Marketing Checklist, the fastest way to advertise and get more deals. Strategies in accumulating buyers list through striking deals. Check this out and start your journey by getting this Marketing Checklist.
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David: Alright, welcome guys! Marketing deals and building a cash buyers list is what we're going to be talking about today on the podcast. Mike, how the hell are you buddy?
Mike: Doing great man, excited to go live, we like doing that.
David: Oh yeah man.
David: A little live.
Mike: Sending these guys out but yeah, we're going to talk about marketing out deals today and selling deals, which is one of the best parts because quite frankly that's when you're approaching that paycheck, you're approaching that payday.
David: That's right. So, we've talked about previous episodes, you know, what is wholesaling, and you know, how to find those motivated sellers. We did how to analyze the deals and you know, determine an offer amount by using a simple formula. We've then talked about securing deals in some of the recent episodes and today we're going to talk about selling the deal which means we get paid.
David: Which is what it's all about, right? We get into real estate investing for freedom typically and oftentimes, we don't have much of it.
Mike: We don't.
David: Cuz we're spinning our wheels with all these things, but this is why we do it.
Mike: You made your professional problems solved.
David: To get paid.
Mike: Professional problem solver in real estate, so that's what we do is solve problems. We figure out how to do things and one of those things is selling deals to buyers. So, one of the questions we get asked I'd say almost most often is how do you build your buyers list and how do you find buyers for your deals? and we- I almost, it's tough for me to say oh that's a really important thing to focus on because I just- I don't like focusing on it, I really don't. I just don't think it's that important, especially in today's market when there are so many people looking for deals.
Mike: So, what we like to do is kind of break it down, we've got a neat little kind of a step-by-step thing that we do when we go through. We even have a check list of all the things that we go through when we are selling our deals and marketing them to our buyers.
David: That's right guys, we have a checklist that we use.
Mike: We do man.
David: And that's the coolest thing about selling deals is it's not that hard. Just use this checklist and you'll sell deals. Mike, we've sold 4-5 hundred deals using this checklist, does this checklist work?
Mike: Yeah, sure does. About 4, 5 hundred times.
David: About 4-5 hundred times, so this is not anything new, this is simple. We're going to market our property via the items on this list, find a cash buyer, sell it, get paid.
Mike: What I like the most about the checklist is I think we kind of put it in order to put ourselves in a position where we don't have to do extra work, because one of the things like we were just talking about is your professional problem solver, we're doing a lot of work, we're spinning our tires, so we put this in order of things that it's kind of like the least effort to you're putting in a lot more effort you know. It's like start with number one and hey, you might get it sold by number three and then if you don't, you're going to go to four, five, six, seven, eight. You're going to keep on trying to sell it a different way, you're going to keep on finding a buyer for it, keep on looking for a partner for that deal, so that's why I think this checklist is kind of cool.
David: It's very cool.
Mike: Let's get into it man, let's talk about it.
David: So, number one, we're going to secure the property and really that's kind of got a couple things to it but basically, we are going to get a lockbox on the property if we can. So, if it's a vacant property, we're going to get a lock box. If it's an occupied property, then we probably won't do the lockbox, but we're going to want to get in communication with whoever's in charge of showing it or allowing access.
Mike: And what I would say is coordinate a time maybe 3, 5, 6 days out where you can have an hour or two window to access the property.
David: Open house.
Mike: Exactly, so you're going to have basically an open house, so either you're going to put that lock box on or you're going to secure a time when you can access the property so that you can bring in your partners, your funding partners etcetera.
David: Love it, and then also part of securing the property is getting a lot of photos and videos of the property, right? At the very least, get a lot of photos. If you do video, great, it's going to help sell it depending on the deal.
Mike: Man, I'll tell you what, video is really cool and obviously we're doing video here. To me, it takes too long though. I don't actually want to watch-
David: I don't do a lot of video.
Mike: We don’t, and I think that we do a ton of photos because you can click through a photo at your own pace.
Mike: And the video is a little harder for a buyer whose attention span may not be there, you know again, we're busy. We're buying deals left and right, but I don't have all day to listen to you, you know, talk about and walk through the house. Now again, that's just my opinion, some people probably love the videos but again, we're just not big on it because again, videos take- it's a second walkthrough after you've done the photos, it's more time.
