There are many different strategies to finding off-market properties and other real estate investment deals. Which one should you choose? In this post we’ll take a look at some of the best ways to get started when looking for your next real estate investment.
Whether you’re new to real estate wholesaling or an experienced veteran, finding good deals is the foundation to your business. With housing inventory at all time lows, it’s more important than ever to have a multi-point strategy when seeking your next deal. Today, we’ll look at 5 ways you might consider using when finding off-market properties.
Talk To People
Let’s knock this out first because it’s something that we often forget – and it’s free! Talking to people (or TTP marketing as some might say) is a great way to find deals. Look at it like this: every time you tell someone that you buy houses, there’s one more person out there doing the hard work with you. Your goal here is to make sure everyone you speak with knows who you are and what you do. This way, when those people are out talking to other people, and it just so happens they want to sell their house, who do you think they will mention? That’s right! You!
Bonus tip: Offer a cash referral to anyone when you close a deal with a lead they brought you. This will ensure they remember your name and number when it’s most important.
Driving For Dollars
Driving for dollars is another cheap and easy strategy for finding off-market properties. The idea is to drive around the areas you want to buy in and look for signs of distressed property. This could look like unkempt yards, boarded windows, tall grass, or mail flowing from the mailbox. Write down these addresses and go to your local tax and/or land records website to start tracking down the owner. If you can find a phone number or mailing address, you have a shot at reaching them directly to see if they want to sell.
Bonus tip: Apps like Deal Machine can do a lot of the heavy lifting for you. You can build driving routes, easily access public records, skip trace, and start direct mail campaigns (our next strategy). In some cases, all you need to do is take a picture of the house! We like innovative mobile apps and think this one has a lot to offer!
Direct mail is probably the most popular type of lead gen marketing for real estate wholesaling. The downside is that your potential sellers are getting a lot of this type of mail, so it pays to be creative and consistent. You want to be the last piece of mail they opened when they decide to sell. This topic could get a whole post on its own, but the key is to get good mailing lists and be consistent with follow up. Sellers generally won’t call the first time they see a piece of mail from you – but the 5th time? As they say: “The fortune is in the follow-up.“
We’ve all seen them. Stuck in the ground at big intersections, or stapled high up on a telephone poll. Bandit signs often say something along the lines of “We buy houses” with a phone number, and are a great source of leads in the right neighborhoods.
Bandit signs get their name because in most cities across the country they are illegal. Use this strategy at your own risk!
Google Ads (formerly Google AdWords)
Google Ads is a type of pay-per-click (PPC) advertising model where the advertiser pays per click or impression on their ad. There is no bigger name in the world wide web, and when potential leads are searching for what you have to offer, chances are they are using google to do that. Using Google Ads to target and drive leads to your real estate business can be quite effective.
No matter the size of your marketing budget or your businesses, Google Ads can tailor the campaign to meet your needs. Running an effective marketing campaign like this does take some expertise, however. We recommend utilizing a third party company to help you. There are a number of them out there, and some of them even specialize in real estate investment marketing.
Finding wholesale real estate deals can be tough in today’s market. Take advantage of these strategies in your marketing so you can keep the pipeline fresh, and deal flow strong for your investing business.