How to Monetize Your Dead Leads!
Like-minded people are great. Was talking to a fellow BP'er & software developer, Ron Keene (can't @ him), but https://www.biggerpockets.com/users/scoremax that's his profile...
And as he was helping me with some technical issues, he asked how many retail buyers I had in my database with interest in buying one of my properties. (I have done everything FSBO & am not a realtor.) I said, ehh in 4 properties, about 100 people. These are people looking for houses on their own, not represented by a realtor, and usually they don't have the best credit situation. Most of the time, they have money to spend.
Ron goes, "Oh BROTHER" hahah... I won't quote everything, but to summarize, he said I should be doing SOMETHING with these leads other than trying to sell them my house.
I knew I could refer them, but most realtors go by the strict rule that you can't give more than $50 for a referral in a non-cash compensation. And at that, it is a long, drawn-out process for $50.
So here are some of the ideas he gave me for how to monetize the leads:
1. Become a realtor & give referrals to other realtors in a legit way.
2. Sell leads to a Mortgage Broker.
3. Sell leads to a Credit Repair Company.
4. (What I'm already doing) Share with another guy who has the same strategy as me, but operates in a higher price point.
As always my BP family, SHARE YOUR IDEAS!!!!! Let's hope we all kept up with our leads, and didn't burn the sticky note they were written on when they rejected us. :)