Finding Motivated Sellers: Luck or Hard Work (Part 1 of 2)
Finding Motivated Sellers: Luck or Hard Work?
Did you just hear about the investor in your local RE club that closed on a deal netting them $15,000 and they didn't even have to lay a hand on the property? Or what about the person that just bought that rental house on the same block for 30-50% less that what you paid for yours? Are you at the point scratching your head and thinking they're just lucky? Or probably that's all they do and just don't have a life outside of real estate....right?
Somewhere in between total luck and absolute sell-out hours chasing deals is where you should be in finding truly motivated sellers, or rather having them finding you. It's a weird coincidence that the smarter I work, the luckier I get finding great deals. Did you catch that? It's not always about how many hours you put into real estate and how hard you work at your marketing program that produces the best results which is finding great deals that puts money in your pocket and that's what real estate investing is all about.
Let me share with you some simple principles in marketing for the independent real estate investor. You may already be in tune with some of these but let's all take a pulse-check here and make sure we're on the right track.
1) What Are You Hunting?
I'm asking what types of properties and real estate opportunities are you seeking? The more narrow your focus and marketing efforts can become to a target group, the greater success you will experience. If you are seeking wholesale opportunities then you will not gain very much success putting out "I Buy House/Lease Option" bandit signs next to established neighborhoods. In addition you will not gain a favorable response direct mailing to pre-foreclosure prospects if the primary weapon in your arsenal is cash-only deals with hard money lenders that don't go above 70% LTV.
The marketing medium you use and the message you accompany with it that hits the right target market turns sellers into motivated sellers. There simply is no generic marketing message and medium that is a "one-size fits all" approach in real estate.
Next Week we will find out another key point into how hard work can bring you more Motivated Sellers.
Greetings. I am new to this. Can anyone suggest a list of questions that I may use to qualify a seller's motivation?
Thanks
urbanite