A recent question I received was, how many times do you show a property when wholesaling? I guess the easy answer would be – as many times as it takes to get it sold! But following is some additional conversation on this topic.
Schedule: If the seller is kind enough to let you show the property while they still live in it, pick a day and time that works for them. When a potential buyer (or buyers) call, schedule any and all showing appointments during the time that is convenient for your seller. Once a week is plenty to set up showings and without getting on the seller’s nerves.
Scarcity: You can always show more than one potential buyer at the same time. In fact, showing more than one prospect at a time can create a bit of a frenzy and the competition may help you sell faster or for a higher price.
Speed: To be a successful wholesaler, you want to be selling your properties quickly and to do that, you really need a list of good buyers – buyers who buy multiple properties a year. How do you find potential buyers? You should be attending all local investor meetings and networking constantly to make connections. Find potential buyers everywhere, find out what they want to buy and add them to your buyer’s list.
List: A buyer’s list is not something you can find or purchase, it’s something you will create over time. The fastest way to create your list is to have great deals for investors to purchase. If a rehabber makes good money off a property they purchase from you, they’ll come back to you again and again.
Pricing: By the way, if you’re negotiating well with the seller, your price to re-sell will be good enough that it should only take one or two showings to get it sold. If you can’t sell quickly to qualified buyers, you’re asking too much which means either you’re not leaving enough room for your buyer to make their own profit, or you’re paying too much when you purchase.
How many times do you show your properties?