When I was first starting out in real estate investing I did not have the option of all the newer technologies for lead generation that are available today like Craig’s List, Back Page, and lead services where you can purchase local leads for monthly fees.
Today with more real estate investors than ever people keep asking me where to find good leads? Why are all the leads drying up?
Well you can still find great leads and no they are not drying up they are just getting swallowed up faster by those who have the skills to grab them first.
I’m getting a bit frustrated by all these investors who just expect leads to jump out at them. If it was that easy everyone would be a real estate investor. Real estate investing takes work…uh oh did you think it would remain a buyers’ market forever?
So let’s get back to basics. Finding leads takes some planning and execution and can be managed by someone doing investing part time as I did when I first started out or by the full time investor.
First Things First
Know your geographic region!
Where to you want to buy and sell?
Where do you want to buy and hold?
Drive or walk those areas every week until you feel you really know the streets, subdivision names, and microcosms, like areas within areas well. This way when you see a home come up for sale you know exactly where it is and what’s happening in that area.
Now What?
Study prices of homes that sell or rent in those areas and keep a record of prices over a six month period. This way when you find a home you know exactly what you should be selling it for (thus giving you a big jump on the ARV) and making you more knowledgeable than the competition.
What if you don’t find any homes for sale?
If you’re watching your area you should be able to spot the moment a home becomes vacant. Is it hardship, probate? Who knows but approach the owner? The same approach goes for homes that suddenly seem to go into disrepair. Overgrown lawns, desperately needs painting, etcetera, maybe there is an opportunity to help out an owner who is falling behind before it gets any worse.
Still can’t find any opportunities?
Well make one!! I used this approach often; I would put a simple hand written note in the mailboxes of the neighborhood I was looking to find a property telling them I was interested in buying their home.
Another tactic I used was putting out bandit signs in the neighborhood on a Friday and picking them up on Sunday night or Monday morning so I would not get in trouble for placing bandit signs since most government groups work Monday – Friday. My message was a simple one “looking to sell your home, falling behind?” and my phone number.
These are just a few ways you can make your own opportunities….stop waiting get up, get out and get leads!! If you don’t find them somebody else will find them.
