Building a Buyer Database is the Key to Successful Wholesaling
April 24, 2013
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The key to being a successful wholesaler is having a large database of buyers. You may have a great property or deal under contract but if you only have 5 buyers in your database the property may not fit their portfolio at this point in time. If you have 500 buyers in your database there is a good possibility that quite a few of them will be interested in your property.
How do you build that database? Through networking and marketing. You should attend your local REIA (Real Estate Investments Association) meetings with a stack of business cards. If the meeting starts at 6, be there at 5:30. Introduce yourself to others at the meeting, gather information on that investor, exchange business cards and add them to your database. If you join the larger Real Estate Investment groups, which are usually around $199/couple for an annual membership, you get access to their database which can really accelerate the database building process.
Go to the foreclosure auctions and do the same type of networking. These are typically cash buyers. Rich Dad Education Elite Training events, Realtor meetings, city council meetings, and meet up groups are also great ways to meet other investors that are buying. Before long, you will have a good database of potential buyers.
You also need to do your marketing. Craig’s List, Postlets, Flyers, Newspapers, Bandit Signs and Car Magnets are great ways to advertise to get other investors to contact you as well as sellers. You should also contact everyone that is advertising that they buy houses. Your ad doesn’t have to be complex; it can be as simple as:
“WE BUY HOMES”
CA$H PAID/QUICK CLOSE
Call Joy 555-1212
This way you will meet other investors and find properties too! Have a list of questions ready to ask other investors when you meet them. You want to find out what kinds of properties they are interested in buying, where they are buying properties and how much of a discount they need to be interested in purchasing the property. Also find out how they buy their homes…do they pay cash?
Becoming a successful Wholesaler requires you to be a great networker. To find out more on how to successfully wholesale a property, you can attend our Rich Dad Education Elite Wholesale Training Course.
Rich Dad Education Elite Training Mentor