sign up.
A good wholesale real estate investor website allows you to manage your buyers list and send out your deals.
Whenever you advertise your properties, a website show-cases your properties to potential buyers, where they can also join your buyers list.
Potential cash buyers simply sign up on your website to be notified when you have new deals. Preferably, ask them to sign up to view all property details:
Interactive real estate investor websites come equipped with this feature that you can activate from a virtual back office so they provide their email before they can view full property details.
If you do not have properties for sale you can use an effective squeeze page, or landing page that convinces them to join your buyers list to access your properties.
On interactive real estate websites, you activate these features with just a few clicks from the virtual back office.
You can then market your properties or squeeze page to build your buyers list.
Once they sign up, they’ll get an instant email thanking them for signing up, and that you will be sending them deals or homes as they become available depending on their needs.
Which comes first, the buyers list or the property?
I hear most real estate investors say they want to build their buyers list before they can buy their first property. You should not stop buying houses because you don’t have a buyers list.
Building a buyers list should be a continuous process that goes hand in hand with selling properties.
I built my first buyers list of about 200 real estate investors on newspaper ads. I never provided a phone number, just a web address that had a squeeze form. To view the full details of my properties they had to provide their name, email and phone number.
- REIA meetings – Networking with other real estate investors is one of the fastest ways to build a buyers list. Attend networking meetings for real estate investors in your area.
Every time I attend, I get home with a bunch of business cards of people who want to join my list.
- Networking groups – Search on Facebook for real estate groups in your area. Facebook groups are quite popular these days. com is another popular networking platform for real estate investors.
- Foreclosure auctions – most people in foreclosure auctions are real estate investors with cash looking for good deals. Networking with them will get you some good cash buyers for your properties.
- Title companies / closing attorneys – if you close your deals with an investor friendly title company, develop a good relationship with your closing agent.
They deal with real estate investors all day, and they can give you valuable contacts for cash buyers.
- Money lenders – like title companies, hard money, private money and transactional money lenders deal exclusively with cash buyers. They can be a valuable asset for getting cash buyers.
3) Bandit signs
I’m sure you’ve seen these signs everywhere. If your city allows it, posting these strategically can get you a bunch of cash buyers.
The sign should read something like “Cheap houses at wholesale prices. Must sell!”
Include a phone number. My phone number goes to a voice mail with a web address where they can sign up to my buyers list.
Craigslist is quite popular with selling properties. Start by placing your ad in the “For sale by owner” category.
Include your web address where they can sign up.
Also include a phone number that goes to a voice mail, that sends them to your website to sign up.
These are the few tested ways you can quickly build your buyers list and start selling your properties fast.