Marketing for motivated sellers is the key to success in real estate–you’ve heard it before, but I’ll say it again. All of the real estate investing techniques you learn are academic until you find some motivated sellers.
The MLS is dead, auctions are thin, and many people are throwing in the towel. But not you… Here are 7 Ways to Find Real Estate Deals that are not the usual MLS listing, auctions, etc.
1. Door Knocking
Social media may be “king” on the Internet, but nothing beats personal interaction. Knocking on doors is still the #1 way to find real estate deals.
- Random houses in a defined neighborhood (“Hey, I am looking to buy a house in this neighborhood, and I’m wondering whether you know anyone with a house for sale.”)
- Foreclosures (Don’t leave a brochure or business card; leave a yellow post-it note, handwritten and personalized.)
- People late on their mortgages (Same comment as above.)
2. Good Old-Fashioned Mailers
Mailing letters, postcards, and fake handwritten “yellow letters” to different groups of people can be very effective. Make sure it’s personalized and the envelope is HAND written.
Here are some good lists to mail to:
- Non-owner occupied properties (absentee owners)
- Out-of-state owners
- People who are late on their mortgage, but not in foreclosure yet
- Foreclosures that have been filed
- Properties with code violations from the county
- Landlords that have done recent evictions (without a lawyer!)
- Expired MLS listings
3. “Driving for Dollars”
Get the kids in the minivan and go drive around targeted neighborhoods.
Reward your kids when the see the following:
- “For Sale by Owner” signs
- “For Rent by Owner” signs
- Abandoned properties (grass grown up, pile of mail on the stoop, etc.)
4. Leveraging Others
- Bird dogs
- Hire a virtual assistant to comb through online listings
- Brokers with “pocket” listings
5. Cold Calling
Cold call the FSBO and FRBO leads you found from driving around or found online:
6. The Internet (Duh!)
- Social media
- Real estate investor community websites
7. Everything Else
So there you go… 7 Ways to Find Great Real Estate Deals. Now, go out and DO IT!
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