hey guys i wanted to know how you go about building your buyers list. from having my realtor’s license we make sure the buyers are preapproved before we start showing them houses.
from an investors standpoint i’ve had people come up to me and say i want a foreclosure or rehab, can you find me one? i tell them i will look and ask how much they are looking to obtain one for. once they give me their number i ask if they’ve been approved for this type of load or how do they have access to this money. i’ve had responses such as, so n so wants to partner with me and has the money available.
to me this doesn’t sound like i’d have much of a credible buyers list. granted if i put a property under contract, i could go to these interested parties and if they showed signs of not being serious or having trouble getting the money…move onto the next person on the list. at any rate, just curious how i should go about screening true buyers etc. anybody do it or just list a ton of interested potential buyers and then just go down the list one by one when a deal arises?
As an agent, you should have plent mortgage contacts. And I am sure you know they specialize in differnt things. You will need at least 3 really good lenders. One that specializes in regular loans, one that specializes in Investment Property, and one that specializes in sub-prime lending. Then you should be able to get most people qualified.
As far as building your list… Every Agent should have a contact management system, as should every investor. You need to get as much info as you can about everyone you come in contact with… Investors, realtors, buyers, and renters. give them classifications, ie mulit fam buyer, LO Renter, ect… Then when you have a good property email everyone on that list that could possibly have interest. If that doesn’t draw enough attention, pick up the phone. Your list is your most cost effective advertisement.
Thanks JPopkin, it seems you’re helping me on all my threads. How much do I owe yah? ;D
To elaborate a little. Let’s just say I meet a new contact at a restaurant, bar, friend of a friend…whatever. They tell me they are looking for properties in area X, for $X.XX. Would the next step be, I’d like to call you tomorrow and get you prequalified…or would you just store their name, contact info, and the details above, then send out an email or phone call when a property comes along?
i guess im basically going along the lines of how far i should verify the qualifications etc. of my buyers
If your doing it as an agent, or you have a property that would work for them, connect them with a mortgage broker immediately. One thing I have learned about people and their motivations is that if they are motivated you have to act quick before they get distracted, or lose some of their motivation. Always keep a basic application with you, at least in the car, so you can get most of their information right then and there. The application I use is for a specific broker, but if he can not get them financed he will let me know why and I know where to go from there. But he can only tell me why, because I have a clause in the application that specifically stated that he can release information to me, and they signed off on it.
i should have been more specific. im in referals now, so this would be for me acting as an investor (not agent). i was only using my experience as an agent as an example.
then quite honestly I wouldn’t help them get qualified unless you have somthing that will fit their needs. If you get them qualified, but have no property, they will find one, and you just lost a potential buyer.