How To Build Credibility With Buyers

Buyers… a wholesalers best friend.  A lifeline.  The reason why we make the money we do with a smile on our face.  However let’s face it, many wholesalers are fantastic at shooting themselves in the foot in this area.  Even experienced wholesalers run into more challenging Buyers that while qualified to buy, are hesitant or even downright against buying from a wholesaler.  Or they are just so picky that the time spent quickly feels like it is not worth the effort.  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?  (i.e. Buyer walks right before closing)

A few simple steps will make this hurdle much, much easier.  We’ll cover two this month: 

Step 1: Confidence

• Be knowledgeable – you do not have to be THE expert.  You do have to know the basics at a minimum.  The following list while not all-inclusive contains many of the items one should know about all their deals.

• The street address? 
• What the house is worth?  
• How much it needs in work (a real 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 is the result of the title search?
• Are there any access instructions for the property such as lockbox, appointment only, or is it wide open?

• Be Ethical – I continue to be amazed at what a ‘wholesaler’ will say just to make a quick buck.  Don’t be that person.  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).  A Buyer will respect this far and away more than the numbers on a deal almost every time.
• Remember, you are now in the people business and Buyers are people. People do business with people they know, like and trust.  Easy to remember but in the heat of the moment, your true character is what comes out.  Make sure it is an ethical one when the heat is not on.  Relationships will make you more money than any one deal for most people.

Step 2: Online Presence

We live in a connected world and you are likely being ‘checked out’.  It’s the new normal.  And that’s ok!  If you are doing the right things, you want to be found.  After all, we are trying to get more business done!

• Social Media – Stay active.  Think about what you say before posting.  Retweets and shares are fine as long as they are congruent with your beliefs and who you are.  Don’t post things you are not.  It eventually gets discovered.  And be social.  Everything doesn’t have to be business.  Your Buyers want to know you are a real person…not just a quick money shark
• Your website – What is the message your website is sending out?  Is your website a site that makes people want to look around?  Attention getting?  If you can get your Buyers attention, they oftentimes will ask about your site.  Give them a reason to keep visiting not just for deals but with quality content.  Make it stand out from the rest!
• Testimonials – Buyers really do read these things.  They want to know if the testimonials ‘connect’ with people thus helping them to connect with you.  They are looking for comfort with you.  Give it to them using testimonials.
• Blog, Youtube – Buyers like videos. They can see not just your deals but who they are going to work with.  They can then read your blogposts to see how they flow.  And they are always looking for more legitimacy.  Give it to them using these two simple mediums. 

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 within about 3 seconds.  First impressions, whether in person or online are everything.

We will do the next steps in the next article but for now, working on the above will get you started!  Until next month…

Frank