Where to Find the Best Real Estate Deals
Finding a great real estate deal is not hard but it almost always requires a lot of time and effort. There are a lot of great deals out there but unless you are willing to put in the effort to find them, they’ll quickly disappear.
So if you're looking for great deals and you don't know where to start then the following information will help you find what you're looking for.
Look for Bandit Signs and For Sales Signs
Looking for bandit signs and 'For Sale' signs is the old school way of finding good real estate deals, but it's still an effective strategy. You will need to talk to a lot of people, make inquiries and walk around different neighborhoods but it'll all be worth it when you find the right offer.
Bandit signs have an advantage over other forms of real estate leads in the sense that people who use them usually don't rely on the internet or other promotional platforms. They just put the sign up on their lawn and let it do its work. It’s simple and straightforward.
The only problem is that these signs are illegal in certain states and communities. So they may not always be available. If this is the case then you should look for fliers, posters or other signs.
If those aren't available consult community centers and local markets, as they usually include materials that promote real estate properties for sale. So don’t hesitate to walk around town. You may be surprised at what you’ll find out there.
Real Estate Events
Real estate events are one of the best ways to find high-quality real estate deals. Not only do these events feature the best offers from many local sellers, but they also allow potential buyers to speak with various realtors and property brokers, many of whom could point you to a good deal.
Real estate events can include property investment shows, oversees investment fairs, property management expos and more.
Such events don't just attract prospective buyers, they also include investors, many of whom are planning to buy multiple properties just to protect their capital.
Consider a property investment show, for example. They usually attract people who are serious about buying a new property, which is another reason why real estate events are such great places to gather new leads.
Additionally, it's also worth mentioning that real estate events allow buyers to compare different options more easily since there are plenty of brokers and real estate agents to speak to at such events.
Cold Call Expired Listings
You should cold call homeowners whose real estate listings have expired. Their properties may no longer be listed, but that doesn't mean that they won't take your offer if you offer them a good deal.
Expired listings can drive certain homeowners to reconsider their original asking price, and there's a good chance that they will accept a lower offer if it's presented at the right time and under the right circumstances.
Furthermore, unsolicited offers are not out of the ordinary, and you can usually get a positive response if you are prepared to make a better offer than what most other buyers have put forth.
Just remember that expired listings usually have a catch. For example, maybe the property needs repairs or maybe it's an old house in a broken-down neighborhood. There are also cases where the property being sold may have a few legal or technical problems, so prepare accordingly.
The best way to cold call an expired listing is to message them through the internet. It's more convenient, and you get more information in the process, though it's also more impersonal.
If they like your message then you will need to visit their home as soon as possible. You don't have to make an offer on the first meeting just yet, but you will need to present yourself as someone who wants to help the seller sell his or her property as soon as possible.
If you do things right, you’ll most likely get a good deal in no time.
Call the Owner and Offer a Better Offer
This is the simplest and most direct approach but it can work under the right circumstances.
Some homeowners refuse to sell their homes because realtors or buyers won't give them a good deal for them. If you know how to find these sellers then you may be able to get a great deal.
People who refuse to listen to real estate agents are usually emotionally invested in their homes, or they believe that they are being cheated, and you can use such attitudes to your advantage.
Most of these sellers often end up empty-handed because no one wants to take them up on their offer. Given enough time, however, many of them may become more willing to lower their price, or at least accept a slightly more favorable bid, which is where you’ll come in.
Also, there are cases where the owner has trouble selling his or her property because of legal or administrative issues. Most real estate agents want to avoid dealing with such people because they don't like to deal with complications.
However, you can take advantage of the situation by reaching out to the homeowners themselves. You will need to deal with whatever issues the seller is facing, but if you are prepared to take on the added work or risk then this strategy is one of the best ways to get new leads.
Visit Real Estate Forums and Social Media
Some property owners look for buyers through forums and social media websites, and so should you. Not only can these sites help you find good deals, they can also point you to communities that help people buy and sell houses.
Take Facebook, for example. Facebook is full of groups which are dedicated to selling real estate. There are also forums, listings and other similar platforms that connect real estate buyers and sellers without the intervention of a broker or real estate agent.
You can find plenty of great deals on such sites, and they can be very affordable if you are lucky enough to find the right ones.
There is another benefit in joining real estate forums and groups, and that is they can help you meet other people who have similar concerns as you do. These people often offer advice on how to choose the right properties as well as how to avoid bad deals.
Consult People Who Work in the Real Estate Industry
People who work in the real estate industry can be a great source of information if you know how to talk to them. Take note that we're not talking about brokers or real estate agents here, but rather administrative and support staff who have access to the same information that real estate agents have.
For example, a city employee or even a journalist may be able to tell you which properties are about to be sold based on the news that’s going around town.
Likewise, if you know someone at your local city planning office, they may be able to tell you which neighborhoods are expensive and which ones are cheap.
They may also be able to point you to those properties that aren't getting a lot of attention from buyers but are valuable nonetheless. In rare cases, they may even tip you off on hot, new offers a few days before they have reached the market.
Additionally, you should also talk to contractors who often work on old or broken homes. They may be able to give you a few clues based on their recent jobs.
Remember that a lot of people repair their old or dilapidated homes because they want a sell them. So home repairs can be used as clues for potential leads, and they can be immensely useful.
Word of Mouth
Finally, there is ‘word of mouth.’ They can be a great source of leads but only if you know the right type of people. Friends, colleagues and even family members can be good sources for real estate information.
Unfortunately, not all realtors have the right social skills to make this a viable strategy. Despite this, many realtors use word of mouth information to gather new leads and generate new sales.
For example, a friend at the local community center or neighborhood association can point you to people who are planning to sell their homes but have yet to reach out to real estate agents.
Additionally, friends or fellow members at a local gym or club can offer you news about possible sellers in their own neighborhoods, and you can use their information as potential leads.
The only problem is that you will need to expand your circle of friends if you want to make this strategy work. Some real estate agents have solved the problem by befriending people with large social circles, and although the results vary, they net result is usually more leads and sales.