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One common challenge for real estate investors is the constant search for motivated sellers. Establishing a plan to locate motivated sellers is just as important as a strong buyer’s list. In fact, to realize success in real estate investing motivated sellers are essential.
The goal with real estate investing comes down to the ability to buy low and then resale for a profit or rent out the property for monthly income. If you can’t acquire properties, you don’t have anything to present to your buyer’s list. It’s a cycle dependent on all parts to work.
At Real Estate Investing Women, REIW, we partner with women investors to collaborate and learn about effective strategies and tools for real estate investing. Understanding the best ways to locate motivated sellers is one way to educate and help you succeed. Whether you are new or a seasoned investor, REIW offers a community of likeminded women to grow together.
What is a Motivated Seller?
A motivated seller is a property owner willing to sell their property at a below market price. A motivated seller is not looking for a bidding war. Instead, they want to get out from under the burden of owning the property.
In many cases, the property owner has a financial hardship or can’t take care of the property. Providing a workable solution for the property owner offers a win for them and the investor. Honest and clear communication helps establish trust and goodwill between you and the seller. You want a positive reputation for future deals.
A motivated seller meets two main criteria: 1) sell at under market value and/or 2) sell under favorable terms. Deals with motivated sellers move faster than traditional closings with a mortgage lender. This is an added benefit to a seller that wants a quick solution for their property.
Where to Look for Motivated Sellers
Thankfully, with the right plan in place, you can find motivated sellers regularly. Remember, this is an ongoing process to continue to grow your real estate investing business. Once you understand where to look and how to connect, you can locate motivated sellers that match your investment strategy.
Resources to Find Motivated Sellers:
- MLS (Multiple Listing Service)
- Local County Records – online or in person
- Purchased Lists
- Online Lists – Craigslist, Zillow and more
- Your Network – attorneys, home inspectors or other real estate investors
Types of Properties to Look For:
- Expired properties or properties with a high number of days on market
- Foreclosure and pre-foreclosure properties
- Properties in probate
- Tax delinquent properties
- Properties with liens
- Absentee homeowners
- Distressed properties
The market has plenty of motivated sellers. If you are willing to do the work and create a strategy that works for you, you’ll find property owners that want to sell.
○ Direct Mail Works
We find that direct mail campaigns continue to work for marketing to motivated sellers. Even though online marketing offers affordable and easy ways to market, direct mail lets you reach potential leads in volume. Closing even one deal will more than pay for the marketing costs.
○ Website and Landing Pages
Another valuable tool is your website. Also, subject specific landing pages work to provide details on a specific subject to the target audience. Your website gives a way for motivated sellers to find you. Also, include your landing page link in email marketing as a call to action.
○ Phone and Dialer Calls
With phone marketing you have two options. First, you can cold call property owners directly. For certain properties, this may work. However, you are limited by your available time to make calls. Another option is to use a dialer service to call property owners and leave a recorded message.
Regardless of the marketing tool you use, the goal is to reach out to the right property owners to achieve the best results. You want to gain leads and increase your chances of finding a motivated seller.
Grow Your Real Estate Investing Business
At REIW, we invest in you! We developed REIW because we couldn’t find the support we needed in the industry. Real estate investing had fewer female investors, and much of the training, coaching and networking was male centric.
We created the community we wanted to have! REIW offers online and in person resources to help you connect and learn from other women in the industry. We offer coaching, training and more. Learn more tips and tricks, like how to find motivated sellers by joining the REIW community.
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