David: Photos will get it done, let's leave it at that.
David: If you do video, great, it's extra. It's not gonna hurt, that's the thing.
Mike: That's totally up to you.
David: It's not gonna hurt, it's just gonna take you more time. The photos are what's going to sell the deal.
Mike: Absolutely get photos.
David: So, number one guys, securing the property, get a lock box for access if you can, otherwise, get the access information and get photos and/or videos of the property. That's number one, is there anything I'm leaving out about securing the deal? I don't think, it's pretty simple.
Mike: Well, prior to this, just to make sure we're on the same page cuz we've got this deal under contract guys. You have to have a contract.
David: Yeah, we've already gone through that. Yeah.
Mike: We're there so now we've got this property under contract and some of these things are concurrent as well Dave, so like get the photos? You may have done that already on your appointment.
David: Great point.
Mike: The lockbox? Maybe you left it with a seller.
Mike: Just tell him hey, throw a key in there please and I'll come out tomorrow to check it out.
David: Great point.
Mike: So again, some of these things happen already, they're not a hundred percent in order but yeah, this is step one. Make sure you've got the property secured and those photos ready to go.
David: Love it. Number two would be add the information about the property to your own website and/or post it online.
Mike: Yeah, however-
David: If you have a website, do that but again, it's the same photos and the same description that you're going to be using on your website as you are going to be online. Go ahead, I didn't mean to cut you off.
Mike: Exactly, there's a thousand ways to do it.
Mike: We love having a website, we use the discount property investor name and brand to publish our properties and we use REI blackbook to support us through that, really cool service, we'll put a link down there.
David: The best disposition site on- for real estate investors.
Mike: We've used it the entire time we've been together.
David: That's right.
Mike: We love it for selling deals, and yeah, so put it out there. You got to get it out there somehow.
David: Okay. So, putting it on your website is going to have a couple things that will allow you to do, but again, if you don't have REI blackbook or a disposition website, there's lots of other services like Investor Carrot, so on, so forth that can help you with this process, but you could- you don't have to have a website to market it, so ways around the website- Let's circle back to the website.
Mike: Yeah. yeah.
David: Ways around it would be post it on all the places online that would be free to get eyeballs on it.
Mike: Exactly, so- and this is kinda goes into the third one, which is we say post it online, which is be like Facebook or LinkedIn, places like that, so you can post the photos and the description of the property.
David: Or a link to the photos even.
David: That's a better approach.
Mike: Or a link to it, so you have Dropbox for your photos, heck that could be your entire marketing website: Dropbox. Just make a little flyer, throw that in the folder with the other photos and boom text that link to somebody.
David: That's my point. So, Facebook would be number one, so post that on your own profile, okay. Post it in local groups, right? So we're in St. Louis, we would post it in St. Louis real estate investing group or if it's a good property that would be for a landlord like a rental, we would post it in the St. Louis landlords’ group. So, post it in the group that are going to be niche to your market. You do not want to go find a national real estate group that's got 75 thousand people in it. It's just not going to be worth your time and you're going to get a lot of spam from that, so post it in the local groups, okay? Other than the local groups, the marketplace.
Mike: Facebook Marketplace is huge now, very very very powerful.
David: Very powerful. It's Craigslist 2.0.
Mike: I'm gonna digress, my wife loves Facebook Marketplace.
David: It's great.
Mike: She buys everything.
David: I listed some stuff for sale last night on there.
Mike: Yeah, it is, it's cool. But houses can be listed too.
David: That's right, so it's basically the 2.0 on Craigslist, it might be. So, there's three things you can do on Facebook: post it on your own wall and timeline, post it in multiple local investor groups and go local, you're going to have a way better result to find the people you're looking for, okay? And then last but not least is use the marketplace tool on Facebook.
Mike: This is cool, so what's cool about the marketplace tool-
David: Three things you can do.
Mike: What's cool about the marketplace tool though is that it allows you to push it into other groups that you're already a member of. So, if you put it on Facebook Marketplace, you can then simultaneously post that into multiple other groups. You want to be careful not to put it in too many groups too fast, or too many posts too fast, because Facebook picks that up as spam and I've been on Facebook.
