MODULE #4 | LESSON #2
Respond to Buyer Leads
In this lesson, you will review the best strategies to closing the deal with your Buyers.
How to Respond to Buyer Leads
By now you should be getting response calls from Cash Buyers inquiring about your property. In these next few steps, we will cover some strategies that help you successfully close a deal.
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1
Schedule to show the property.
Only show property to buyers that have either drove by the property or have seen video tour.
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2
Bring your contracts.
When meeting buyers, always bring your contracts to be completed on site or to give to your buyer for completion. Don’t expect that they will know what to do. You gotta tell them what the next step is.
Tip: BE READY!
I highly recommend you get contract signed there on the spot if they are ready to move forward and collect your EMD (Earnest Money Deposit). Meet them at their bank for a cashier’s check as that will be required by title especially if this will close quickly. You can also have your title agent send a courier to pick up the EMD for you.
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3
Schedule them to your Title Agent.
Make sure to schedule your buyer to your title agent for proof of funds and any other documents your title agent will need them to complete.
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4
Do not get into bidding wars with buyers.
Whoever is willing to take the deal down first gets it. It’s easy to burn bridges if you allow a bidding war to happen with your deals.
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5
Lock in the contract before you take it off the market.
If another wholesaler says he can get you a buyer and asks you to take it off the market, do so only if they will go to contract with you first and get you EMD. They can mark up the deal any way they like but you have to have a contract in place.
Now Under Contract
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6
Know their funding source.
Verify with buyer what their funding source is going to be, if it’s going to be a hard money loan know that those type of loans may take an extra few days to close.
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7
Provide wiring instructions.
Always have your title agent provide wiring instructions for each property to you so that you can quickly provide those instructions to your buyers for quick and efficient closings.
You're almost there! In the next lesson we will wrap up the final steps to close your deal and pay your drivers.
