What is a Buyers List?
A buyers list is a compilation of potential investors. This list contains contact information of potential buyers. Having a quality buyers list will increase your prospects and give you more profitable transactions.
A buyer’s list should contain the following:
- The buyer’s complete name
- Contact number
- Email address
- Type of funding
- Buying criteria
Growing a quality buyers list should be one of an investor’s top priorities. This list has to be attended to regularly even when sellable properties remain vacant. However, having a buyers list isn’t enough to guarantee sales. Actions need to be taken with your buyers list as your focal point. After putting a property under contract, plan and develop marketing strategies that make use of your buyers list. With a plan in place, sales will immediately come your way.
A word of precaution: establishing a quality buyers list must be handled with care. Be careful in approaching potential buyers, they know how to spot a good deal. Make sure to do your homework.
The Importance of a Buyers List
One thing that real estate investors have to do over and over again in their careers is selling properties. This is not a one-time thing., Unfortunately, selling houses and properties isn’t as simple as putting up a “for sale” sign in the front yard.
If you are a real estate investor, you also can’t let a local realtor do all the work because they’ll take away a huge chunk of your profit. Paying them every time they sell a property isn’t a sustainable business. If you are in this business, you should know it requires marketing and promotion.
For those new to the business, the idea of selling real estate isn’t as fun as some make it seem. The sales process can be daunting, but it doesn’t have to be difficult or time-consuming if you’re smart and know what to do. This is where a quality buyers list comes in handy. If you have a solid list in hand, selling houses and properties will become easier, which makes the job more enjoyable.
Having a quality buyers list means that you already have prospects who want what you are selling. This list is like a “business book,” and it doesn’t matter if your list is long or short. What matters is that the people listed here can close a deal with you.
When your list is filled with people looking forward to your next deal, you won’t have to rely on selling properties over the internet or through real estate agents. If your list has grown long enough, you’ll be able to sell properties with an email and without having to list on the open market.
How to Build a Buyers List
Now that you’ve learned what a buyers list is and how important it is in the real estate business, you’re going to learn how to build your own list.
Building a buyer list is an important step to success for all real estate investors. There are a lot of techniques and strategies to generate money in this business. No matter what strategy or technique you use, there is one goal in mind and that is to find buyers. So, how can one build and grow a solid real estate investor buyer list? Here are a number of ways:
These are known as bandit signs, and you may have seen them on street corners or stuck in yards saying, “We Buy Houses.” Having these signs all over the area can work and get you some potential buyers.
Advertising through Print
Newspaper and magazine ads are under this category. This kind of advertising is inexpensive and you can run an ad repeatedly until you find responses from prospects who want to make a deal. Interesting ads that say something like “Poor Credit? No Problem! You can buy a home now!” can be intriguing enough to bring in calls.
Business cards and flyers can also do the trick. Whether you tack them on bulletin boards or hand them out personally, there will be people who pick them up. Those who call you can go onto your buyers list.
Advertising on Craigslist is free. You can attract potential home buyers using these classified-like ads. Another way to build a buyers list through Craigslist is to search for people who are running similar ads. Search for people who are looking to buy a home with a low down payment or a low credit score. Another thing to search for is those people who are looking for houses for rent. You can ask them if they’d want to buy a property with a substantial discount.
If you have a website for your business, it would make perfect sense to set up an official work email list as well. As you grow your email list, more people will receive your newsletters and product offers. You can gather responses through this and add the people who respond to your buyers list.
Direct Mail Marketing
Using this strategy may be less effective in building a buyer list, but it’s still a great way to find targeted individuals and scale your real estate marketing to contact only those who fit your criteria.
Use the search box on Facebook to search for real estate investors in your area and add them as friends. From here, you can check their friends and see if they are investors or potential home buyers. Soon people will be adding you, and you can send them messages to see if they’re interested in buying properties.
Working on this platform is similar to what you’ve done on Facebook. The only difference is that you can build your background here and add your email address to your bio for easy visibility. Follow local real estate investors and see who follows them. You can start following these people, too.
This site is an education site. It’s the largest real estate hub and is a networking site as well. This website has local groups, and you can search for your city and see who is interested in buying real estate properties. You can post here, too.
Local REIA Websites
Go to local REIA websites, like SuncoastReia.com for Tampa Bay and ColoradoReia.com for Colorado. Search your city on Google for real estate clubs, associations, or investors meetings. The website will have a board of directors and how to contact them. It will also have newsletters containing mentors and wholesalers’ advertisements. Sometimes, the website will have a member section, which you can use to build your buyers list.
Join an Investor Club
Investors congregate in clubs. This is the perfect place to find prospects. Start conversations to find out who’s buying to build up your buyers list.
There is no shortage of ways to build a quality buyers list. However, it’s important to remember that you don’t need make use of every single strategy. There’s a certain rule called the “80/20 rule,” which states that 80 percent of your output comes from 20 percent of all your efforts. Figure out what method works best for you and focus on that one. If you are a real estate investor and you still have not built your buyers list, start doing it now. Keep building and maintaining it, and then use it to your advantage.