Mark Woodring explains REI's VIP list, a waiting list from marketing presentations that gives buyers priority access to properties. Cash buyers skip the line, but financed buyers get contacted in order once a property qualifies for financing.
Hi guys. Welcome back to another vlog episode. I am here again with Mark Woodring, our director of investments. And today is vlog episode 39 already and we are going to be talking about the importance of our VIP list. And by we I mostly mean Mark. Do you want to go ahead and get started?
Yeah, absolutely. So the VIP list is great and it's important for us to start building those on the properties. In essence, it's like a waiting list. But it all starts with our marketing department, Caitlin and the marketing department. They will put out a presentation of properties that are soon to be available because we want to get it out there. Have you start doing your homework a little bit looking to see if this property is going to work in your portfolio or not. And so the purpose of the VIP list is to make us aware that you're interested in the property. It's in essence a waiting line. So we will, with that VIP list prioritize how those responses come in. If somebody's ready to move forward, they have their financing in order and they like the property and fits their portfolio. It's literally a first come, first serve. So we're definitely trying to encourage everyone to get on that list because if you see a property, put your name out there, we want you to be contacted by us. We can start answering any questions that you may have about the property. Do you see anything else that when they come back, like email responses or something like that, like saying, hey, I'd like more information.
The main question that I typically get is what is the VIP list? Which is why we are creating this video. The other thing that I think comes across most is why, why should I get on it? And again, you already touched base on that. I will throw in there though. If you have the cash and you want to buy it right then and there, absolutely still move forward with the property. Email us, call whichever. But if not, like Mark was saying, if you are needing that financing, definitely get on that VIP list. If you see a property that you are interested.
Absolutely. Because again, if I don't know or you don't know that somebody wants that property or is interested in maybe asking about our preferred lenders list or questions about the area or the property itself, if you don't, let me know, I don't know.
Yeah.
So in essence, the VIP list is a two way street. It lets us know that you're ready to ask some questions about the property and it also holds your spot in line for when that property does become finance eligible. If you're not purchasing in cash yeah, absolutely.
And I, at least from my understanding, as soon as we are notified that the property is financable, you or Kyron, I believe, will go straight down that list, calling the contacts on there, letting them know that the property is financeable.
Absolutely. So, in a nutshell, that is the VIP list, why it works, and how we want you to use it.
So that's all that I have.
All right. Well, thanks so much for tuning in. And as always, invest smart, live happy.
Bye.
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