For any real estate agent, a cash buyer would be the ideal person to crack a deal with. This is not only because of the fact that real estate agents would get cash right then and there, but it also helps to close the deal without any financial complications. Wondering how you can find this type of buyer that seems to be only a pipe dream? Read on to find out!
Why cash buyers are important
It is a known fact that cash transactions in a real estate deal are always preferred owing to the following points:
// The time taken to close the deals is much shorter compared to the other mode of financial transactions.
// There are no additional headaches about loans being approved in the bank.
But having said that, finding a cash buyer in this market is indeed difficult and one needs to have a focused plan in order to land this genre of customers.
Having an updated database of cash buyers would be very handy to connect and tap into. There is a significant number of foreclosure properties which are coming up in the market that cannot be transacted using other normal finances and thus buying in cash is the only option. On a similar note, properties with permit issues or physically damaged properties are also required to be transacted in cash. These properties are generally bought and improved upon in order to improve the image in the neighborhood in terms of beautification, clearing the burden of property tax, creating jobs, and more. Having said that, the general market trend shows that there has been a significant dip in the number of candidates who are cash rich enough to buy real estate properties. The following would be few of the key tips that you can remember when locating cash buyers:
Take the marketing techniques online
Online marketing is probably one of the easiest ways to attract cash-rich buyers for real estate deals. You can have a professionally designed webpage which would host all your important description and communication related to the set of properties available. Now once the website is in place, you can utilize the services of Google ads or even have a blog page to help you pull in customers.
Work with your competitors
Real estate market is a highly competitive market where deals are decided even with a difference of a couple of dollars. In case if you have missed on a deal, you should even work with your customers to crack an all win deal and show them what all the properties you have in your kitty.
Get Referrals
We had discussed the repository of all cash buyers for a particular location. Now, it’s the time to connect with them and present your properties. Even if they are not interested, there is a high chance that they will refer to someone with the bandwidth to purchase in cash. Some amount of finders fee can also be given to the person who has referred.
Build a strong network
In the field of real estate, networking plays a critical role. There are plenty of active investors, asset managers, high net worth professionals, and qualified buyers out there. It is definitely advisable to meet them at every possible opportunity to let them know that you are also into this trade. If time permits, explain in brief about your different real estate projects. The world of the internet also has various real estate related blogs wherein you can post your content which, in turn, would be viewed by many probable cash buyers. The National Real Estate Investors Association, for one, has over 100 local chapters and affiliates across the country and being associated with such an organization will surely enhance the probability of getting cash-rich customers.
Obtain An Updated List Of Cash-Rich Buyers
Big data pools and technology have been making it easy to obtain large and targeted lists of cash buyers. The work which needs to be done at your end is to check for properties which are free of multiple ownership, zero mortgage, etc. as these are easy to be sold.
Use Online Platforms
The number of online platforms on a quest to buy up homes from sellers quickly, for cash has been growing every passing day. Recently, Opendoor has managed to raise over $200 million in funding, including a $100 million loan from home builder Lennar. These national platforms and tech startups often don’t work in all markets and are very specific about their purchases.
Today, even though few in number, cash homebuyers are highly desirable in the real estate market. They are an important asset for real estate investors and a one-man renovation crew like a house flipper who want to get their properties sold fast and grow their business in a short amount of time.
If you’re in looking to sell your home in Miami, get in touch with Deals With Dignity today! We provide a quick & fair rate on your property.
