If you’re a wholesaler, having a rock solid buyers list can be a tremendous help once you get a property under contract. Like I mentioned in my last post- one of the easiest ways to alienate the investors on your list is by repeatedly sending them deals that do not fit their criteria. To prevent this from happening, I recommend pre-screening your potential buyers in order to find out exactly what type of deals they are looking for.
Following is a list of questions that I always ask investors before I add them to my buyers list:
- Are you a cash buyer? If not, what type of financing will you be obtaining?
- What neighborhoods do you prefer to buy in?
- What price range (ballpark) are you looking to buy at in those particular areas?
- Are there any parts of town that you will not buy in?
- Is there a minimum number of bedrooms and/or bathrooms that you require, or a minimum amount of square footage?
- What type of construction do you prefer (wood frame, concrete block, etc.)?
- Do you only buy single family properties, or are you also interested in multi-family?
- Are you looking for properties to rehab and resell, or do you plan to buy and hold?
- Are you willing to do full rehabs, or are you looking for cosmetic fixer uppers only?
- How soon are you looking to buy, and how much time do you typically need to close?
By pre-screening your investors and asking them these ten questions, you will be able to get a very clear picture of what it is that they are looking for in a deal, and will reduce your chances of burning through your buyers list by sending out deals to your investors that do not fit their buying criteria.
Photo: Chris Griffith
Related posts:
- Three Easy Ways to Build a Wholesale Buyers List
- How Can Real Estate Investors Profit from the Home Buyers Tax Credit Extension?
- Wholesalers: Three Sure-fire Ways to Alienate Your Real Estate Buyers
- Real Estate List Building Secrets – How to capture emails and build your real estate list automatically- Part 1
- Real Estate List Building Secrets – Capturing emails and building your real estate list on AutoPilot- Part 2
Article Author: Stephani DavisStephani has written 47 articles for us.
Visit Stephani's Website: http://www.flipthiswholesaler.net/
Formerly a bartender, Steph Davis is now a full time wholesaler in Tampa, FL. If you'd like to get an idea of what it's really like out there in the trenches, head on over to her blog: FlipThisWholesaler.net!
Joshua Dorkin
{ 5 comments… read them below or add one }
This is a great reminder that investors come in different shapes and sizes. If you don’t cater to each person in a specific and personal way, they will be less responsive and you will have less success than you would otherwise.
That last question is spot on! “How soon are you looking to buy, and how much time do you typically need to close?” I always want to know this first. I have a couple more things I do that you can see at [REMOVED]
Steph, another excellent article.
I really love how you took the time to break this down Steph. I think Im going to implement some of these questions in my screening process in order to improve my list response. Thank you for sharing!
Thank You very much Steph for taking time to help me out. This is most helpful. I am using this to scree a cash buyer. Again Thank You.