We’ll assume that you have a property under contract and you’re looking to assign it to another investor or, better yet, a hybrid buyer.
Often, you don’t have a lot of time to go out and ?nd the buyer. You’ve got to get a buyer – that can close – and you’ve got to do it FAST! So in keeping with the “event” model because events are really the fastest way to get the most bodies through the door, you can consider holding an investor workshop with bus tour.
Here’s how it works (and I recommend you partner with a Realtor® or a mortgage broker so it won’t cost you anything out of pocket):
#1: Find A “Preferred” Partner to Host the Event
You’re going to want to ?nd a Realtor® or mortgage broker whose of?ce is within 5 miles of your property and who has access to a small meeting space or conference room.
Ideally, you will have both a Realtor® AND a mortgage brokeras a part of this team. Better yet, you’ll have a Realtor® with properties that are ideal candidates for your buyer prospects.
Since time is of the essence, you’ll need to move quickly, so try and secure the locationand partners on a Monday (if you’re holding this event on a Saturday). If you’re using this strategy solely to build a buyers list, timing is not as critical and you may consider anextra week to promote and/or get FREE publicity.
#2. Select 5 Properties for the Event
One of these is obviously your property and it mustbe clear to the Realtor® and mortgage broker.
If you have multiple properties, obviously you will use those before you ?nd “? ller”.REOs and ? xer upper properties are going to be your best choices. And this is why you’ll need the Realtor®, to get you in! You will need to draft up an agreement with the Realtor to make sure you get paid on any deal that arises from the buyers.
#3. Market Your Event
Your event is going to be an educational seminar with a buyer ?eld trip so that people can actually purchase deals. Make this very clear in your marketing. But remember, we’re using education-based marketing.
Here are 9 ways you can market your event:
- www.Craigslist.org (Write your headlines effectively for maximum exposure)
- www.Backpage.com
- Pay Per Click (Google Adwords)
- Local online classifieds
- Media websites (most television stations willhave a free calendar of events on their website for community events)
- Flyers to local vendors in exchange for sponsorship
- Contact local newspaper or TV station to getsome free press
- Local REIA group(s)
- Your existing database
#4. Hold Your Event
You may wind up with 2 people or you may wind up with 20 people at your event. This depends largely on how well you’ve marketed your event. Obviously themore, the better!
The event will probably take a total of 4 to 5 hours including the property tour. In the “training” portion of the event, you’ll want to have each person meet withthe mortgage broker to know what they are really able to afford/qualify for.
You’ll also want to go over the current market,why now is the time to buy, and the best types of deals to maximize their investment.
#5. Take the Tour of Homes
This is where you help them apply what they just learned. You’ll want to have ? yers, ?nancials, ?nancing scenarios, rehab costs, etc. available for each property. Get them to put a number on each deal at which they’d be willing to write an offer. Do this as you leave each property.
If you have enough people register for the event, you may consider renting a small bus or a minivan, but in most cases, a caravan will serve the purpose. Theonly bene?t of a bus or minivan is that you control thesituation and people can’t leave in the middle.
#6. Recap
Once you’ve visited all 5 properties, return back to the location to go over any questions and write up contracts. You, your Realtor® and your mortgage broker can work together to make sure that any offers people want to place are submitted and that they can actually close if the offer gets accepted.
#7. Follow Up
Again, the follow up is crucial. You will want to touch base with each attendee the following day to get any additional offers, write up contracts, or add to your buyers’ list for the future. In the event someone does not put in a contract on a property, follow up with the same questions we asked in the previous strategy.
These are just a couple of “event” strategies that can help you move a property that you currently have.