Real estate investment strategy has several steps, and each step is equally important. You must acquire great properties for re-selling. Then you must rehab your product and put it back on the market. Carefully handle the financial transactions. But one thing is missing from this picture.
Investors focus on finding properties. We worry about financial transactions, but more often, the marketing strategy is ignored. You can’t run a business without a great customer database. The ideal situation is to get a property. Promote the property to your email list and sell the property in next 48 hours.
That’s the secret to success in real estate business.
The bigger and responsive your buyers list is, the more profit your business will generate.
Let’s see what happens if you don’t have a buyers list. You’ll keep visiting with real estate agents and other investors. You’ll advertise the property on MLS listings. You’ll use signboards, personal contacts, word of mouth marketing, brochures, and flyers to sell the property. Still, it can take anywhere from 3-6 months to earn a dime from your efforts.
The situation can be changed by having a responsive real estate buyers list.
Most people are familiar with the idea of having an email list. What most don’t understand is that real estate buyers list is different than a typical email subscribers list.
Real estate buyers are tough negotiators. They’ll be looking for properties. They’ll only respond if you can show them a good deal. They won’t spend the time to read emotional emails or to watch useless 3D virtual tours. You must provide them “what they are looking for”.
According to an article published on fortunebuilders.com, a buyers list must have following components:
These ideas are targeted for cash buyers, rehabbers, and first-time home buyers.
I believe that networking is another term used for building a buyers list. The number of your responsive email subscribers describe the power of your real estate network.
The best idea is to join real estate investment clubs. I am not talking about online chatting groups. You should meet in person. Attend real estate meetups, dinner parties, seminars, and networks.
The key to success is to connect with everyone. Don’t just focus on investors or rehabbers. Meet with everyone.
Don’t forget to ask for their email address.
You should always attend local foreclosure auctions. You can find great deals here. And you get the opportunity to connect with hundreds of cash buyers. Meet with those buyers. Give them your business card. Let them know that you are looking to sell a hot property.
Run a newspaper advertisement the day after the auction. People will be looking for properties. Sample Advertisement:
Thousands Below the Market-Offer Expires Soon
Investors will call you. Tell them that the property has been sold. Ask for their contact info because you are expecting another rehabbing deal in next two weeks.
Be creative and different. Otherwise, investors will know you are trying to get their contact information.
Speak with landlords and see if they are looking for investment opportunities.
Ask if they will be interested in getting a notification from you. They will probably say, “yes.” Get their information. Make sure to send an email with the new property details.
Talk to real estate attorneys. Ask them if they would be interested in getting a few customers through your referral.
They’ll gladly give their email address. Help other RE professionals and they will help you. Remember to give and you’ll always be paid back.
Search for real estate investors on LinkedIn. Send them a sincere connection request and ask if they would like to be on your email list.
The local property managers know real estate investors in their area. Connect with these companies.
Use these ideas and start building your buyers list. In the meantime, check out our latest property in Oakland CA.
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