David: I've been in jail.
Mike: Yeah, you'll get put in jail, but again, you can use that tool to post it in a couple of groups.
David: I've been in jail already.
Mike: Yeah, don't-
Mike: So, don't go crazy with it, don't abuse it, but you can get it out there, you can get eyeballs on it in groups that you're in, and especially if you're active in those groups and you see the stuff happening, like use those tools that are available to you.
David: So, that's Facebook, we talked about it being the 2.0 Craigslist, so obviously Craigslist is still a great tool. So Craigslist, you post a property in the for sale by owner section of the property. Make sure you're marketing it as the owner by contract, but it's a great place to get eyeballs on it. Couple other places, you know, BiggerPockets, it may be paid, it may not to post a property on there. You can post the property on LinkedIn or any of the other social media networks, but typically Facebook and Craigslist, I would say 80/20 rule. 80% of your eyeballs are going to come from those two places, so focus your efforts on there but anywhere else online that you could post a property, ideally for free, do it. It's going to get eyeballs to your property. Now, we kinda skipped over add to your website because I wanted to just touch on the fact that most people that are new, that are watching or listening, probably don't have a website or REI blackbook yet. So, we highly recommend you get it cuz it's going to help you do what we would do next. So, next we would add it to our website or simultaneously while we're posting this all over social media, we're going to add it on our website and we're going to call buyers in the area that we know are going to be hot prospects. We're going to text blast buyers that have opted-in to get our blasts, so they've asked for it, as well as email out our entire list or segmented list for the- that deal in that area. So, what this does is you know, when we post online, we're putting it out there, people gonna kinda got to go find it. When we call text or email it out, we're delivering this deal to people's inboxes or cell phones, so there's you know.
Mike: And what's awesome and I'm going to mention the REI blackbook thing again is REI blackbook allows you to one, put it on your website, create a website. It allows you to send a voicemail to your buyers list, say hey I've got this great deal.
David: Got a new deal guys.
Mike: Here's the info about it. You can send a voicemail to them, it allows you to text them, it allows you to email them. So again, if they've signed up, they say hey, I want deals and then you're able to say hey, here's a voicemail, here's a text, here's an email. So, you're going to get their attention with that deal if it's a deal which is awesome. So again, you don't necessarily have to have a buyer's list but if you have one, send it to them. Again, if you know people buying, send the properties you found to them and as you do the rest of the things on this list, ask those people that you meet if you can add them to your buyers list, so then the next property you get, you may only have to go through step 1 and step 2 and just send it to the people that you've already been contacting because like we said it starts at the least amount of effort, goes down to you're doing the most work to get this deal sold.
David: That's right. That's a great point Mike. So, you had a really good point though. You don't need a buyers list to start this process. A deal's going to sell a deal. Now, a buyers list is going to ultimately speed up you selling a deal.
David: But if you have a deal and no buyers list, you can still do this, okay? So, don't stop what you're doing to try to work on building the buyers list. Instead, build it slowly every day, overtime, okay? You can build that buyers list by collecting information from investors that call you or you can automate it a little bit. What we do is again, REI blackbook has awesome landing pages and tools for this and we use them to basically have a landing page and you can check it out at discountpropertyinvestor.com/VIP. It's that simple, discountpropertyinvestor.com/VIP and it's just going to have a simple landing page that says hey, what's your name, your phone number and maybe the business name and then check these boxes on areas that you're looking for deals and we will send you these deals as we get them. So, you can build your buyers list overtime and there's lots of strategies that we'll get into later, but do not think that you have to have a massive buyers list before you can start doing deals or marketing properties, it's- that is untrue. So, moving on, we talked about securing it, we talked about posting it online, we talked about adding it to your own website that you can then call, text, or email out which has lots of services, we like REI blackbook. There's a couple other ways to sell deals and Mike you had said earlier that you know, it's- the easiest is at the top, right?
David: And then if you need to, you can do these other approaches, but you might not need to. You might be able to just send a text or a call out to the webs- to the buyers list to get it sold or maybe make posts on Craigslist or Facebook Marketplace and get it sold, you might not need these other things.
