OfflineThe difference between a real estate wholesaler and a real estate agent is that Wholesalers spend most of their time building a buyers list. Wholesalers (if their doing it right) build their buyers list with active buyers, investors etc... before they even begin locking up deals. The buyers list is the foundation that wholesaling is built on and every good wholesaler spends alot of time and energy building that list
For the real estate Wholesaler building a buyers list must be an ongoing process if a wholesaler is ever going to be successful. There are many tactics to building a buyers list. Here are a few that I have implemented successfully
Search the newspaper for ads that say "I buy houses", "Cash for houses" etc... once you find them call the number listed in the add. Ask the Investor what type of property they are looking for. Get all of their information, email, phone number etc... I suggest using a notebook to keep record of all of your buyers information.
Search the internet with the same keywords. You must put in your location after the keyword to ensure you are dealing with buyers in your area. Ex. "I buy houses NJ". Again you will contact each Investor and get their information.
Ask your Realtor to run a search for Absentee Owners. These are Investors that own a property but do not occupy that property. They have tenants in the property. Once you get the name of an absentee owner do a little research to find their mailing address. Mail them a flyer or a letter letting them know that you have investment properties at great deals. Be creative! I sometimes send them a postcard with one of my deals listed on it.
Research Investor groups in your area and become a member. This is a great way to introduce yourself to buyers that invest in your market.
Research contractors and builders in your area. Call them and see if they do any investing. 90% of the time they do. Put them on your buyers list!
Place your property on the classified sites like craigslist or backpage Keep a record of every person that contacts you about your deal.
Do the above steps weekly because new adds are always being placed in the paper.By eHow Contributor
Thanx Coach, will get on these and let you know how it goes.
Question: Do you know the method the agent uses to retrieve absentee owners? I always thought only the title company can actually do this. Thanx!
Best Regards,
Anita
(Licensed Realtor-Military Vet-9/11Vet)
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I curious about the same thing. I'm absorbing all this information on these forums. I'm currently working on my buyers list too. I've emailed a couple people from CL but no bites yet. This weekend is going to be my main focus. I HAD an agent that was all for the 25:1 system for the first week and it's been radio silence for over a week now. I think they officially threw in the towel. The kicker is that I gave them a heads up on the system that I was going to impliment, but apparently they didn't understand. At first I was giving them the benefit of a doubt that they were busy, sick, or out of town. Two or three emails later I've come to realize that I just lost my first agent. On to the next! This time AFTER I get my buyers list together (based on this post by an official coach). I guess it never works to put the cart before the horse. I'm still learning and except the fact that I WILL make mistakes, but I won't make the same mistakes twice and beside I've got DG.com in my corner. I'm in amazement of the caliber of talent on DG! Thanks to everyone on these forums that contribute just help someone that they don't even know.
I know that Ali Savafi said to spend 85-90% of your time building your buyers list. It seems you are saying the same thing. It is started to sink in for me now. When I first started I did not grasp this concept!
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Thank you so much for sharing the information with us!!!
Matt Inomata