Buyer’s List Whore
Iowa Investor definition for the day: Buyer’s List Whore.
What exactly am I talking about? Let’s go into the definition below.
Have you ever overpaid for a guru’s course that talks about building a buyer’s list before you have a property? You must create tons of fake ads to help drive a list of “motivated buyers” itching to buy from you-before you even have a property.
Now you get to spend the next two weeks on the phone wasting your prime time minutes with calls like this:
Caller- I see you have a 3 bedroom for sale on contract, what was that address?
You – Yes, I do have a 3 bedroom on contract…uh… it’s not 100% done, so for liability purposes we can’t show it yet. But….can you tell me how much you have for a down payment and what you are looking for, and I will tell you if it fits?
Caller-Look, I want a 3 bedroom on contract because my credit is shot. We got some money but want to see it before we talk numbers.
You – Would you have like 5k- 10k down?
Caller- So you ain’t going to tell me the address? Tell me more about it then.
You - It’s a 3 bedroom, 2 bath home. We are now painting and carpeting.
Caller – Can I drive by it?
You – Well, how about I take your name and number and I will call you back when we are ready?
Caller – You know what? We are not too serious right now anyway. Bye. (dial tone)
That is your typical call when building a list using a fake property to find “highly motivated” buyers itching to buy your properties.
Ignorant Reader’s Answer-
I already know what you are going to say: “Jason you are wrong. Real estate is a numbers game…and yeah, most calls suck. But you do find people with money who are too stupid to know that you don’t have anything to sell. And if you find them something you could (in theory) make money!”
Jason’s Answer-
If you spend your time taking calls from strange people without anything to sell or rent….YOU AIN’T NUTTIN’ BUT A BUYER’S LIST WHORE!!!
Instead-
Spend your time and money looking for a great deal on a house. Next, apply yourself 100% to marketing that property once it’s under contract. If it’s a good deal, you will have no problem moving that property, and you will actually make money as opposed to wasting your time with fake buyers trying to look at a fake property.
Have you ever spent your time being a Buyer’s List Whore? Let me know how it went for you by leaving comments below. Feel free to make up stories to back up the use of a buyer’s list and how effective it is!
