{"id":48098,"date":"2013-09-20T09:00:24","date_gmt":"2013-09-20T15:00:24","guid":{"rendered":"https:\/\/www.biggerpockets.com\/renewsblog\/?p=48098"},"modified":"2024-06-12T02:56:19","modified_gmt":"2024-06-12T08:56:19","slug":"2013-09-20-relationships-important-1000-name-buyers-list","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/2013-09-20-relationships-important-1000-name-buyers-list","title":{"rendered":"Do I Build a Buyers List, or Start Marketing for Properties First?"},"content":{"rendered":"

I see the question asked often on the BiggerPockets Forum<\/a>.<\/p>\n

\u201cDo I build a buyers list, or start marketing for properties first?\u201d<\/p>\n

The short answer is BOTH.\u00a0 No reason you can\u2019t market for sellers via your chosen marketing strategy and also be marketing for buyers on craigslist and at networking events. \u00a0\u00a0But the giant buyer’s list won\u2019t do you any good if the people on that list don\u2019t look at you as a trusted resource<\/em>.<\/p>\n

One of the biggest hurdles in convincing my wife that starting a real estate investment company was her perception of real estate investors as being one step below the used car salesman.\u00a0 Wholesalers tend to be typecast by other investors in the same way.\u00a0 Unprofessional wholesalers get a property under contract, inflate the ARV with bogus comps, talk up the bad part of town as \u201ctransitioning\u201d, and generally have no understanding of what it really costs to renovate a property.\u00a0\u00a0These wholesalers still make money but these tactics only work once per customer.<\/p>\n

I preach a business mindset in everything that you do as an investor.\u00a0 I don\u2019t even like calling myself an investor.\u00a0 I own a business that buys distressed real estate.\u00a0 So with the business owner mindset – how do you differentiate yourself from the unprofessional \u00a0wholesalers?<\/p>\n

Build trust.<\/p>\n

How to Build Relationships as a Wholesaler<\/h2>\n

Instead of getting ANY property under contract and marking it up and presenting it in a way that SOMEONE will come along hopefully buy the property, be picky<\/strong>.\u00a0 If you can\u2019t get it under contract at a price that will benefit you AND your end buyer, just move along to the next.\u00a0\u00a0 Throw that unprofessional wholesaler a bone, his bad deal will strengthen your brand.\u00a0 \u00a0Build a brand around your homes and ensure that brand is only associated with realistic returns, accurate representations and excellent customer service.<\/p>\n

This is how you start long term relationships.\u00a0 This is how you attract the big fish.<\/p>\n

The Path to Long Term Success<\/h2>\n

So now instead of being just another new wholesaler, you become a trusted resource, your properties are in high demand and your buyers are calling you for advice. It\u2019s a good feeling when you have local buyers buying and closing on your properties without even going to look at them.\u00a0 It never happens on the first one, but it does happen on the third.<\/p>\n

So don\u2019t worry about having a massive buye’rs list.\u00a0 If it\u2019s a good deal, venues like Craigslist, the MLS, Zillow ect will do just fine.\u00a0 Instead, work hard to ensure the property you have under contract is in fact a good property, and if your contractor quote comes back higher than you estimated don\u2019t inflate the ARV, just take a smaller fee, learn your lesson and buy lower next time.<\/p>\n

Thoughts? Leave your feedback below!<\/p>\n","protected":false},"excerpt":{"rendered":"

I see the question asked often on the BiggerPockets Forum. \u201cDo I build a buyers list, or start marketing for properties first?\u201d The short answer is BOTH.\u00a0 No reason you […]<\/p>\n","protected":false},"author":1305,"featured_media":172147,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5526],"tags":[],"class_list":["post-48098","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-wholesaling"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/48098","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/1305"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=48098"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/48098\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/172147"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=48098"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=48098"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=48098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}