by Attorney William Bronchick
Building an investor list is the key to success in real estate investing. The concept is simple – find a list of investors who buy properties, then go out and find the inventory to flip to such investors. Also, let these investors know that you buy houses, too. The more people who are in your network, the easier it becomes to buy and sell houses.
Building a list is easy, in fact, “It’s MAGIC”. Here’s how the acronym plays out:
I – Be sure to Have an Identity
Superman has an identity. Batman has an identity. Do you have an identity? When you go to meetings like your local real estate investors club, people need to remember you. Wear the same pink tie, yellow shirt, or red hat so people always remember you. You want people to identify you with something they can remember so they will always call you when they want to buy houses from you or when you call them to sell them houses.
T – Title Records
Sophisticated investors who buy and sell a lot of houses will show up over and over again on the title records. Get access to local records through your friendly real estate broker or title company. Make note of the names that come up over and over again. Put these people on your list.
S – Street Signs
You see them everywhere – “We Buy Houses” signs stapled to a telephone pole or stuck in the ground. Call them. If they really buy houses, you want these people on your buyer’s list. And, if they come across deals that they don’t want, make sure they know to call you.
M – Marketing
Do some good marketing to generate a list. Start with a good business card and brochure, and pass it out to everyone you know. Ask your title company rep if you can leave brochures in their office so when other investors close deals they can be introduced to you. Your goal should be to pass out 500 business cards a month or more.
A – Auctions
Auctions attract lots of investors. Go to local foreclosure auctions and pass out your card. Also, collect the cards of others you meet to generate your investor list.
G – Groups
Join every business group that has luncheons or meetings. Investors or potential investors can come in every walk of life. And, people who are not investors will call you when they come across a house in foreclosure or a couple in divorce. Everyone within your influence should know what kind of business you are in so they can refer business to you.
I – Internet
The Internet is loaded with real estate chat boards and discussion groups where investors congregate. Even if people you meet on these boards are located in other states, keep them on your list. You never know when you will come across someone who has moved to their city or when they will come across someone who is moving to your city.
C – Real Estate CLUBS
Real estate clubs are your best local source of building an investor list. Frequent these clubs often, passing our your business cards and flaunting your IDENTITY. For a good list of local clubs, try http://creonline.com/real-estate-clubs.