The Buyers First Way of Putting Together a Home Buyers List
May 14th, 2008 by Jack Sternberg
Most will remember that when you originally decided to start investing in real estate, one of the best things you were probably instructed to do was formulate a buyers list. This is simply a list of names and contacts that are looking for specific houses or properties. You were told with a good buyers list you may never have to put a property on the open market.
A “Buyers First Program” is designed to take that to the next level. Instead of wholesaling to real estate investors with all the associated risks, I chose to work with Real Estate Agents and use the entire MLS as my inventory. I develop a “retail, end buyers list” to give to agents. The system is fully RESPA compliant and is readily accepted by the traditional Real Estate community. Consider the fact that Real Estate Agents only do things that are fully disclosed and traditional in nature. Dealing in the regular real estate arena, it has to be simple and fully compliant.
A list of buyers usually consist of familys that are looking for a home. They may want a 5 bedroom 3 1/2 bath property in a certain area for school district purposes. Folks on the list may be only looking to spend a certain amount for a set price range.
Formulating a buyers list is not hard at all. One of the easiest ways it can be done is with a simple ad featuring a free report on “How to Buy a Home if you have Some Money and Even If You Have Bad Credit” or “The Six Things Every First Time Home Buyer Should Know.” By running that type of ad in the local paper and directing callers to a toll free number you can find many interested people who are looking for properties. There may be many people who call and are just curious. The best way to deal with these people is to answer any and all questions. They may call back in a month or two and tell you they are still in the market for a home. Either way, your list is formulated by the contacts you make.
You can also gather names from other investors, family, and friends. People know people. Google Ad Words is yet another excellent way. By formulating a buyers list, you can categorize the individuals into groups.
You can then get your mortgage broker pre-qualify people that are on your list. Some people will have credit issues and others will be in the process of repairing their credit. These are perfect prospects.
Formulating a buyers list means you have a good start on a marketing plan of action. Every business has a client base. Think of your buyers list as your client base. The more clients you have the more business you can do. The more you do, the more money you can make. By formulating a buyers list, you are building a strong, stable and long term real estate investment business.
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