Often real estate investors believe that real estate listings are not good lead sources. They think that if people have distressed homes they will not have time to wait around for an agent. Investors spend a lot of time and money using alternative methods to find deals. These alternatives may include bandit signs, finding deserted properties and running 800 numbers.
You know that you should never neglect solid sources on leads for investment properties. The use of real estate listings might yield better results than you expect. You can learn a lot of important things from real estate listings. These things might help you decide whether a listing is a good potential investment.
Never neglect free sources of deals. Use real estate listings to help you find good investment properties. Keep an eye out for the following flags:
* Look for houses that have been listed for a long time - If a house has been listed for a long time, the owners may be getting nervous. They may be unaware that a real estate agent is not their only option. They likely will consider your interest with excitement.
* Look for home prices that have just been lowered - People who drop their asking prices are often motivated to sell. After all, if they had time to spare then they would wait out the buyers. The owner may need out if they have just dropped the price.
* FSBO (For Sale By Owner) houses are good targets - It is likely that FSBO owners are overwhelmed. They may be happy to not have to deal with the situation anymore. Since they are not paying commission they may take a lower offer.
* Check out properties that offer owner-financing - Creative financing is an inherent risk. It may involve working with buyers who do not have enough credit to get a bank loan. If a property owner will take this type of risk then they may be a motivated seller.
It is probably clear now that real estate listings are a great source of leads. Use your local paper to spot potential deals in real estate listings right away.
Gavin King is the Designated Broker of Realty In Idaho.
