As a real estate investor you never know when you will need to quickly sell a property. With a strong list of potential buyers you can make this task that much easier. Your list of buyers can consist of friends, family, co-workers and anyone that may have expressed interested in buying real estate in the past. Forming this list should be something you spend time on every week. All new contacts should be entered in a master list and over time you should have quite a few names. If you are struggling putting your list together here are four ways you can quickly grow your buyers list.
- Networking. Every person you meet in the real estate world either knows a buyer or invests themselves. The networking events you attend should be the foundation of your buyers list. Realtors, attorneys, mortgage brokers, accountants and fellow investors all have access to cash buyers. These are the people you can turn to when you want to sell a property quickly. With every new business card you get you should include a line at the end saying something to the effect of “cash buyers always welcomed.” These business cards will be the start of your buyer database. Every time you meet someone else and gain another email address you should add them to the list. On days that you may be slow you should reach out to them and find out if they have any interested in buying properties if the right deal came their way. If they respond you should ask about specific price ranges, locations, styles and conditions. This is now your sub list that you can use for the right property. Take advantage of every networking opportunity to build your buyers list.
- Personal contacts. There are more people than ever with an interest in investing in real estate. With the stock market down for the year and low returns on other investments real estate provides a great alternative. If you are looking for buyers you may not have to go much farther than your inner circle. Some of your friends and family may have an interest in buying a property or working with you on a future deal. You can start by sending all of your personal contacts an email explaining what you do. You should ask them to send a return email or call if they have any interest in buying down the road. The response you get may surprise you. There are many people that want to invest in real estate but aren’t sure quite how to. In addition to emails you could also send private messages through social media or a good old fashion letter. Never assume that someone you know doesn’t want to invest. Your Uncle Larry may be sitting on a large nest egg that is burning a hole in his pocket. Leave no stone unturned in reaching out to your personal contacts.
- Bandit signs. There are ways to build a buyers list outside of just the people you know. Every time you are in the car you probably drive past potential buyers without even knowing it. Those small signs you see in front yards or busy intersections are called bandit signs. These are a sneaky effective way to find potential buyers. All signs that say “we buy houses cash” or “quick cash closings” should be called. Even signs that advertise a rental property could get a phone call. Most investors would welcome the opportunity to have a crack at a deal that comes their way. It is important to find out what they want and what types of properties or locations they would avoid. Investors that place bandit signs are usually active investors in your area. These make the best buyers.
- Craigslist/Newspaper/Social Media. There are a handful of little things you can do everything to increase your buyers list. Start by focusing on craigslist. No longer is craigslist a go-to source for buyers, sellers and landlords but it is still a popular real estate location. Take a look at who is selling investment property. If they have a phone number listed give them a call. There is no reason to feel intimidated with this. You are the one offering them an opportunity, not the other way around. You can also reach out to landlords and anyone that has a listing for sale. You never know who may have an interest to buy. You should also put occasional post on Facebook, Instagram and Twitter looking for cash buyers. Explain that you come across properties from time to time that need a quick sale and if they have interested to reach out to you. A final option is your local newspaper. In much the same way that you use craigslist you should use your newspaper. In addition to placing an ad looking for buyers you should reach out to people that are selling. The newspaper is also filled with ads from real estate attorneys and agents that should be contacted.
Buyers are out there but they won’t just fall on your lap. You need to think about growing your list a little bit every week. When you are desperate for a buyer and start your search it may be too late. With a little bit of work every week you can quickly grow your buyers list.
