Welcome to Propelio TV! If you’re in the real estate game, you know the number one question on everyone’s mind: “How do you find deals?” From commercial to single-family homes, finding the right deal is crucial. Today, we’re diving into tried and true methods to help you land your next great deal.
Using Technology for Deal Finding
When it comes to single-family homes, one standout tool is the Deal Machine app. It’s a game-changer for those who love driving for dollars. Here’s how it works:
- Target Your Area: Pinpoint the community you’re focused on. This could be based on market need, such as affordable housing.
- Activate the App: Approach the lot, turn on the app, and it captures the tax data of the property.
- Confirm Details: Sometimes it picks up nearby properties, so ensure you correct any discrepancies.
- Automate Your Mailers: The app can send mailers directly to property owners, complete with photos you take. You can tweak these mailers as you wish.
Set it to send mailers every two weeks. By the tenth attempt, you’ll likely get a call. People appreciate persistence. And who wouldn’t make a call after receiving enough mail to wallpaper a room?
People Power: Networking and Bird Dogs
Networking is invaluable in real estate. Builders, local investors, and even your local USPS or UPS person can be your eyes and ears. Offer them a spotter’s fee, like $500, for identifying vacant properties. You’d be surprised how effective this is.
The Timeless Power of Direct Mail
Direct mail isn’t going anywhere. People love getting mail, and well-timed postcards can be a goldmine. Here’s a quick tip:
- Consistency is Key: Send out a steady stream of postcards. It’s not about instant results but being there when they’re ready to sell. Even if it takes years, be the name they remember.
Leveraging Local Expertise
Work with local experts like insurance reps, legal teams, and accountants. They’re often in the know about distressed properties coming onto the market.
- Insurance Reps: They often have leads on nuisance properties. Reaching out to them can uncover some hidden gems.
- Legal Teams and Accountants: Especially useful in commercial real estate, they can be aware of properties coming onto the market due to various issues.
Don’t underestimate the power of Facebook and Instagram. These platforms are goldmines for networking and finding deals. Join relevant groups, engage consistently, and leverage direct messaging to close deals.
The Value of MLS and Expired Listings
MLS is not dead. Many have abandoned it, creating opportunities for savvy investors. Use expired listings to your advantage:
- Expired Listings: Pull data for the last three years and cross-check with sales. Reach out to those who pulled their property off the market. Many times, these properties didn’t sell due to minor issues you can solve.
Effective Networking Strategy
Networking events are like middle school dances—everyone sticks to their corner. Break the ice:
- Cover More Ground: Divide and conquer with a partner. Meet in the middle, compare notes, and repeat.
- Target Key Players: Focus on those holding court or vendors relevant to your goals.
Consistency Over Time
Whether you use direct mail, networking, or social media, consistency is crucial. Real estate marketing needs at least six months to measure effectiveness. Be patient. Keep at it.
Finding real estate deals requires a multi-faceted approach, leveraging both modern technology and timeless methods. The Deal Machine app simplifies the process for single-family homes, while networking, direct mail, and local expertise offer invaluable insights and opportunities. Social media platforms like Facebook and Instagram can enhance your reach, and expired listings from the MLS can reveal hidden gems.
Ultimately, consistency and persistence are key. By staying active and engaged across these channels, you’ll be well-positioned to land your next great deal. Keep at it, and remember: success in real estate is a marathon, not a sprint.
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