First Time Buyers ©

Buying a radio station is many a radio person's dream. The process can become a nightmare or the goal unreachable if a first time buyer is not prepared. You need to take certain steps before you can even begin to look for that first property.

1. Most importantly, get your financing in place.
If you think you have investors, have them commit in writing what they are willing to invest. If possible, have them place seed money in an escrow account. WHY? Because I can't tell you how many times I've seen buyers find the perfect station, only to have those investors disappear.

If you don't have investors, check with your bank to find out what you can borrow.

Don't depend on being able to buy on terms. Even an owner is going to demand a sizeable down payment, and owner financing is generally at a higher rate than a bank's terms. An owner is capitalizing YOUR business venture. If you have a sizeable down-payment.go to a bank. A bank will work with you if you miss a payment. An owner has the right to file to get the license back. If that happens, you are out time and money.

2. Be upfront with a seller or broker.
Nothing will give you a bad reputation faster within the industry if you aren't really interested in buying a particular property. You may be trying to compare markets or looking for places to live that are compatible with your personal lifestyle. If you don't have money, TELL THE BROKER OR SELLER. If you are in the initial stages of buying, be honest. A good broker will work with you. A seller will appreciate your efforts more, if you explain what you are looking for. This is a small industry, and word travels fast about "tower kickers."

3. Learn Sales.
If you are already in the radio industry, but not the sales end, get radio sales experience. Format does not drive sales, sales drives sales. You can get the best sales experience at the worst station in town. If you are not in the industry at all, learn about radio sales! I recommend ANYTHING by Roy Williams. He can be found on the web.

4. Develop a thick skin.
Many brokers and sellers are not interested in dealing with the many questions that first time buyers have. Don't be offended if you are asked for proof of ability to pay. Most brokers and sellers will not reveal sensitive information about a property without YOUR financials. It's not offensive, just reality.

5. Be patient!
Everything in radio is instantaneous except..buying or selling a radio station!

Buysellradio Online can help with most of the above questions and problems. We can talk to your banker if he or she has difficulty understanding a broadcast loan, or we can put you in touch with people who can find you money. If you buy a property brokered by Buysellradio Online, we offer free support for up to one year. We want you to succeed!

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