When you first decided to start in real estate investment
that you were probably instructed to formulate a buyers
list. This was a list of names of people that were looking
for property. You were told that "with a good buyers list
you may never have to put a property on the open market."
The "Buyers First Program" was designed to take that a step
further. Instead of wholesaling to real estate investors
with all the associated risks, I chose to work with Real
Estate Agents and use the entire MLS as my inventory. I
develop a "retail, end buyers list" to give to agents.
Buyers First is fully RESPA compliant and is readily
accepted by the traditional Real Estate community. You
already know that Real Estate Agents only do things that
are fully disclosed and traditional in nature. Dealing in
the regular real estate arena, it has to be simple and
fully compliant or agents won't participate, and correctly
so.
A list of buyers usually consist of familys that are
looking for a home. They may want a 5 bedroom 3 1/2 bath
property in a certain area for school district purposes.
Folks on the list may be only looking to spend a certain
amount for a set price range.
Making a list of buyers is easy. One of the best ways to
do it is with a three line classified ad promoting a
special report titled "You Can Still Purchase a House Even
if You Have Bruised Credit but have a Small Down Payment"
or "The Seven Questions Every Home Buyer Should Ask A Real
Estate Agent." With that in the local newspaper and a toll
free number, you can locate many people looking for a home.
Some folks will call and are just curious. The easiest
way to handle these people is to allow them to ask
questions and answer them to the best of your ability.
They usually call back later telling you they are now in
the market for a house. Any way you do it, your list is
made up by the contacts you make.
You can also gather names from family and friends. People
know people. Google Ad Words is yet another proven,
inexpensive way. By having a list, you can make groups and
categorize the prospects.
You can then get your mortgage broker pre-qualify people
that are on your list. Some people will have credit issues
and others will be in the process of repairing their
credit. These are perfect prospects.
Formulating a buyers list means you have a good start on a
marketing plan of action. Every business has a client
base. Think of your buyers list as your client base. The
more you have, the more business you can do. The more you
do, the more money you can make. By formulating a buyers
list, you are building a strong, stable and long term real
estate investment business
Jack Sternberg
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Jack Sternberg is a nationally recognized expert on real
estate investment who's been in the business for more than
30 years. Sternberg is the creator of the renowned "Buyers
First" Program. His deals have totaled over $750 million
and he's been to the closing table more than 1,500 times.
For more, visit http://www.askjacksternberg.com
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