David: But we have them for a reason. What will be the next thing we could do?
Mike: Okay, so one of the next things is- it's very- it's similar guys, a lot of these things are similar to the way that you're finding your deals, so you're finding your motivated sellers as well. So, the next thing would be networking. So, you're going to take your deal, maybe print a photo or two of it and write a description, so make a little flyer, and go to your REIA clubs.
David: Ah, I love REIA clubs.
Mike: So, REIA's are your real estate investment associations, or just again, real estate groups.
David: There's meetups.
Mike: So, go to meetup.com, find some local real estate investment clubs and you're going to meet people. So, these are hopefully people that you're networking with already.
David: And you're going to build your buyers list by doing this too.
Mike: Exactly, cuz half the people in that room are going to- they want to learn how to make a chunk of money. The other half want to learn how to build a portfolio of rentals.
David: That's exactly right.
Mike: Or, well maybe thirds, cuz half of them want to-
David: They want to fix and flip, they want to dome some rentals.
David: But some of the people there are just looking to wholesale. The more experienced people typically are not looking for a job anymore, they want the passive. So, they're looking to get the rentals but either way, go there, find the people that are in that room, let them know who you are, get their business cards, add them to your buyers list, but Mike, the purpose of talking about REIA's is bringing your deal on a piece of paper.
David: Print it out, have this piece of paper with a couple pictures, info about the property.
Mike: And bring 20 or 30 copies.
David: Bring 30 copies, yeah and put them on the deal table or leave them on the seats of the peo- of the chairs before the event starts so everyone picks it up when they sit down and say oh, here's a deal in 63114, I love that zip code, maybe I'll go look at this one.
Mike: Don't forget to put your contact info on there.
David: Absolutely, but that's it, bring a deal to a REIA meeting. There's usually what's called a deal table or in the beginning or end of most meetings, they'll do like a needs and wants, and if you need a buyer, then stand up and say hey, I got a property under contract, I need a buyer, anybody interested in this deal in this area? And that's it, that's REIA's, alright? Next, I'm going to skip ahead to bandit signs, I think that would be the next easiest solution Mike.
David: Over direct mail.
David: So, next I'm gonna say bandit signs because you- the cost is a lot lower than mail and it's quicker, you can go put these signs up right now, you don't have to wait a couple days for them to hit. Don't you think that makes sense?
Mike: 100%, I just- it's physical effort too though, you know like, so if you do the bandit signs, you got to order them and well again, maybe you're already marketing with bandit signs, but then you have to physically go get in your car, right? You know must sell property, you have to put them out at different places, you know so it's physical effort. You're exerting your time and efforts, again, this isn't a perfect order, it was just, you know.
David: Yeah, exactly so that's right. So, bandit signs are great, you can put a sign in the yard or on the corners of the neighborhood or just in the vicinity where there's lots of traffic that just says, you know something very very simple and basic: 3-bed 2-bath, must sell, phone number, and you can place these signs around the property and people that, you know, drive by that are investors, are going to be interested in and hey, there's a motivated seller. Even though you're a wholesaler or investor, you can still be a motivated seller cuz you're working with one, you're representing that person.
Mike: You're also going to get the curious potential home buyer as well.
Mike: And you're just going to explain to them that yes, I'm an investor and I'm selling this property, I need a quick closing. Can you close with cash quickly? Cuz that's one of the key things that's going to make this transaction smoother and easier for you if you get a home an owner-occupant that wants to buy it and you're gonna need to tell him: these thing's gonna need a lot of work too. You know what I mean? You wanna be very very clear with him because the owner-occupant may not be the best option but again, it doesn't mean it's not going to happen. Again, you just want to make it very clear that they need to be able to buy quickly with you.
David: That's a great point.
Mike: You have to sell it so fast or whatever, I mean again, that's just very key.
David: So, for sale by owner sign in the yard, we're gonna touch on that too, that's basically a bandit sign, it's just a nicer one.
Mike: Yeah, I kind of- I lump those two together.
