If you're a wholesaler, flipper, or investor actively marketing deals, you’ve probably had this happen:

• Someone gets on your buyer’s list.

• They open every email.

• They ask for comps.

• They want access.

• But they never make an offer. Ever.

And you start wondering…

“Is this person even buying right now, or are they just trying to grow their list?”

In a world where everyone wants access to off-market deals, it’s critical to spot the difference between real buyers and list builders before you waste time, lose leverage, or hand over sensitive deal data.

In this article, you’ll learn:

• Why some people pretend to be buyers (but aren’t)

• The red flags to look for in email replies, texts, and calls

• Behavioral signals that separate buyers from lurkers

• Scripts to qualify gently (without scaring off the real ones)

• How to protect your data while still growing your list

• Smart segmentation tactics to keep your follow-up efficient

Let’s jump in.

Why Fake Buyers Waste Your Time (and Hurt Your Conversions)

There are three types of people who act like buyers, but don’t buy:

1. The “Future Buyer”

They’re still learning. They like your deal flow. They’re not malicious, just not ready.
They might be:

• New to investing

• Waiting on funding

• Looking for a JV partner

• Building confidence

They’ll ask decent questions, maybe even walk a property, but always say:

“This one’s not quite right.”

2. The List-Builder

They’re using your deals to:

• See who’s selling what

• Pull addresses

• Contact sellers directly

• Rebuild their own deal packages

This is more opportunistic behavior. They’re usually other wholesalers or startup agents.

3. The “Ghost Cloaker”

These people want to appear active in the market. Maybe to impress sellers or partners.
They’ll:

• Ask questions to sound smart

• Request access

• Then do nothing

They’re not malicious, but they’re dangerous to your time and mental bandwidth.

Why You Must Identify Them Early

Even one fake buyer in your top 10 list can:

• Waste hours of follow-up

• Blow your confidence when deals stall

• Damage your reputation with sellers (by dragging things out)

• Lower your response rate due to fake demand

• Cause real buyers to miss out if access is over-exposed

Your job as a deal runner isn’t just to market. It’s to qualify and segment quickly.

7 Red Flags That Signal “Just Building a List”

1. They Ask for Access Before Numbers

If their first message is:

“Can I walk it today?”
But they haven’t asked about ARV, repairs, or terms…

They’re probably more curious than serious.

2. They Never Talk Exit Strategy

Real buyers will mention:

• Holding

• Flipping

• Renting

• Assigning

If they never say what they plan to do with the property, they likely have no plan.

3. They Open Every Email, but Never Reply

They’re clearly active, but never act. Look at your open and click rates. If they click photos or comps 5x per email, but never ask a question, they’re just watching.

4. They Ask for Off-Market Deals, Then Ghost

If someone keeps asking:

“Do you have anything else?” …but they’ve never bid on what you sent...

They’re training you to hand over deals. Not to close.

5. They Ask for Buyer Lists or Seller Leads

Massive red flag. No legit buyer asks this.

They’re probably reverse wholesaling or trying to scrape your data.

6. They Say “I’ve Got Partners” but Never Introduce Them

This means:

• They’re not the end buyer

• They’re shopping your deal around

• They’ll only move if someone else wants it

7. They Vanish Every Time the Deal Gets Real

If they disappear right when:

• You ask for proof of funds

• You ask for a walkthrough

• You present a deadline

• You share the contract…

That’s a pattern. One that screams: “I was never planning to close.”

How to Qualify Buyers (Without Sounding Defensive)

The trick is to be confident, not combative.

Here are 3 ways to qualify a buyer early:

Script 1: The Friendly Filter

“Hey! Just so I can prioritize the right stuff for you, what kind of deals are you actually buying this quarter?”

This tells you:

• Budget

• Timeline

• Asset type

And it feels casual.

Script 2: The Exit Question

“What’s your exit on this one? Are you flipping, renting, or assigning?”

If they hesitate, they’re either brand-new or BSing.
Either way, you’ve got clarity.

Script 3: The “Deal Drop” Qualifier

Before you give out too many details, drop this:

“This one's getting some heat. Before I open access, just want to make sure, are you in a position to buy this week?”

That makes them opt-in or opt-out without pressure.

How to Protect Your Deals (Without Slowing Down)

Here are smart tactics that keep the wrong people out:

Use Click-to-Access Forms

Don’t just blast Google Drive links in email.
Use a form to:

• Capture buyer info

• Track views

• Gate the data

You’ll know who’s watching and who’s not.

Use Expiring Links for Comps and Photos

Tools like Dropbox or DocSend let you:

• See who opened

• Set expirations

• Block reshares

This protects your work and gives you visibility.

Add “Do Not Distribute” Watermarks

Put your name, company, and phone number on every photo. Why?

So if it gets shared, you get the call, not someone else.

Segmenting Your List: How to Find the Real Buyers

You’ve probably got 500+ names on your list. But how many are real?

Use this segmentation system:

A-List (Active & Verified)

• Made offers in the last 60 days

• Sent proof of funds

• Told you their exit strategy

• Responsive and fast

Give them early access.

B-List (Interested But Unproven)

• Engaged
  
  

• Communicative

• Haven’t bought yet

• May need a push

Use qualification scripts. Keep warm.

C-List (Inactive or Suspicious)

• Haven’t replied in months

• Ask for data, not action

• No history of buying

• Sketchy requests

Keep on broad mailouts, but don’t prioritize.

Re-Engagement Email to Weed Out Fakes

Send this every 90 days:

Subject: Still Actively Buying? Let Me Know

Body:

Hey [First Name],

I’m doing a quick cleanup of my list to focus on real buyers ready to move on to discounted deals.

If you’re still actively buying in the next 60 days, hit reply and let me know your:

• Buy box

• Timeline

• Preferred exit (flip, rental, assign)

I want to send you what fits, not flood your inbox.

If I don’t hear back, no worries, I’ll remove you from the priority list.

Appreciate you!

[Your Name]

Respect Your Time

The best investors don’t talk forever, they act. They know what they want. They share their criteria. And they make decisions fast.

You don’t need 1,000 “maybe” buyers. You need 10 real ones.

So the next time someone says:

“Can I see the photos?” or “What’s the address?”

Without sharing a word about what they actually want...

Pause. Ask a qualifying question. Track their engagement. And be willing to move on.

Your time and your deals are too valuable to waste.