03 Dec Four Techniques for How to Find Real Estate Buyers
When it comes to getting a buyer for your property, there are four significant steps you’ll need to take. These four techniques for how to find real estate buyers start with launching a property and end with you getting paid. If you are not a member of Wicked Smart Academy, these four steps below will be a great resource to get you started.
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Step 1: Launching a Property and Talking to Buyers
Under this step, you have already acquired property and are now ready to launch it to find potential buyers. To draw attention to your property, you can use any of the techniques for finding buyers on our Finding Leads blog. As an easy starting point, place a few signs at the home indicating that it is available as rent-to-own. Add arrows around the property directing traffic back to the house. The signs can say things like:
- Rent to Own
- No Credit Needed
- No Banks
Make sure to include your contact information and the web address where they can find out more about your business and what they can expect with a rent-to-own property.
Answering Prospective Calls
After setting up your signs and any other lead sources, you’ll start to receive calls from prospective buyers. When they reach out, make sure to redirect them back to your website. Make sure they have watched your videos and read all about what goes into a rent-to-own property. Only after they have educated themselves on the topic and are confident that they are a good fit will you be able to move forward with them.
Step 2: Setting Up Property Viewings and Reviewing Applications
The second step of the four techniques for how to find real estate buyers is to set up property viewings with prospective buyers. From here, you will call them to get an idea of how they liked the home. If they express interest, get their contact information and send them all necessary documents to move forward in the process.
Reviewing the Application
After receiving the application from the buyer, give them a call and go over everything with them. Make sure they understand what they are responsible for. Ensure they can pay for the monthly rent and get a good idea of how much they can put down. Remind them that this number helps their chances of being accepted for the house. If it’s near tax refund season, see if there’s anything extra they can put toward their payment.
Step 3: Arrange a Buyer’s Meeting
In the buyer’s meeting, you’ll get acquainted face to face, go over agreement terms, and see if it’s a good fit for both of you to proceed. Before the meeting, have them get pre-screened by a credit enhancement specialist to understand when they will be mortgage-ready and set to be approved for a loan. Once you receive that information and everything looks good, you can move on to reviewing the letter of intent or LOI. This will lay out everything, including the monthly price, purchase price, and taxes.
Step 4: The Closing
Once they agree to everything, it’s time to proceed to close with your attorney. Your attorney will represent you, not the buyer. They will go over the terms of the formal lease and make sure your buyer understands everything they are signing. The buyer will sit for the closing in front of the attorney and ask any additional questions. Once everything is signed, you will get paid, and the buyer can move into the home.
If you’d be interested in hearing more about how to find real estate buyers, we’d love for you to join us in our Wicked Smart Academy! Click the link here to sign up and get started: https://smartrealestatecoach.com/academy.