subject: How to Flip Houses: Hints and Tips on Building a Buyer's List [print this page] Aside from building a seller's list, it is important for those who flip houses to establish a strong customer base. As you may know, you wouldn't be able to make money by flipping homes if you don't have any buyers to sell houses to. For this reason, you will need to attract the attention of those people who might be a potential customer.
When building a buyer's list, it is important to evaluate potential costumers effectively and efficiently. Just like when dealing with motivated home sellers, it is imperative that you obtain vital information about your buyers as it can help you determine their willingness and readiness to enter into a real estate deal with you. Here are some guidelines to dealing with potential buyers when buying and selling properties for profit:
See to it that your buyers are serious. Ensuring the sincerity of your buyers to do some business with you is an important step in the process of flipping houses, especially if you're going to use contract assignment as your exit strategy. By ensuring that your buyers are serious, you can avoid encountering problems when it comes to closing the deal with the home seller's end.
At the start of the transaction, you should know who you are dealing with. Is the buyer a newbie investor? A retail buyer? Or perhaps a veteran when it comes to fixing and flipping properties. By knowing such an important information, it would be easier for you to eliminate the "jokers" (or buyers who can't make up their minds) and educate them regarding the closing process. It would also be easier for you facilitate the movement of a property when you flip houses.
Don't forget to pre-screen your buyers. This can help you avoid wasting your precious time on a person who doesn't have the means or the willingness to buy a property. When pre-screening a buyer, you should obtain his or her personal information aside from the basic contact info. This will help you build trust and establish a working relationship with a potential client.
Identify your buyer's sources of financing as it can help you determine if that person is indeed capable of buying a property from you. You should also try to find out which type of properties that he or she is looking for, especially if the buyer is a fellow real estate investor, so you can offer that person another deal should you find a house that fits the buyer's criteria.
