Finding Quality Buyers For Your Real Estate Deals
Quality buyers are worth their weight in gold. The buyer is vital to a profitable wholesaling career so make sure you put a lot of effort into building a list of people who are eager and able to take deals off your hands as soon as you get them. The question is, How do I find a "quality buyer?" Here are four important questions to ask your potential buyer. The more qualified this list the more money you will make and the less problems you will have closing deals.
1. Can you pay in CASH? In this industry, cash buyers are like gold. The more of these you have on your buyers list, the easier your life will be. Always ask if your buyer can pay in cash. It's usually okay if they have a line of credit or can borrow the money but nothing beats a cash buyer. Period.
2. Can you put down an earnest money deposit? This is important because it shows your buyer is more than a "tire-kicker". He/She is a player and is willing to put up some of their own money to prove it to you. Many deals are lost because of broken verbal promises. This question eliminates that issue.
3. What kind of profit margins are you hoping for? Face it, some buyers are greedier than others. Successful wholesaling is all about you as an investor leaving a decent portion of the profit available to the buyer. Knowing where your buyer stands on his/her desire for how much of that slice they are willing to give up will better help you negotiate deals and predict how much you will make per deal.
4. What kind of properties do you like to buy? It's pointless to let a buyer know about your low income property deal if this person prefers to work with luxury homes. If you know what your buyer prefers to work with you will close more deals plain and simple. This kind of segmentation of your buyers list is important and will save you time and inevitably make you more money. These are four very important questions you need to ask your potential buyer. Build a list of qualified buyers and you can expect to have a long and successful career wholesaling houses.
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