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Formulating a Home Buyers List - the "Buyers First" Way

Mar 17, 2008
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 taking the investor track by wholesaling with all the associated risks, I choose to retail MLS properties through Real Estate agents by developing a "retail, end buyers list". My system is fully RESPA compliant and is readily accepted by the traditional Real Estate community. Remember- Real Estate Agents only do things that are traditional and with full disclosure. When you deal in that arena, it has to be simple and fully compliant.

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 other investors, family, and friends. People know people. Google Ad Words is yet another excellent way. By formulating a buyers list, you can categorize the individuals into groups.

You can then have a mortgage broker pre-qualify folks that are on the list. You may have names on the list of people who have run into a bit of bad luck and just need help getting started again. These are your perfect candidates.

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
About the Author
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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