Buyers are out there, it’s just a matter of rounding them up and staying in touch. It helps to be able to determine what type of buyer you are hunting for from the start. Remember this: you are the person who has something they want when a buyer calls you; If you call them, you try to sell them, let’s make sure buyers call you so you stay in the power position from the start. You have to be a firm weight.
Let’s look at a few categories of typical buyers to get a perspective on their thinking, and how and when we market to find them to meet their real estate purchase needs.
o Rehabbers: These are people who want to fix and turn property into quick profits.
o Landlords: These are people who want to buy to rent out to others for long-term equity collection while generating a positive cash flow each month.
o Wholesaler: will either buy or put an option on your contract to hopefully turn the paper over to another buyer who is willing to pay more.
o Leasing Option End Buyers: These are people who cannot qualify for a loan of their own but want to be homeowners as opposed to tenants again.
o Retail buyers: These are end buyers who can get a mortgage loan or have cash and generally buy the property for their own housing needs.
There are variations of buyers out there, but the above 4 types are generally considered the most important targets for people who have property to sell. Understanding each buyer’s mindset helps you market to those buyers ’interests. Do they want quick cash, long-term wealth, tax deductions, a place to call home, etc … If you ask enough general questions, you can quickly distinguish what type of buyer you have at hand. Once you know it, you can then tailor your offerings and present properties that satisfy what’s important to them.
Buyer: A person who is ready, willing and qualified! Those who are not qualified can be perfect tenants, buyers of leasing options or candidates for financing owners, so qualified ones can have different meanings.
Ready: A person who is in the market to buy within 1-45 days, remember that an end buyer for retail or leasing options generally buys once and they are out of the game, landlords, rehabbers and wholesalers buy more properties from you over time as they accumulate, sell or turn over existing assets. Having active buyer lists in various categories that are often ready to buy property is a very smart way to operate.
Gee Danno, how do I find these people? Ah! I’m so glad you asked! Let’s start with one of the very best ways to kick start your building of a buyer list. In your search for your own negotiated prices, it makes sense that you will eventually find a very good deal when you first have a superior deal to offer you to turn around and market this property for a price! Yes, no profit for you on this one. Why? Because you want to advertise this property to every investor and potential property buyer on the planet!
The reason for this is that you get the most calls and answers when you announce a screaming deal! Granted, you are likely to sell this deal relatively quickly, but you will be gathering information from every prospective buyer that encourages you to build your buyer list for future properties that you offer. If you do not have your own property to sell, ask someone who does! I can assure you that they will not reject your offer to advertise their property for free! You may be negotiating a small fee if you actually sell their property, but your main goal is to build your buyer list!
Let me give you an example of a way to gather potential buyers by the dozen, hold an auction, advertise a solid week in advance so you attract the most number of buyers, start with bandit signs and place about 100 of them around a 5 square mile area of the property, we did just this and had 800 calls because it was a good deal of those 800 calls, we had 300 people show up on auction day, of course it sold home, but we also added new buyers to our buyer list.
Here are ways to advertise for these buyers:
or back cover
or Pay Per click ads
o Local online classifieds
o Media website
or newspaper / stakes
o Direct mail / postcard
o Start an Investor MeetUp group
or your own site
Use your imagination, the list is unlimited, there is a free ebook called Internet Real Estate Yellow Pages that you can download for free on my website MagicBullets.com go grab that and you will find 100 more ideas and places to list your offers. Go now Be a firm heavy weight!
Dan Auito: ~)