There are plenty of buyers in the market today; all you need to do is reach out to the right places. There is a portion that may seem like potential buyers at first, but prove to be a false lead. Don’t be discouraged if a promising lead evaporates, there are plenty of buyers in the market. Those buying in today’s market are prepared for long term holds. Typically, those buyers are landlords or cash buyers, and there is a profitable market for dealing with them.
Landlords are buying in order to close on properties which they want to put into their portfolios and hold for a period of time. Landlords comprise, by far, one of the most lucrative buyers’ lists you can have on your database. They are not so much interested in discount property as in potential cash flow. Cash buyers are purchasing homes in order to close quickly for rehabbing and resell.
There are a couple of ways you can find landlords and cash buyers that would be interested in the commercial property you have. Here are some of them:
Look for buyers on websites that have property listings
One way to find landlords is to look for them on websites that have listings of property. These websites also have listings of landlords in your area. Some websites have bidding going on all the time. Look for the names and addresses of people involved in the bidding. You must keep a database of such people so that you track them when you have a property available for sale.
There are many online list broker websites that allow you to log in and scroll down to Non Owner Occupied Properties. Typically, 90% of people who have acquired a loan as a Non Owner Occupied loan are those who have renters in that property. Once you acquire a list of landlords, you need to sort this directory to better maximize the active landlords in your area.
Know what attracts landlords and cash buyers
Typically, people want properties that produce cash flow. The property must have a revenue stream attached to it. For example, the property must be feasible for the tenant to occupy it.
With this list in hand, you can determine how many landlord buyers are in that market. Some potential buyers may not seemingly meet your standards or expectations, but I suggest that you continue working off the largest list possible. You can purchase this list and then start mailing these landlords.
Seek out to other wholesalers in your market
Another great way to focus on building your buyers list is by seeking out other wholesalers in your local market. You can share resources and leads. This may also lead to some joint venture enterprises. Co-wholesaling is one of the fastest ways to get your business off the ground. You will also want to search and join your local REA clubs to meet with fellow investors. You can establish strong relationships in this field that may become profitable at some future date.
No matter the source of your list, you need to be mailing them continuously in order to market your services and become a known quality. Once you have acquired a list of buyers, mail them twice in the first month and once a month every month thereafter. When including a website, send them to a landing page that captures other pertinent information.
John Stevens writes about business and real estate. He has been working in South East Asia for over ten years and currently he is working in Myanmar. If you’re looking for an office in Yangon, Myanmar, visit www.scipioservices.com/york-center-myanmar-rental-office-space/