Advice on creating a quality buyers list

6 Replies

I have been networking on linked in and Facebook, but so far all I get are fake accounts or people messaging me advertising their own “I can find you buyers if you pay me X amount of money!” People.

I do have propstreams and I know that this is a legit tool that can get me in contact with real people, I just have not done the procedure yet (just bought it.)

I was wondering what other ways YOU guys use that are successful. Thank you!

Honestly the best way to get buyers is to get a great deal signed and wave that contract around.

Keep in mind though, I do not want as many buyers as possible... I actually want as little buyers as possible. I just want a handful of reliable buyers and that is it. Your business will run WAY more smoothly and your throughput will increase significantly vs. dealing with a ton of buyers where 97% of them are wholesaler wanna bees looking for JV deals, or buyers that are so unorganized and unreliable it actually makes you lose money.

Stop looking at blindly growing your buyers list, instead look to decreasing your numbers while increasing buyer quality!

I have created a specific formula to help you calculate how many buyers you need based on your deal flow. I will try to find it and post it here.

read this:

https://www.biggerpockets.com/...

"I have been networking on linked in and Facebook" - this is not networking. Networking for real-life buyers requires three things:

1. properties under contract

2. a recognizable wholesaling business and website for social proof or verification

3. months of in-person or Zoom networking, face-to-face, so people can learn to know, like, and trust you.

From what you wrote, you are falling into the wholesale trap. You don't just say you are a wholesaler and build a buyer's list. Why would someone want to be on your list? What can you do for them?

@Daniel Silvernail If you have a Propstream subscription, download a list of Cash buyers in your area (any transactions for cash within the last 12 months), skip trace it (you can do that within Propstream) and Cold call them. 

I disagree with what has been said by others on this thread, I think it's mandatory to build your cash buyer database first and then advertise to find deals, too many wholesalers lock deals under contract without knowing who they are going to sell it to. Build rapport with your buyers, ask questions and THEN go find some deals. 

Find out who is flipping the deals in the market you're working. For example, you could search zillow past sales for the props you can tell have been flipped (look through pics), use county records, skip trace the seller and ask if they want more deals. Not sure how the public records or MLS works in your area but in WA (I'm a licensed agent) and our listings contain the name and phone number of the seller, unless they sign a doc to keep their info private. I went through and searched all the flipped properties over the previous year, called the seller (usually the flipper) and asked if they wanted more deals. Nearly 100% of them said yes. It's not a tough conversation. "Hey, I saw your awesome flip that just sold. I occasionally have some off market opportunities, are you interested in more deals?" I built a list of about 80 buyers in less than a week. That was 2 years ago and honestly, all of my deals basically go to 1-2 top buyers that I know will close. You don't need a lot of buyers if your deals are good. Best wishes in your search!

@Daniel Silvernail

I’m new to this as well, but what I do with background in marketing, is I run Facebook ads in a certain and very transparent and honest way of essentially saying that I am wanting to talk to buyers and see their buyer criteria and see if we would be a good fit in a partnership.

How can I help them? Will we work well together? What are you looking for? A long list of questions. This is what I aim to find out to see if we will work well together. They come to me though. Then I get to work for them through the same process, this time with sellers. I take sellers interview them and see if I can pair them up with buyers. I’m still newly implementing this system, but once ironed out in whatever amount of time, with long buyer partnerships and relationships, things will run smoothly and easily.

Hey Daniel. The various FB groups can be decent but go to some meetups as well. I've also done plenty of JV deals with other wholesalers in other markets so I would be open to talking to them as well. 50% of something is better than 100% of nothing everyday in my book plus you can learn from them as well.