A cash-rich buyer is a dream come true for every real estate agent and seller; cash buyers are investors who have access to necessary funds needed to complete their transaction without involving banks or other financial help.
For sellers, cash buyers are ideal, especially if they don’t have an agent – which means they do not have to give out a big chunk of their profit as commission and they receive a lump sum, which they can use to clear a debt or make major investments.
However, spotting a cash buyer for real estate is very tricky, especially if what you’re offering is a luxury property which can amount to a large sum of money. Sellers can find cash-rich buyers through well-connected agents, mutual connections, or through online or offline advertising.
Sellers who flip homes, investment companies, or realty consultation teams can actually be helpful in bridging the gap between you and investors who have ready access to instant cash.
Moreover, many properties which emerge into the sellable market are usually facing foreclosure or are seized by banks, and actually cannot be bought with standard loans or in a regular format; they need to be acquired by investors with easy access to funds to turn the property around and to manage the tax load.
The reason so many owners look for cash buyers is because it is beneficial on many counts; properties not only sell quicker but the process is simpler, it involves a smaller number of outlets and people, which means less third party expenses. Plus, most cash buyers are resourceful and experienced in cash-only real estate transactions, and you get to communicate and network with them first hand. Here are the best ways of attracting cash real estate buyers:
Avoiding Agents Is Not Always Wise
Many sellers want to bypass agents and go directly to the network of buyers, to save up monetarily. But there are ways agents can help you out, even if they are not directly working for you to sell your property.
A great seller’s hack is to locate a few accomplished real estate agents in your city, preferably in your neighborhood, who know the area and its people well. An agent is also an expert in realty and can actually forward you a bunch of leads for viable buyer names, in exchange for a very reasonable fee.
They are equipped with strategies which can help you spot out-of-town buyers owning several properties, or investors who do not have any outstanding mortgages.
How Can Lawyers and Financial Experts Help?
Most legal experts and finance executives usually come in daily contact with individuals who’d make very good cash buyers for your real estate property. Finance professionals, especially keep close tabs on their clients’ monetary situation and are aware of the nuances of credit and the realty market.
There are always ways to open a mode of communication with them, via mail or mutual connections, so you can reach out to the right kind of buyer base.
Property Auctions Are a Good Option
A great way to meet prospective cash-rich buyers are property auctions in your city; they are usually attended by investors who have the funds ready to take a distressed property off the market. Which means they have the cash handy, and you can easily network and pitch your deal. A few trips to property auctions should help you establish a small circle of potential buyers who could also give you some leads.
Don’t Just Think Local When It Comes to Advertising
Most cash buyers investing in real estate, are based outside the States and are looking to buy property in the country. Which is why you can’t just depend on printed advertisements, and you need to venture out to Facebook realty groups, online listings, Twitter and other platforms where you can reach out to international buyers.
Think About Making a Landing Page
A landing page is a web page which is made specifically for selling a product or campaign; you may think creating a landing page for a property is too much work, but a page with all collective data, pictures, rates etc is a helpful platform for all potential buyers, be it through social media or via any other platform.
It also makes it very easy for you to market your property as you now have a go-to point of reference whenever someone’s curious about it.
Make Use of Public Records
It may be a time-consuming process, but one of the most effective ways to locate cash-rich buyers is by accessing a list of all sales which have been made. In case of cash-only sales, you will find a deed but not a loan or mortgage-related lien document in the sale’s record, this should easily give you an idea about buyers who have, in the past, made for viable cash buyers.
Look Up Accredited Names
Every seller has anxiety about their buyer’s credit score or realty track record. Try to locate names who are accredited by legitimate financial or marketing bureaus or organizations, it is an indicator of a smooth financial history and you will also get a sense of their earnings.
Reach Out to Property Management Companies
Most property managing firms have a ready list of people who’d make good cash buyers. These property management companies are essentially run by leading real estate agents, so you need to come up with a lucrative arrangement to get their help, especially if you do not have an agent.
They can actually help you track down seasoned, and resourceful buyers who are savvy in cash-only transactions. Fix up a reasonable commission in exchange for some major leads in and around your area; or if you are looking to sell more than one property, you can even work out a small percentage which you will be paying them after each sale.