Let's face it, many wholesalers are fantastic at shooting themselves in the foot with Buyers. Even experienced ones run into more challenging Buyers that while qualified to buy, are hesitant or even downright against buying from a wholesaler. These are not the easiest of hurdles to discuss. And even if they are willing to buy, how do you structure things to ensure you actually can close and not end up on the short side of the stick?
So let us look at the steps on how do you build credibility with Buyers:
Step I: Confidence
- Be knowledgeable – you do not have to be an expert. You do have to know the basics at a minimum. Research and learn the following: What is a wholesale deal? The street address? What the house is worth? How much it needs in work (ballpark)? What’s the exit strategy that makes it a deal for your Buyer? Where and by when you want to close? How you want to close? What title is? And are there any access instructions for the property such as lockbox, appointment only, or is it wide open?
- Be Ethical – never advertise your deal or yourself as something that is not 100% accurate. NEVER! This is by far the number one reason why wholesalers, especially new ones fail.
- Your Word – if you give your word on something, HONOR it. If you make a mistake, admit it…even if it costs you the deal (it rarely will).
- Remember, you are now in the people business. People do business with people they know, like and trust. Easy to remember but in the heat of the moment, your true characteris what comes out. Make sure it is an ethical one when there the heat is not on.
Step 2: Online Presence
We live in a connected world. Your online presence matters. Trust me, people are watching you!
- Social Media – your posts and comments are very important. Do not take it for granted. Think about what you say and mean it. Getting the right likes for your page is very important. If you get the right people to click right and leave comments on your page you will then learn your page posts’ audience. The numbers of likes and comments will help you learn on how to target your Buyers with the right content.
- Your website – ask yourself, what kind of image do you portray to your Buyers? Your website is the door to your business. It is important to determine how others view your company through your website. So make it inviting, visually appealing to attract potential buyers and generate sales over the web. An ideal website should be designed in such a way that it’s easy for anyone to navigate and user friendly. Make it stand out from the rest!
- Testimonials – can help validate the kind of service you have towards your Buyers. Some buyers are not sure to do business with you and so for them to make sure that you are running a legitimate business they will read the testimonial section. Testimonials are very powerful it can make and break your business without you knowing it. So get them when you close deals! Buyers notice!
- Your blog as well as your videos – if you like to blog, consider the quality of your content (and others if you have guest bloggers). A content that stands out and well written is something that will draw your readers to keep coming back for more. The same thing applies to your videos. And according to studies videos were over 50 times more likely to appear on the first page of search result in Google. Watching videos requires less effort than reading. So find the time to post videos.
Your ethics and character will come through in all of the above. It is amazing how people can make a decision about you just by what you share online - it happens everyday and has become a norm.
The other steps will be discussed in my next blog as this topic is quite long. To learn on how to build credibility with Buyers is such an important factor in a Real Estate Investor’s world. So knowing the specifics and learning to apply these steps is your way to winning your target Buyers.
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