If you are planning to make a career out of real estate, the only tip I can give you is to treat your buyers list as your biggest asset. When it comes to your cash buyers list, you need to remember to build the quality of the list since the quantity of your prospective client is only secondary. You should prefer a shorter list of serious buyers than a long cash buyers list that holds no sales potential.
Building a Pro Cash Buyers List
A cash buyers list should consist of serious buyers. A longer cash buyers list does not guarantee immediate sales, especially if the buyers on that list are not aggressively purchasing properties. While the quantity of real estate buyers on the cash buyers list is a contributing factor to the speed of the sale, the investor should focus more on the quality of the buyers on their list.
A. Network with Potential Buyers
The best way to expand a cash buyers list is by actively seeking real estate buyers. If an investor is serious about pursuing a career in real estate, they would be dynamic in seeking potential buyers. There is always an opportunity to find a real estate buyer.
There is a truth in the saying that "Everyone knows someone" and a vibrant investor should take advantage of this. An investor can inform their family, friends, and acquaintances about the properties that they are selling and if they know anybody who is willing to invest in real estate properties. The real estate investor can also notify their network of people that they are looking to build a cash buyers list that will allow them to send out information regarding the real estate investments that are up for sale. The investor should always have a business card on hand just in case an opportunity comes knocking on their door.
B. Attend REIA Meetings Regularly
Each city has a REIA or the Real Estate Investors Association. Apart from holding seminars, it is a great place to meet new people and network. If an investor is looking for a great place to network with people who are in the same business, REIA meetings are the best venue for this purpose.
Most people who attend these kinds of meetings are extremely serious buyers, since their line of work revolves mainly around investing in real estate. Once the investor has met with real estate buyers during REIA meetings, the investor can add the names of the potential buyers to their cash buyers list. There are even times when an investor can immediately close a deal while a REIA meeting is ongoing.
C. Advertisements Posted by Real Estate Buyers
Serious buyers often look for a way to find properties. One of them is through posting a signage around their town, but they can also post their advertisements online or in newspaper ads. Looking up buyers online is rather easy as the investor can just type their search in Google. The investor can just type the keywords like “looking for houses in (specific location)” or “we buy homes (specific location)”.
Another way that real estate buyers can advertise their desire in purchasing a home is by looking at Facebook groups about those who are searching for properties to buy. The investor can join these kinds of Facebook groups. When searching through these advertisements, the investor can probably meet a couple of serious buyers that they can add into their cash buyers list system
D. Post Bandit Signs
Posting a few bandit signs around the area can help pick up a couple more serious buyers that can be added to the cash buyers list. This method might appear to be exhaustive and tiring, but it is also effective, especially when the investor places the sign around the neighborhood of the property that is up for sale. Just use a blank canvas and a permanent marker and prepare to answer the call from the people who have seen the bandit sign.
Additional Tip: If you have children, you can ask them to help you decorate the bandit sign or you can ask them to post the signage around the neighborhood.
Organize your Cash Buyers List
Once the investor has built a solid and serious cash buyers list, it is time to work on a system that can allow them to classify the cash buyers list more efficiently. The investor can maximize the use of a cash buyers list by ensuring that only the appropriate real estate buyer will receive information regarding a property.
1. Build a Cash Buyers List Database
The first step that an investor should take when building a cash buyers list is to create a system that the investor can work with. The investor can either design a database that can cater specifically to their needs or the investor can opt to adapt to a pre-made system.
This database should consist of the basic information about the buyer, such as their name, address, e-mail, and their contact number. It should also include the preferences of the buyer in terms of the property that they wish to purchase. This can include their working budget, preferred square footage, number of rooms, and other specifications.
Additional Tip: The investor can also put in additional details such as the birthday of the buyer. I send out greeting cards during their birthdays to forge a stronger personal relationship with the buyer.
2. Classify Real Estate Buyers
When the investor has built their cash buyers list database, it is time to categorize the buyers according to their classifications. This will make it easier for the investor to send out campaign e-mails whenever they have a property to sell.
For example, a buyer is only willing to spend $10, 000 on a property. Currently, the investor has a property for sale worth $20, 000. Since the budget of the buyer is only $10, 000, the investor would not send an e-mail blast to that particular buyer because the property is not within the buyer’s spending range.
Once the database is in order, it will become easier for the investor to sort through the list of clients and their preferences. Apart from classifying the cash buyers list according to their spending limit, the investor can also classify the buyers based on their preferred location, the size of the property, the number of bedrooms, and other factors.
3. Maximize Availability of Technology
The availability of newer technology can allow the user to maximize the cash buyers list as it provides further support to the database. A cash buyers list database is more efficient to use if the investor can easily sort through the classifications. When sending out campaign e-mails to the real estate buyers, it is better if the investor will send out individual messages because it forges a more personalized relationship with the clients.
Technology can also be more useful to an investor if they can send out automated campaign e-mails. If automated e-mails are available to the investor, it would be simpler since the investor would not need to send out an e-mail blast to real estate buyers one by one. The investor can also use the cash buyers list database in tracking the transactions made with each buyer.
In conclusion, when it comes to the cash buyers list, the real estate investor should focus on one thing: QUALITY. First, the investor should focus on building a cash buyers list with serious and qualified buyers. Second, the cash buyers list should be systematically organized in an efficient manner that is able to optimize the entire process.