Everyone has their favorite ways to find real estate deals. I like direct mail marketing. After using it for a long time, it has proven to be very effective for me. Even though bandit signs can be very effective, I find that they are just cumbersome to put up and the local code officials in so many areas give you problems with those signs.
What is one of the best, low cost strategies that, is most overlooked?
In my opinion, it is networking. Plain old meet and greet type of situations.
I was talking with a real estate investor friend recently, and she was showing me her “leave behind” business cards. She has these cards ready to hand out to everyone she meets. This savvy real estate investor also leaves these cards behind just about everywhere she goes. These are not your typical business cards. They are somewhat oversized and are the type of card that folds in half. On one side of the brightly colored cards she has in big bold letters the words “CASH” and then some other text. She has additional text on all four sides of the cards.
If one of these cards were to be dropped on the floor or left sitting on a table, I can guarantee that it would be picked up. Handing one of these business cards to someone you have just met at a networking event will ensure that you will be remembered.
Networking with landlords can bring double rewards
Did you ever stop to consider the benefits of networking with landlords? I know a lot of folks haven’t.
These folks are just a wealth of information about the areas where their property is located. Get in your car one day and take a drive around the areas where you have property. Jot down some phone numbers and give these folks a call. That’s right. Call up some strangers and introduce yourself. You will be pleasantly surprised at how they will react. There is no doubt that they can give you valuable information about the area. But there are so many more benefits that you can gain from interacting with these folks.
First of all, you can let them know that you are also actively buying property in that particular area. If they decide to retire one day or just reach the point where they are a tired landlord that wants to be out of the business, they will think of you when they want to liquidate their property. You should know that a lot of these folks will be willing to owner finance the sale of their property and collect the payments over time.
If you are a wholesaler or a rehabber, these are definitely folks you want to get to know. Some of the best people on my buyer’s list are landlords. If you have a house that’s a little outdated that just needs some TLC, they are the perfect end buyer. If you have a seller that just won’t come down to where you need to be to flip the house to a rehabber for a complete rehab, some of your landlords will still recognize that this is still a great deal for them. They really don’t care that the pristine tile in the bathroom is a little dated. In many areas, it would be just fine for a rental.
Make it a priority to spend time each week networking with other people in your business. You will find over time that the benefits you receive from getting to know these folks will help build your business almost effortlessly.