The other day I got asked a question from one of my readers, Bill Shultz. He was wondering how I managed to build my buyers list despite being so busy. The simple answer is I don’t have the time and generally spend ZERO effort building my buyers list. Shocking I’m sure to some and I’ll tell you why I don’t worry about building my buyers list.
Yes, a buyers list is great to have and can be used to take your business to the next level. Having a buyers list can help make your marketing very focused. Once you know what your buyers want you can just look for those types of properties. Excellent way to do business and you’ll keep your buyers knocking on your door for deals.
My problem is that I have NO time and must trim all the none essential activities from my to-do list. In my mind the essentials are…
- Marketing For Sellers (direct mail and bandit signs)
- Speaking with Sellers
- Networking with other investors
- Finding qualified buyers
Between my partner and I, we do the first three items religiously. I handle the Marketing, my partner speaks with the sellers when they call and we both go to REIA meetings (him more then me) to network with other investors.
What we don’t concentrate on is our buyers list. We do have a small list of A+ buyers that we’ve met at meetings and know that they perform and are cash buyers. Outside of that we only really build our buyers list when we have a deal to sell.
I look at it this way, you can spend 2 hours every week putting names on your buyers list, or spend that same 2 hours putting together 100 direct mail pieces to send to sellers. What is going to help your business more? I say direct mail!
Once you find a deal and start marketing that deal to sell, the buyers will come flooding to you. Plus, a buyer will take you more seriously if you actually have a property to sell and will be more willing to give you information so you can qualify them.
Does anyone want to argue/discuss my reasoning here?