How to Get Qualified Buyers for Your Houses in Real Estate Investing
In a depressed real estate market, it is harder than ever to sell houses. This is also true of deals that look great. Having a good game plan is a must if you must sell your houses fast and be successful in real estate investing.
This article focuses on identifying buyers with cash for your real estate deals. Specifically, we focus on how to market and successfully sell wholesale deals.
You must identify qualified buyers to be successful flipping wholesale deals.
Identifying the buyers involves the following steps:
1) Build a buyers list
This is a primary golden rule in real estate investing. If you sell houses, you must build a list of potential buyers of your properties.
In order to build a good buyers list, you must have a real estate investor website that is fully equipped with the ability to automatically build your buyers list as you sell your houses.
The first thing you do when you get your next deal is to email it to your buyers list. Chances are you will get a buyer from that list. I have successfully identified buyers for many deals the same day I send it to my buyers list.
Check the bottom of this article for a good recommended real estate investor website.
2) Market aggressively
A lot of investors rarely market their properties adequately. Even if you have a buyers list, you should run a marketing campaign for each property you have.
Of course, always make sure you include your website address where they can view the properties, and sign up to your buyers list.
Run ads on marketing websites like Craigslist and other real estate websites. For a small budget of $200 to $500, you can run ads in your local paper specifically for this property.
Avoid providing a phone number, instead give them your website address to view the properties. If you must have a phone number, this should be a voice mail that provides enough information to view the property on your website.
I like to make sure they provide their contact information before they can access full property details.
You can generate potentially hundreds of potential buyers this way.
3) Pre-qualify potential buyers
Most real estate investors get excited when they get a potential buyer. You should treat them as potential buyers until you see they have money to close.
Once a potential buyer calls, I will take down their full contact information and either give them the lockbox code or show them the property. Once they express interest to buy it, I must ask them the source of their cash.
"Cash" is not enough. Is this cash in their bank account? Have they just sold a house? Are they working with a line of credit? Do they have a private money lender or a hard money lender?
In other words, proof of funds is a must.
If someone is hoping to get a mortgage from their bank, they are not potential buyers of real estate wholesale deals. They must have ready cash and can close quickly.
4) Follow through to closing
I then sign a contract with the potential buyer. I always meet them in person to collect earnest money. It must be at least $500 which they lose if they do not close, but is credited to them at closing.
Be sure to keep up with the closing process and ensure the money is available when expected. As always, time is of the essence in closing wholesale real estate deals.
Simon Macharia - About Author:
Learn how you can buy and sell houses from an automated real estate investor website that both pre-educates potential motivated sellers and house buyers, while automatically building buyers lists for future properties you may have for sale.
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