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by: Tony Seruga, Yolanda Seruga and
Yolanda Bishop
When you are
in the business of rehabbing or wholesaling real estate a buyer's
list can be your best friend. There are many ways to go about
obtaining a buyer's list such as buying one from a host of
companies. However, nothing can compare to building your own list
for many different reasons.
When you build your own buyer's list, you know for sure who the
people are on your list. In other words, you are not simply buying
names, having no real idea if the people listed are actually
interested in purchasing wholesale or rehab real estate. For that
matter, you have no idea if these people are actually interested in
purchasing real estate from your area. Buying a list is never a good
idea as a whole.
Building your own list gives you many advantages. The people listed
on your buyers list have actually given you their information
personally. They have expressed an interest in buying real estate
from you and what is more, they have expressed an interest in buying
real estate in the area in which you offer it.
Another advantage of a buyer's list is that it allows you to target
specific areas of interest. You may have more investors looking to
buy real estate on one side of town than they are on the other. Buy
building a buyer's list you have the opportunity to get a good grasp
on what your buyers want and where they want it, allowing you to
make the appropriate decisions on your investment. With a buyer's
list you have a better chance at selling and getting a return
profit. The real estate sells quickly, in most cases, and the profit
starts rolling in, if you have done your homework, research, and
built a reliable buyer's list.
With that being said, here are some steps you can take to build your
own buyer's list, without even having any property on hand at the
start.
Advertisement – Your local newspaper is the best place to start. The
key is to make it realistic and eye catching. You have to stand out,
but you also want the prescreening of potential buyer's to take
place through the advertisement. In other words, you want to include
the types of property you intend to sell, good credit required, and
serious buyer's only. You could also stretch things a little and say
you currently have 16 or 17 properties. This is ok, because you are
building your list.
Provide your telephone number and maybe even an incentive for their
purchase, such as a free product or something similar. Be sure to
identify that you are advertising to investors.
Clubs - Another great way to build your buyers list is to join real
estate investment clubs. These clubs hold meetings on a monthly
basis and generally are brimming with interested, potential
investors. One thing you need to take note of is that you must cater
to your potential buyers. Many people buy property with hopes of
selling it, then look for a buyer. In other words, they are looking
for a buyer for that property. It should be the other way around,
you should have a buyer, then find the property based on what they
are looking for.
Keep It Fresh – You want to make sure that your buyer's list holds
only fresh names, telephone numbers, and other information. You want
to have variety as well, keep names of investors on the list that
are interested in various types of properties, this will help ensure
that you always have options.
Make sure you take names off the list, as they are no longer
interested, leave the investing business, or move out of your area.
This is an important aspect of your buyer's list, if you do not
update it, you may find that you run out of investors or buyers and
create unhappy people at the same time, which could hurt your
business.
Information – The information contained on your buyers list should
include the following:
• Buyer's Name
• Buyer's Telephone Number
• Buyer's Fax Number
• Buyer's Email Address
• Buyer's Area of Preference
• Cash Closing (yes or no)
• Permission to contact with future deals
• Permission to fax or email
• Price Range for Property
• Types of Property Preferences
Once you have this information, it is important to keep it in a safe
spot, where you can easily access it, such as Excel or Microsoft
Word. Keeping everything at hand and organized is the best way to
maximize your use of the buyer's list. Having it stored digitally in
a database will help you keep the buyer's list fresh and new. You
can easily add and remove names as necessary, giving you the most
up-to-date buyer's list possible.
Success in commercial real estate selling is dependent upon buyers
and interested buyers at that. Your buyer's list will help you build
a successful empire and keep the profits rolling in at the same
time.
About The Author
Tony Seruga, Yolanda Seruga and Yolanda Bishop of
http://www.maverickrei.com specialize
in commercial and investment real estate. As of May, 2006, they and
their partners are managing over $600 million dollars worth of new
projects.
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2775 West Dickman Road, Battle Creek, Michigan 49037