“We can buy your house for cash and close in just 14 days!”
Lots of real estate investors say it… but how many are actually able to do it?
As a business model, wholesaling depends on not just offering quick closing times to home sellers, but consistently delivering on that promise. You don’t, after all, want to build a reputation for saying one thing and doing another.
Plus, the faster that you close deals, the more deals that you can do every month!
Easier said than done, of course.
How can you speed up and streamline the closing process? How can you ensure that you’re living up to your marketing promises as often as possible and really closing on properties within just a couple of weeks?
Here’s our advice.
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1. Build Your Buyer’s List
This is one of the most important parts of closing deals more quickly — especially if you’re wholesaling.
Build your buyer’s list whenever you have the chance.
Meet an investor at a coffee shop? Ask them for their email and tell them that you’d love to send them property deals every once in a while. Join meetups, call real estate agents, speak with property management companies, and attend local events — you’ll quickly meet new people and build your buyers list.
This is particularly important in the early days of building your real estate business, but it remains important so long as you stay in business.
Always keep your eyes peeled for people to add to your buyer’s list. The bigger your list, the easier time you’re going to have finding a buyer for each of your properties. And the more deals you’re doing every month, the more buyers you’re going to need to maintain momentum.
2. Find Better Deals
Good deals sell fast. Period.
If your dealings are selling slowly, if buyers are beating around the bush on the offer — not quite willing to make a commitment — then it’s very possible that your deals simply aren’t enticing enough.
Most real estate investors are math wizards.
If the math on buying a home indicates that they’re going to make a lot of money — if it really is a great deal — then investors are going to ask you a lot of questions and purchase the property as quickly as possible.
And if you have a great deal under contract, you should definitely show them the math and what they stand to make on the property.
If you want to close more deals more quickly, you might even consider lowering your own commissions a touch to sweeten the deal for your buyers — but the best option by far is to simply find and negotiate better deals.
Check out this article for some negotiation tips.
3. Create a Buyer’s Website
More than likely, you have a website built to attracting and converting home sellers into leads.
And you probably drive traffic to that site through SEO, advertising, and even direct mail.
But what about your buyers? Do you have a separate website where your buyers can view your deals? Is that website optimized to rank in Google for high-value keyword phrases? Is it easy to navigate and does it encourage people to convert?
At the same time that you’re generating seller leads, you should also be generating buyer leads.
Remember: if you don’t have a sizeable number of investors on your buyer list, then you’re going to have trouble growing your business even if you’re finding a lot of deals.
You need buyers just like they need you.
So consider creating a website where you list your deals, generate buyer leads, and allow investors to peruse your current properties.