Real Estate Broker · Fort Pierce, FL · Member since 2009 · 221 posts · 95 votes
So, what are some of your prospecting tools, equipment and unique items do you carry in your vehicle? I find every day my truck is getting pack more and more with stuff.
For instance:
Standards-
A ladder so I can quickly look into the attic area.
Small tool box with standard wrenches, pliers, screwdriver etc
Regular 30’ tape measure and electronic tape measure
Briefcase with contract, MLS sheets
Lock boxes
Door knobs
Slightly Unusual-
Compass, believe it or not
Bolt cutters
Mounted laptop to access the internet for on the spot research
Soon, I will be using my box truck as my pov, that way I can immediately board up the property when I have a contract on it.
I find a camera to be a very useful tool. Tons of pictures make for a good reminder after you've been through a dozen houses in one day. I always take a picture of the house number first so I can more easily organize the pictures into a folder for each house.
I find a camera to be a very useful tool. Tons of pictures make for a good reminder after you've been through a dozen houses in one day. I always take a picture of the house number first so I can more easily organize the pictures into a folder for each house.
Try a voice recorder - no need to write your notes - just speak them into voice recorder and review later. You can move much faster that way than writing things down IMO.
And if you visit REO properties that have no electricity turned on, a flashlight is a MUST.
And a spare set of batteries for all of your electronics; having a dead battery at a site visit is terribly inconvenient.
Just 4 things I keep at all times:
Smart Phone
Flashlight
Bandit Signs
Golf Clubs.. I'm not kidding.. Lot's of times it is a last minute call to fill a foursome from a business contact. Great way to connect!
I don't understand the tools either. You can write you offer with an inspection period. Leave all that stuff at home. It takes me about 10 minutes to look at a property. You should do some research before you go and be ready right then with your number.
Know your investment area and what things cost to fix.
Flashlight, camera, and a way to make notes are the key things for the initial looks. I've found a marble to be helpful on occasion, since some of my areas tend to have some foundation issues and its not always easy to tell just by walking around and looking.
When you get to the accepted contract stage, then you break out the tools and start looking closer.
The marble is used to test if a floor is level. Place the marble on the floor. If it begins to roll on its own, the floors are not level. Many older houses have settled so there might be some slight movement with the marble. But if the marble rolls more severly, the house may have foundation issues that would need to be addressed during the rehab...or you stay away from buying the house altogether.
It was never mentioned that this was specific to REO - I just pointed that out in one of my earlier posts since the electricity is often off in REO property and a flashlight is needed. Of course, the flashlight is useful for looking at things in dark spaces even with electricity on, things like the heater tags (to see when it was made), crawl spaces, and closets for example.
I have looked at 1000s of properties and have never had a seller willing to sign a contract on the spot. It is just as fast and saves mistakes by going back home or to your office and taking the time to fill it out and PDF it over.
If they are smart they are going to have a lawyer look anything over before they sign.
I got a call out of the blue, a guy wanted to sell his house. I expected to go look at it and just talk. He wanted me togive him the money right then, he needed to leave town! LOL, I explained that would not happen like that. We did a contract at the kitchen table and I rushed the deal through title and closed on the third day.
I have been to houses and Realtors were there showing the property. One was a deal, and I I talked to the wife until she got er husband home and we did a contract completed before the Realtor turned one in the next morning.
I put my cabin at the lake under contract on the first vist. The seller called her Realtor and we did it on the phone. I had blank contracts and the Realtor signed off on it at the office, didn't see her again until closing!
Had a rental, the hosue next door was for sale and a rental, a FSBO. I saw the owner and we stood out in the yard talking. Within two hours I had a contract on it.
I had a river property and a wealthy neighbor who owned several hundred acres. His daughter-in-law lived at the top of the hill. My property cut him off from access to her house from his, he had to drive around to get there. He asked me about selling it when I was out there and we walked it and decided how we would do it and I named my price. He agreed and I got a contract out to give to the title company. $40K cash deal.
Same guy a few months later wanted my end lot at the end of a road, beyond that he owned more property, but he did not have an easement down the road (I owned it all). Another contract made on the spot!
Granted, that neighbor could have waited, but when he agreed to a price I was ready.
As many of you know, my dad is also a Realtor and I have contracts. No law says he has to fill in the blanks, he has to sign it. Contracts and related forms were carried in my car at all times.
I have no idea how many properties I have looked at, thousands I'm sure. It doesn't happen often, but it does happen.
All I carry is my smart phone, pen, a punch list for all the materials needed rehab work (thanks to Will Barnard), a measuring tape, business cards and that's all.
My smart phone is a must, it has a nice camera, flash light, mortgage calculator.