Home Buying & Selling How To Find Great Deals by Building an Off-Market List

How To Find Great Deals by Building an Off-Market List

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If you’re selling chocolate chip cookies and want to mail your ad to a lot of people, the list you send makes all the difference. Creating a list of names and addresses for diabetics and Crossfit enthusiasts can reduce response rates. However, if you send it to the list of members of the Cookie Lovers Association, we will not be able to serve all orders.

For marketers, power is on the list. If you are looking for a great real estate transaction off the market, you are a marketer! You may not sell cookies, but you sell yourself as a real estate buyer. The better the list, the greater the success. Let’s talk about how to create a good off-market list.

What is a list broker?

List brokers are companies with millions of data points about people and can buy a list of people based on specific criteria. Sounds creepy, doesn’t it?

Maybe so, it’s a big business in today’s world, and every day your information is sold to others marketing to you. So let’s talk about how to make some money by doing it (ethically and legally, of course).

With so many companies buying lists, you’ll want to make sure they’re focused on the type of real estate you want.

For example, if you’re looking for a single-family home, some of the most popular list brokers are: ListSource, Propstream, Melissa data, Rebo Gateway, AgentPro247, Data tree From the First American title, and RealQuest.. You can also go directly to the county administration building itself.

For apartments and other commerce, some of the ones I mentioned earlier work as well, Leonomy, CoreLogic, CompStak, PropertyShark, Data axleWhen CoStar This is ideal for larger commercial facilities.

Which one should I choose? Play with them! Different companies have different data and ease of use. Find the one that suits you and learn how to use it correctly. Then you can create the list right away.

While compiling this information, I came across the website of my friend Seth Williams. There, he analyzes the strengths and weaknesses of many of these companies in great detail. So if you want to know more about these, send them there (No, he didn’t pay me to say this, he doesn’t even know I’m yelling at him) ..You can check it here..

Bigger Pockets Off-Market Property Details

Which list do you need to create

You have identified your list broker, what’s next?

It’s time to decide which list to create.

Having a clear standard (CCC) plays an important role in the pulling list to avoid getting leads outside the CCC and maximum purchase price range. A clear criterion is a set of five criteria points that all investors need to identify what they want.

  • Property type
  • position
  • Condition
  • Price range
  • Profitability

There are several other filter features that need to be dialed in for a variety of reasons.

  • What are the characteristics of your property? How many units are you interested in? Single family? A small apartment? Over 100 units?
  • How is the year it was built? If you’re just getting started, this may not have been considered yet, but there are significant differences between the 1916 and 1960 buildings. With age, more postponed maintenance and capital spending will occur. This can hurt cash flow if the right team is not in place.
  • How many owners of the property? If the owner buys the property for more than 10 years, this person is more likely to sell it than the person who bought it two years ago. Owners who own real estate for more than 10 years may have higher equity or more of loans repaid over that 10 year period.
  • Speaking of loans, there are usually filters for the formation of loans. Do the owners have capital in their property or are they over-leveraged? Are they late for mortgage payments? Will their loans be coming soon (very common in commercial real estate)? For example, contacting the owner of a large apartment complex whose loan is due within 12 months can be much more ambitious than the owner of 5 years or more.
  • Does the owner live in the property, or does he own it but live in another location? If they own it and live somewhere, this is called an absentee landlord and can increase the likelihood that someone wants to sell it.

Don’t forget to start small

This is just a sample of all the filters available on most real estate data websites. You can spend days digging into the rabbit holes of various filters and pulling out dozens of lists.

Yes, the better your list, the fewer people will market to the same list and the better your transaction flow. But if you spend all your time creating an “absolutely perfect list that no one else has done”, you’re doing nothing.

Start small, start simply, maybe just the unit count filter. Don’t narrow your search results too much at first, as you’ll need to fill in the goal-achieving process.

Find out online what others are doing for your list. Through sites like the BiggerPockets Forum, you can find hundreds of conversations where real estate investors share what they do and what they don’t.

Start reaching out

What would you do if you had a list? Reach out!

Most often it will be done through direct mail marketing, but it can also be cold call or door knocking or carrier vision. Anything is fine. The important thing is to reach out, reach out frequently, and reach out consistently.

(A) until you call and are told to remove it from the list, (b) drive home and threaten to beat you, (c) buy real estate, or (d) the world ends. Please contact the prospect. Please contact us consistently unless any of these events occur. I don’t know when your marketing efforts will land on their knees at the right time.

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