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Last week we left off talking about ways to generate leads for your real estate business, and this week will be no different. As the market begins to shift, unprepared people will have a tougher time sourcing opportunity in the marketplace. “Cash Buyers” will quickly dwindle as the “herd mentality” begins to take over. An investor who is positioned to survive a market correction will be able to see the opportunity before others do and capitalize it at the time of discovery, for that to happen, lead sourcing needs to be efficient and action taken must be swift.
Let’s continue with the ole’ Animal Control Officers:
Complaints about animal issues might mean a tired landlord and/or a problem tenant. By tired landlord I mean one who is unable or unwilling to handle a problem tenant, thus the Animal Control Officers must move in to solve the problem. These workers are the first in the field as it relates to the discovery of problems, you need to get to know them.
City / County Zoning and Planning Meetings:
These meetings are what help us learn about what is going on in our community, who is doing what, where they are doing it and most importantly WHY they are doing it. When you learn these very valuable things you can literally design your own fortune. Most of these meetings are either recorded or transcribed, which means you can literally go back in recent history to follow a conversation, ideas or plan from inception until fruition.
This one is my old favorite “go to” resource, not just because it is fruitful, it is also very educational (and entertaining). Spending time sitting in eviction court will help you identify trends and also point out to you who the “repeat offenders” are, by that I mean those landlords or property managers that tend to visit eviction court often.
Keep in mind that most people in eviction court are not happy to be there which means they may be a little unsettled. When generating leads this way be sure to be empathetic to the situation so as not to make a bad day worse for them.
The second benefit of visiting eviction court is to better understand how the process works from beginning to end. Even with a property manager, you should take the time to familiarize yourself with the local laws and regulations in your local market.
Land banks are most common in large cities and sometimes in very rural areas. These properties often wind up being foreclosed for taxes and therefore wind up being owned by the cities and counties because of nobody bidding on the tax certificate. In some situations, the municipalities do not sell the tax certificates and choose to foreclose instead. Either way, these tend to be very profitable deals if you can maintain a good flow of qualified buyers.
Lead generation is the most important part of building any business, that’s why we invest a great deal of time on the topic during the Mailbox Money Mastermind. To learn more about that go to http://MailboxMoneyMastermind.com