Good evening BP community!
I'm new in the business and I would like to get some advise on how to begin building a strong and reliable buyers list. Your advise would be truly appreciated! Looking forward to hearing back from all of you soon!
Go to the top of the BP Wholesaling forum and start reading the sticky topics. And learn to use the search function :)
I have tried several different things over the years when it came to developing a list. Here are a few of the things that have worked for me. I have used craigslist in a few ways. I use a general ad that says I have access to deeply discounted properties in whatever city you live. I also create what looks like a real ad for a house in a particular area that talks about all the amenities and features of the house. I do not include an address. I find it sparks the interest of investors and they will contact me. The other thing you will want to do is join your local nvestor association. There are always hungry investors there looking for a deal. This should get you started. hope this helps.
You are in florida. See your REIA. Build a website talking about getting bargains. Interview potential buyers with a standard form. Here is my form.
Talk to title companies about cash buyer lists.
@J Scott may want to comment. Get his book here http://www.biggerpockets.com/store
Unless you want the RE commission on your neck, along with a host of other agencies, I suggest you not use bait and switch tactics or false ads as Daniel suggested.
Start thinking of RE as being a social business, it takes people relationships. Your "buyers list" isn't just some list of names, that won't do you much good.
Hours ago, a thread, buyers or seller which is first (or something like that), read my last post (LOL).
I understand the tendency for younger investors to try and do everything on a computer sitting in their underwear, but you will be selling to people, or companies run by people.
Meet them! Just break the ice, introduce yourself, understand what they do and where their interests are.
Many investors use financing, don't think all buyers must be cash buyers, you'll find deals that can be financed.
Your buyers list is a target market, not your entire market.
In my area, and probably everywhere, those in RE know or know of most others, pass tips on deals you know you don't want or can't dunk, share information that isn't critical to you, it's the grapevine, it works and others will help you too. It's a social business. :)
@William Ruiz You know, I must have typed this same message at least 20 times in response to this question. My answer is always the same...Stop worrying about building a buyer's list. Start worrying about finding deals...real deals. If you have real deals...apply the 70% of ARV - Rehab costs rule of thumb...real deals...the buyers will find you.
In the meantime, get educated. Learn to use the search feature as @Brian Gibbons suggested and get plugged in as @Bill Gulley instructed. Listen to every podcast...twice! Get involved in the forums. Set up some key word alerts. Join your local REIA. Pick one area of your market and become THE expert. Develop a competitive advantage.
There are no short cuts, not if your goal is to develop a sustainable business, because you can't depend on luck. Don't engage in deception. Real estate is all about relationships. As Bill G. said, people buy properties. You want to build relationships with people. You don't do that by acting like a 1970's used car salesman. Regardless of whether a particular tactic - the obnoxious Craigslist one comes immediately to mind - is legal or now, your reputation is the absolute most important asset you possess. It takes years to build a great one and about 2 1/2 seconds of stupidity to destroy one. Figure out right now whether you want to build a business where you actually work with a handful of people, because that's all you need, or whether you want to be in the business of constantly trying to find people who don't know you to work with you.
Thanks Hattie, except, knowing buyers goes deeper than sayings, know buyers!
Might search for that thread and see why.
I'd also suggest that folks search the forums about podcasts, some are really bad and shouldn't be heard at all IMO (one especially) but in podcasts, there are no comments available, so check for comments on some ploy or method in the forums. :)
Stay away from ghost ads, anytime we had a wholesaler using one we put them on the blacklist that was maintained by the wholesalers and rehab people in my market area. Dishonest at the front door was the quickest way to being classified a scam artist and not to be trusted. We didn't care that some guru told you to do it and it was a good way to find business. This list was also kept by the local REIA so your chance of membership was nil.
Thank you all for your quick response. I truly appreciate your feedback. This was my first post and the amount of information I have received within 24 hours is priceless. You guys have given me plenty of advise for me to work on for a while. Thank you again!
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing