When you are creating the buyers list, you are really creating a buyers database. You are trying to fill the database with as much data as you can about these buyers because the more you know about them, the easier it will be to streamline your wholesaling business.
There is no such thing as bad data, either. While there are a number of questions that need to be answered:
• What cities/neighborhoods are you investing?
• What level of rehab project are you willing to take on?
• And so on…
There is always more you can learn, because the more you know about your potential buyers, the more likely you are to succeed in the business.
More Data is Better
This is an important thing to remember. In Psychology, there is a test known as the MMPI (Minnesota Multiphasic Personality Inventory) that is a collection of 567 questions that help psychologists judge psychological disorders. But these questions aren’t limited to “Do you hear voices?” They also include questions that seem to be unrelated to disorders such as “True or False: I do not read every editorial in the newspaper every day.”
Now you may be wondering what this has to do with psychological disorders. The answer is “nothing.” The individual question itself has nothing to do with any psychological disorder. But individuals that have known psychological disorders that have taken the MMPI have answered that question and a number of other questions in a very common way. So the individual question may not be related to any disorder, but a specific combination of answers to many questions is.
The same idea holds true with your buyers list. The more you know about each buyer, the more commonalities you find, and the more you can learn about various groups of buyers.
- Perhaps you notice that individuals that are interested in larger rehab projects are only interested in certain neighborhoods.
- Maybe you notice that those that are not interested in large rehab projects are often buying larger properties.
All of this information becomes data that you will eventually be using to better understand not just buyers that you have now, but buyers you will get later, and all of that data will eventually be helpful towards creating a streamlined wholesaling process that helps property transfer hands at a rapid pace. It will also help you understand new buyers, as you can more easily put them into categories after you have added them to your buyers list.
Source: http://www.ArticlePros.com/author.php?Cris Chico
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