How To Find Motivated Sellers For Real Estate Investing
In many cases, the more motivated the seller, the better the deal an investor can get. Follow these 4 simple steps to find motivated sellers in your market today.
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VIDEO TRANSCRIPTION:
Do you want to generate quality leads on a consistent basis? Do you want to find properties that are priced below market value? Do you want to close more deals in less time? If you answered yes to any of those questions, then it’s time to learn how to find and work with motivated sellers. Why? Because the more motivated a person is to sell his or her property, the better the deal an investor can obtain.
Motivated sellers can come from any neighborhood, level of education, or salary bracket. In short, a seller is considered motivated when they are in a time crunch to sell...But situations can vary person to person. For example, one person may have to sell quickly due to a job relocation while another may be motivated to sell to avoid facing foreclosure. These folks have a compelling reason to sell their properties, and it’s an investor’s job to identify that reason and help resolve it. So without further adieu, follow these 4 steps to find motivated sellers in your market today.
The first step in acquiring motivated seller leads is to find the right list. There are a variety of lists investors can choose from; however its typically best to start with one or two and build out from there. Types of motivated seller lead lists investors can target include: estate heirs, absentee owners, out-of-state landlords, people who own homes free-and-clear, foreclosure or pre foreclosure properties, properties with liens, and homeowners in probate. Some lists are free and can be found by digging through local court house records while others can be purchased online from sites like ListSource and Z Buyer. Once you have your lists, segment them further with filters, like zip code parameters or property size requirements, and you’ll have a targeted list of potential leads in no time.
Step two of working with motivated sellers is the marketing phase. Once you’ve collected your targeted lists, you must build and send out your marketing collateral. Start by creating a piece of direct mail, like a letter or postcard, that you can send to potential sellers. Remember, the best direct mail pieces should evoke an emotional response; so forget the numbers and stats and focus on trying to create a personal connection. Next, create a website or squeeze page where interested leads can reach out to you. Lastly, make sure to set up a phone lead-acquisition system like Google Voicemail so you never miss out on a prospective seller.
Once you’ve created your marketing collateral, step three is to send out your direct mail and wait for a response. In general, a good response rate for direct mail is about 4 to 5 percent, so if you send out 250 pieces, you’d ideally receive about 12 responses. So how do you send out your pieces? If you have funds available, companies like Modern Postcard and Printing For Less are perfectly adequate options. If you have a tighter budget, you can do it yourself. Print your letters, buy your envelopes, and take them to the post office.
The last step to finding the best motivated sellers is to filter your leads. After you’ve received responses on your website or voicemail, schedule a phone call with each and every lead. During these calls, find out as much information as you can about the seller and the property. Ask questions like, “why do you want to sell?”, “how long have you lived in the property?”, “how much money are you looking to receive from the sale?”, “where is your property located?”, and “what improvements have been made to the property?”. The purpose of these calls is not to sell yourself, but rather to gather information and establish rapport with potential leads. Educate the seller on how the process works as well as what they can expect along the way. This way, they’ll remember and trust you when they are ready to sell.
Once you’ve implemented these 4 steps, you’ll instantly notice an increase in your stream of incoming leads. Remember, the more you’re able to segment your lists and speak to sellers on a personal level, the better you’ll become at finding motivated sellers.
Which of our tips will you implement first? Let us know in the comments; and as always, if you enjoyed learning today don’t forget to “like” this video and subscribe to our channel!
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