David: I lump those two together too, right. So, put a sign in the yard, put bandit signs around the neighborhood, you know, you're going to get calls most likely if you have a deal and it's in an area that's desirable. Let's go back to send direct mail, that's on our list here too. We can use the MLS to find cash buyers, but we can also use our favorite software Propstream.
Mike: I was just going to say man we forgot about this one.
David: And Propstream uses- has a cash buyer tool that we can then pull down. We can mail them a flyer or a postcard of our deal. Another way to do that would be to call or text them just like we did with our website above, but this time this isn't a buyer's list that we've built, it's a cold buyers list, so we can cold text or cold call them and say hey, I noticed you bought something recently in the area. I have a deal right now that you may be interested in, are you? and if they're not, move on, and if they are, try to sell it to them, okay? So, direct mail, cash buyers list, MLS, Propstream. Again, mail is one option, cold calling or cold texting them is another option but if you are going to mail them, just keep it simple. Use a postcard or a flyer, something like this, you know postcards are cheaper, it just has your number, a couple pictures of the deal and some basic info about it. Guys, that's it, keep it simple, alright? Last but not least, list it on the MLS and is there anything that I really left off Mike? I'm sure there's other things that we can do but this is really the nuts and bolts. This is the 80/20 principle all day. 80% of our efforts are going to be done on this list, right?
Mike: Yeah, I'd say yeah.
David: Maybe more.
Mike: Almost I'd say 90/10.
David: Almost a 100%, right?
Mike: Yeah, this is- this is a very-
David: So, last but not least, we're gonna list it on the MLS.
Mike: Let's talk a little about that.
David: I would love to.
Mike: Yeah, because listing on the MLS, you're going to say wait a minute, I thought I was selling properties off market, or buying them and selling them off market. Well, most of the time you are, but we've had a good amount of success listing these properties. So, can you do that when you don't actually own the property yet? Yes.
Mike: But you have to be a little bit more careful or you just need to cross your t's, dot your i's sort of thing. You are listing it as owner by contract, our local MLS even has an option for that as the seller, there's a- and again, so you can list it as owner by contract in our MLS.
David: Yeah, we actually have the option in our own local MLS to list owner by contract, however, you can still do this if you don't have that option, but you need to have the permission of the owner themself.
Mike: Exactly, and I think this is very clear both in- both times you have to do this.
David: You may be the seller, but you are not the owner until it's purchased, right?
Mike: Right, so both times, I think you have to be very careful about that. You want to make it very clear to the seller that this is what you're going to do.
David: That's right.
Mike: Because again, they can- there's big issues with not doing that, so make sure you-
David: Yeah, you can't just go list a property that you don't know own. You have to get permission to do that.
Mike: And a lot of times, you've got a motivated seller and they do not care what you do.
David: They don't care, they just say sell it, I want you to be the buyer, or you and your partners, just do it, whatever you need to do and the ones that are the most motivated are the easiest cuz we can just say hey, do you mind if I try to find a buyer any means necessary, you know, which one, includes for sale by owner as me being that contact person and again if they're motivated, they're not going to care.
Mike: So, let's talk about, okay so you're going to get that in writing too. So, you're going to get permission to list it.
David: Which is just a simple as-
Mike: But let's talk a little bit about an objection.
David: One sentence that you add to your contract. Let's clarify that though.
Mike: No big deal.
David: So simple, you're just basically saying buyer has the right to market property any means necessary or even highlight it and say and list on the MLS to search for a partner.
Mike: And that's my preferred.
David: That's it. Yup.
Mike: So, I was going back to- what was I going back to? Lost my train of thought.
