Would you believe me if I said you didn’t need a massive buyers list to successfully wholesale properties?
So many times, real estate gurus emphasize the importance of growing your buyers list to contain thousands of names.
Now, I know sending properties to thousands of people sounds much more appealing than sending a property to a small handful of individuals. I mean, the chances of selling your property are much more greater if you send it to thousands of people, right?
Yes, it’s very possible, but let me ask you this — are you currently on someone else’s buyer’s list? If so, do you actually click and view those spammy emails?
So I want to encourage you guys to spend less time sending blanket emails to thousands of people you don’t know and focus your energy on developing relationships with buyers you can truly count on to buy your properties.
Today, I’m going to show you why a small list of names is more valuable than thousands of names on a buyers list.
Let’s jump into today’s post!
How to Purchase Real Estate With No (or Low) Money!
One of the biggest struggles that many new investors have is in coming up with the money to purchase their first real estate properties. Well, BiggerPockets can help with that too. The Book on Investing in Real Estate with No (and Low) Money Down can give you the tools you need to get started in real estate, even if you don’t have tons of cash lying around.
It’s Really About Relationships
Relationships are the lifeline of your business, so it’s important to develop relationships with a small amount of the right buyers. This will set you far ahead of anyone with a massive buyers list full of random names.
Guys, I can’t stress enough how important it is to really get to know your buyers. Take time to learn what type of properties your buyers are interested in by asking these questions:
- What is your investment strategy? Buy and hold, fix and flipping, etc.?
- How much money are you looking to make per deal?
- What is your rehab budget?
- What areas do you prefer to invest in?
Then use that information to find properties that match your buyer’s criteria. Once you’ve found a property, send it to the buyers who match that criteria and I guarantee your chances of selling that property have skyrocketed!
How Many Buyers Actually Check Those Emails?
Skim through your inbox and count how many marketing emails you receive on a daily basis from various businesses promoting their products or their weekly newsletter.
Now just imagine how many junk emails people receive on a daily basis. I bet no one wants to receive spammy emails of properties they aren’t interested in!
So to prevent from cluttering your buyers’ inboxes with unwanted properties, organize your buyers list into categories. By doing this, you can easily send properties to buyers you know who routinely buy those types of properties, and this will make them actually look forward to your emails instead of skimming over them everyday.
Guys, if you are blindly copying your buyers, I can guarantee you they are skimming right over your email. Your response rate will be much higher if you send a smaller amount of personalized emails to your buyers with properties that match their criteria.
Quality Over Quantity
Skim through your buyers list and count how many of them are actually buyers.
Honestly, anyone interested in real estate investing is considered a “buyer.” That’s why it’s important to actually know your buyers — because many times there are other investors on your buyers list who haven’t completed their first deal yet.
So ask yourself, “Are they truly motivated to buy any of the properties I send them?”
If the answer is no, then stop wasting your time sending them properties.
Yes, getting your property in front of as many buyers as possible is essentially better, but wouldn’t you rather put your properties in front of individuals you have a relationship and known history with?
Trust me — you’re going to have a better response rate if you have a solid three to five buyers compared to the thousands you don’t know on your buyers list.
Don’t get caught up in building a massive buyers list consisting of thousands of names.
Instead, focus your energy developing relationships with a handful of buyers who you know will buy your properties.
If you do that, I guarantee you’ll become the go-to person in your market and your business will soar!
Question: How do you develop relationships with your best buyers?