Real estate investing is about finding opportunities before anyone else. One of the most effective strategies for uncovering leads is “Driving for Dollars.” For those new to the concept, this involves driving through neighborhoods to identify distressed properties that could signal motivated sellers. When combined with the right tools, this method can boost your business by providing targeted opportunities not found on generic property lists.
Corey and Jose demonstrate how to implement this strategy effectively using the Propelio Driving for Dollars app. They share real-world tips, challenges, and a bit of humor from their own experiences. Here’s a detailed breakdown to help you master this game-changing real estate approach.
The Importance of Cold Calling in Real Estate
Cold calling has long been a fundamental method in real estate for reaching potential sellers. However, it’s not always smooth sailing. Many new investors often underestimate how challenging these calls can be, especially when leads feel unresponsive or dry.
Corey highlights an essential reminder: the gold in cold calling is in the follow-ups. Deals often close months after the initial contact. While the first touchpoint might feel frustrating, staying consistent with follow-ups—sometimes for 3 to 6 months—helps turn these efforts into real deals.
When cold calling, it’s important to sound approachable but professional. For example, a simple introduction like, “Hi, my name’s [Name], and I work with [Company],” can open doors in the conversation. From there, ask key questions about the property’s condition or their interest in selling.
What Is “Driving for Dollars”?
Driving for Dollars is a proactive approach to finding properties. Instead of waiting for leads to appear on lists or databases, you head out into neighborhoods to spot signs of distressed homes or motivated sellers. These signs include:
- Overgrown lawns or neglected landscaping.
- Broken windows or incomplete repairs.
- Old or worn-out roofs.
- Vacant properties with no curtains or personal touches.
The goal is simple: identify properties with visible issues and track them as potential leads. This method uncovers opportunities before they hit the market, giving you an edge over competitors.
Corey and Jose break down the process into actionable steps, making it easier for both beginners and seasoned investors to use.
Propelio’s Driving for Dollars App: A Game-Changer for Lead Generation
The Propelio app is specifically designed to streamline the Driving for Dollars process. Instead of scribbling addresses on sticky notes or forgetting details, this app helps investors stay organized. Here are its standout features:
Tracking Your Routes
The app tracks where you’ve driven, ensuring you don’t revisit the same neighborhoods unnecessarily. This “blue line” feature creates an auto-drawn map of your path, helping you cover more ground efficiently.
When you spot a potential lead, simply tap on the address in the app. Instantly, it displays valuable details like:
- The year the property was built.
- Mortgage amount and date of the last loan.
- Basic equity insights based on that data.
For instance, if a home was purchased 15 years ago with a 30-year mortgage, it likely has significant equity—a possible sign of seller flexibility.
Lead Management and Notes
The app lets you save properties to specific lists and attach detailed notes. Corey amusingly shares how he uses a “pregnant emoji” system to prioritize leads, with more emojis signaling greater urgency. Whether you use emojis, bullet points, or written notes, the app helps you log valuable context for future follow-ups.
Skip Tracing and Mail Campaigns
Another powerful feature is the ability to skip trace leads and send direct mailers right from the app. Once you find a property, you can:
- Use skip tracing to locate the owner’s contact information.
- Create personalized mail campaigns, even attaching photos of the property for added impact.
All this information automatically syncs with your CRM system, ensuring a smooth transition between fieldwork and office tasks.
Signs of Distressed Properties: What to Look For
While driving through neighborhoods, Corey and Jose share some key indicators to watch for:
- Window AC Units: Homes with outdated air conditioning systems might signal deferred maintenance.
- Vacant Appearance: Properties with no curtains, removed blinds, or minimal activity often indicate vacancy.
- Roof Conditions: Old roofs or homes without storm-related roof replacements can reflect financial struggles.
- General Neglect: Signs like broken fences, peeling paint, or overgrown grass suggest homeowners may be overwhelmed or open to selling.
The key is to approach homes that stand out—whether it’s a window unit sticking out, a garage door left half-open, or a neglected yard. Corey humorously notes that sometimes the scene gives off a “foreclosure look” that’s hard to miss.
Door Knocking Tips: How to Approach Homeowners
Knocking on doors takes confidence, but it’s often where valuable leads are uncovered. If a property looks distressed but has a car in the driveway, it’s worth stopping. Politeness goes a long way: introduce yourself, explain why you stopped, and ask if they’ve considered selling.
They also suggest asking nearby neighbors for tips. Many people enjoy sharing what they know, especially if they’ll earn a finder’s fee. Offer small rewards for referrals—$500, for instance—and see how word-of-mouth connections pay off.
Building Collaboration in Real Estate Teams
Driving for Dollars can be even more effective with a team. Data collectors, cold callers, and office support staff can work together for greater efficiency. Propelio’s shared CRM feature keeps teams in sync, letting office members follow up on properties while others stay in the field.
For example, team members in the office can send mailers or handle skip tracing as field agents drop pins or take photos. This division of labor ensures every lead gets the attention it deserves without slowing down progress.
Leveraging Humor and Personal Branding in Real Estate
Real estate success isn’t just about finding properties—it’s about personally connecting with people. Corey and Jose highlight the importance of being authentic and approachable, even sharing lighthearted moments during their day.
For instance, Corey jokes about accidentally offering a “$500,000 finder’s fee” instead of $500. These moments make the process feel relatable and highlight that mistakes happen, even to experienced investors.
They also emphasize personal branding, encouraging fellow investors to share their work on platforms like Instagram and YouTube. Building a following not only creates networking opportunities but can also showcase your expertise.
Driving for Dollars is a proven method for finding hidden leads, but it takes effort and the right approach. Combining strong observational skills with tools like Propelio makes the process far more efficient. By tracking routes, logging property details, and syncing everything with a CRM, you’ll stay ahead of the competition.
Whether you’re just starting out or looking to expand your lead generation methods, this strategy is worth adopting. Equip yourself with the right tools, stay consistent in your efforts, and watch as your pipeline grows with quality leads.
Want to see Corey and Jose in action? You can find them on social media or subscribe to their YouTube channel for more tips and behind-the-scenes content. As Corey often says, persistence—and a little humor—can make all the difference.