David: Well, let's look at the big picture here. The buyers list is really- or I'm sorry, this marketing, this property marketing checklist is really the nuts and bolts of what you need to do. If you follow this list, you will sell deals. This is what we do to sell our deals, we secure it, we add it to our website, and we text and email out the deal. Sometimes before that, we may call three, four, five people that we already know are buying in the area to just say hey, before I send this out, you want to go get first look at it? They're going to appreciate that and its less work for us to not to have to answer all those calls whenever we have one or two people that we already know want it. It's simple, that's kind of like a reverse wholesaling. You find the buyers first then you market in those areas. So again, we add to the site, we call a couple people, we wait a day or two then we text and email it out, we post it online, we bring it to REIA meetings. We will send direct mail or pull cash buyers list and cold call or text them about our deal or even mail them. We place a for sale by owner sign in the yard if we can and we place bandit signs around the property if needed. Now again, not all of this is needed on every deal, but this is how you sell a deal. Now, all of these methods too will help build your buyers list because you're going to get calls from these efforts and if that deal doesn't work out for them, guess what? They're a buyer, get their information, add them to your system and at a later time or date, you can sell them another deal, okay? So, we talked about for sale, we talked about bandit signs and then last but not least, if they are motivated enough and you get their permission, you can actually list it on the MLS and you can try to find a cash buyer that way or even an investor that may even have a bank loan, doesn't matter, it's a retail play that way and that's really it, okay? So Mike, we kind of covered the marketing- we covered marketing the deals very very in detail, okay? We use a checklist to do so, okay? The checklist can be found, I think it's on free wholesale course. I'm actually not sure, maybe this is on another course.
Mike: I think it's on our paid one but-
Mike: Again, we just went through the whole thing.
David: Yeah, we went through the whole thing.
Mike: Make your own checklist.
David: Make your own, right.
Mike: I mean.
David: So then, that's the marketing. We kind of skipped over the selling which we're going to talk a lot more detail about in closing, okay?
Mike: Yes, yeah.
David: But let's just briefly touch on the selling real quick. So, once you do all this marketing and you find somebody that's willing to buy it, you have to get- you have to sell your contract and again, we're going to go over this in way more detail than closing the deal but basically there's two methods: you can assign your contract or you can close on it and then sell it which is called a double close, in a lot of areas they're going to allow you to do this with none of your own money, but that's basically the selling your deal and then the buyers list, we kind of touched on a little bit. Let's just focus on that and then we'll wrap up.
David: Okay. So, the checklist is the main thing, that's how you market. Selling the actual deal, we're going to talk a lot more about in our next podcast and next section but let's wrap up with the buyers list guys. So again, you do not need a buyers list to wholesale a deal. If you have a deal, it's going to sell itself. The buyers list comes in handy to make it easier for you and quicker, right? But you do not need one, so if you are watching this right now and you're like, okay, you know, I want to get into real estate investing specifically wholesaling and you're trying to build your buyers list and you're not doing any marketing for motivated sellers, stop. Do not worry about your buyers list, go get a deal. A deal will sell itself. You can build your buyers list overtime and you can use systems like REI blackbook, which we love, to help automate that process of getting people to sign up, right? Building the buyers list though, one of the easiest ways is to go into Propstream, pull a list of them, call or text them and see if they want to be added to your list and then you can build a massive one very very quickly. REIA's, I think you're going to be probably one of the best places to find buyers because they're the active ones. Some buyers may buy and then go away for a year and then buy another one and go away for a year. The people at the REIA's, they're buying multiple a month, if not a week.
Mike: Well, and they're there to network to buy.
David: To buy or sell. Right. Deals. So REIA's are a great place to build a buyer's list and then bandit signs is actually another great place to build a buyer's list, right? I love calling bandit signs, even the ones that say We Buy Houses, I call those people and say hey, I'm an investor in the area, I see that you're marketing for motivated sellers, but I'm looking to buy in this neighborhood, so if anybody in this neighborhood calls you and they have a deal for you, call me cuz I want to buy that deal and that's really it. Don't overthink it. When I first started using, you know, wholesaling, I was using Excel on my computer to keep track of my buyers. After I got to about 80 or a hundred, it was overwhelming. REI blackbook had a great way to manage them and also easily send an email or a text or an RVM to them to let them know I had a new deal and it just made sense. You don't necessarily need it to get started but it will help you in the long run.
Mike: Yeah, and Dave you've got links to all the things we mentioned below on your YouTube and we'll put them in our podcast show notes as well. Use our promo codes, most of them will give you a discount, REI black books is huge.
David: Yeah, save a thousand bucks.
Mike: Yeah, so you- it waives the licensing fee so check those out guys and yeah, that's pretty much it.
David: That's it.
Mike: Thanks for watching.
David: Thanks for watching guys, signing off.
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