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Is this buyer on your list?
September 1, 2010 by Esi · 19 Comments
Everytime I had a buyer campaign which in this case was sending out letters to absentee buyers, I only included local and out of state buyers, but for some reason I excluded international buyers. This time I decided to include them and I’m pleasantly surprised with the result.
A few weeks ago, I got a call from a seller whose house I sold in March. He had a great experience and called to sell his brother in law’s house to me. After speaking with him, I was curious what happened to his house since I sold it and decided to check public record to see if my buyer resold the house or kept it and what I found was very revealing. I sold the house and made $2,000 assignment fee. My buyer resold the house the same day to a London buyer for get this $8,000 more than what he got it for. I’m honestly not upset he made more than me, but it opened my eyes to see that the chatter I’ve been hearing and ignoring for months that international buyers is where the money is at, is absolutely true.
I decided to get on the international buyer bandwagon, so I set up aweber recently to keep track of subscribers that sign up for my VIP buyers list before sending out the letters. Most people called and left a message, and some went to the website and subscribed, which is great, but this time I was more interested in international buyers.
Of the 19 letter I mailed to international buyers, 7 of them from 4 different countries subscribed to my website. After sending them a welcome email, a few days later I sent a form which includes questions asking them what exactly they are looking for so we can meet their investment needs. Only 3 buyers filled out the form and they also included their phone number and the best time to call. I called and spoke to all 3 of them and it turns out 2 of them are big time buyers in this market looking for turn key properties and one of them is a wholesaler in his country with a waiting list of buyers.
Within a few days, the wholesaler was able to find 2 buyers for 2 of my turn key properties, sent me an email and told me he has buyers with a deposit ready to close on Thursday. Holy Smokes! After lots of emails, I spoke to his property Manager today and we hit it off and had a great conversation. They have had many successful transactions and he manages properties for international buyers. As much as love fast closings, we won’t be able to close this Thursday because I want to make sure all the necessary due diligence is done before closing. I’ve learned so much and I can’t wait to share with you guys. I’ll keep you updated with my progress and lesson learned through this process.
Do any of you guys have any experience selling to out of state or international buyers? My first encounter with an out of state buyer was not a pleasant experience. I wasted a whole day driving him around while he was acting like a big shot and he turned out to be a tire kicker. This new experience has renewed my faith in out of state buyers. We’ll see how it goes.
Hey Esi, congrats on getting the 2 buyers for your deals! I’ve heard the same thing about international buyers….good stuff. I love how one of the guys overseas was actually a wholesaler for U.S. properties and was selling them to international buyers. Brilliant
Looking forward to hearing more!
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Thanks Shae. I’m beginning to find out that dealing with international wholesalers (IW) is actually easier than selling directly to the international buyer. My title guy is hooking me up with more IWs and it’s working great so far.
Hi Esi,
Great post! That is a great strategy. I never thought of international buyers. Can’t wait until you have more updates….
Thanks Ka, this strategy might not work everywhere, but if you have absentee international buyers, definitely give it a try it just might work for you.
Great to hear, Esi!
Yes, international buyers are definitely looking here in the U.S. I remember when the housing market was at an all time high, there were a lot of international buyers here as well. Now, with the downturn with the economy and the market I’m not surprised to hear this. It just goes to show, there are opportunities in every type of market!
p.s. Oh, wow! I had no idea you had a VIP buyers list, that’s awesome!
Who knew Rachael. People that have connections with international buyers seem to be hush hush about it for some reason. But if you have an active international wholesaler and can give them what they are looking for, you could make a lot of money from larger spreads.
VIP buyers list is just a fancy word for buyers, lol. It does make then feel special though.
LOVE IT, ESI! A great lesson that every wholesaler should be mindful of. Thanks for being the guinea pig!
And keep the awesomeness coming!
…jp
jp moses´s last blog ..Competition Killer- Pt 1- 3 Genius Ways to Gain Instant Rapport and Credibility With Anybody
Hey JP, I don’t mind being your guinea pig
Stay tuned.
I love the way you track and research your data. I kinda lack a little bit on that in my business. I have dealt with a international buyer by way of referral but he has yet to buy anything. Good stuff as always Esi!!!
Hey Erby, I wish I could say i’m good at it, but I do the best I can. So far i’m really impressed with how things are going. More updates to come.
Hey Esi, Where is the best place you’ve found to market to leads? Probates, REOs, Etc?
Hi Amy, I market to probates, absentee homeowners/landlords and through an onlint leadsource called webuyhouses.com. So far my favorite is absentees. Hope this helps.
Hi Esi, Great article. I always learning something new and useful from your posts!!
Steph
AnotherSteph´s last blog ..New Month- New Possibilities
Thanks Steph. I’m glad you enjoyed it
Wow Esi that is awesome! Congrats and that is something we definitely should keep our eyes open for!
Excellent, excellent post! Thanks for the tip!
Carey_PA´s last blog ..Offers on 2 multi-units and an eviction
Hey Carey, I’m really enjoying working with my international buyers. It’s definitely something one should consider exploring if one if looking for more buyers.
Friended you on FB. Following you on Twitter, Linked you in. Love your blog.
In this business, wholesalers MUST have a strong buyers list. At Pennsylvania Short Sale Solution we use a tool called Freedom Soft to find motivated buyers and sellers alike in any zip code in all 50 states.
Keep up the good work Esi.
w/ respect
Ronnie Smith
Ronald M Smith´s last blog ..MIT-Harvard Study- Foreclosure drops house value by 27
Esi,
Your subscribers are welcome to join our VIP Buyer’s List as well. Together, we can all do more deals.
Simply defined, synergy means that the whole is greater than the sum of its parts. It means that the relationship the parts have to each other is a part in and of itself—-the most catalytic, empowering, unifying, and exciting part.
Stephen R. Covey