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7 Steps to Building Your Buyer's List
| | Thursday, August 17, 2006 @ 10:51 AM EDT
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Contributed by: Rachel Young
Rachel Young Properties
Read more archived articles about Selling
I’ve been on several REI post forums recently and have seen that a lot of investors are having a difficult time finding buyers for their short sales or even just vacant property. I’ve taken the liberty of compiling a list of 7 potential areas to find buyers. Hopefully you’ll be able to glean a few tidbits of insight from them. I cannot take credit for them all, but have to admit several appear in my courses and e-books as well.
We’re going to assume that you know the drill and have already put a sign in the yard, ad in the newspaper, and have flyered the neighborhood advertising your house for sale. Those are the basics and should be done each and every time. The following are additional ways to build your buyer’s list and cut down dramatically on your holding costs.
• Laundromats - Most homeowners have their own washer/dryer. Most renters go to a laundromat for their laundry needs.
• Clergy - This was a great idea! “Discretion is the better part of valor”, they say. Go to your local churches and let the pastors, priests, etc know what you do and how you can help. Many times, they have parishners or members of the congregation that can use your assistance.
• Websites specializing in selling real estate - I’m not giving these away, but there are several within my course detailing how to find buyers on the Internet without having to talk to them first!
• Any mortgage broker or Realtor you can find - My broker hears from me weekly when I have homes for sale. Chances are she’s got clients who are trying to get qualified and are looking for a house to buy in their price range. Realtors deal with sellers on a daily basis and should be notified of your properties regularly.
• Visit your local REIA club - You never know who you’re going to meet there. Network like crazy at the monthly meetings and make sure that you collect as many business cards as possible. Make sure you leave a lasting impression and let them know that if they want to do business, that YOU’RE the person to do it with. By collecting business cards, you can contact the investor later (if you didn’t get to talk to them at the meeting) and fax or email them your list of available properties.
• Offer referrals - Make sure that everyone you come in contact with knows that you give a $250 to $500 referral fee for every lead that they give you that result in the purchase or sale of a house.
• Use your business cards - Everywhere you go should see a business card of yours left behind. Whether dining out or getting gas, you should leave at least one of your business cards behind dedicated specifically to selling your properties.
Holding costs can make or break you. Failed short sales can result in a loss of credibility that you never get back. The bottom line is that you never know where your next seller is going to come from, so make sure that anyone talks to you knows about your properties. They won’t sell themselves, contrary to popular believe, so get out there and start networking!
Note: Rachel Young is the owner of Big Cheese Marketing and specializes in real estate marketing for investors. She is a member of the Gwinnett Chamber of Commerce in Georgia, Toastmasters, the American Marketing Association, and the Better Business Bureau. Learn more about her at www.bigcheesemarketing.com.
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