Telling People You Invest In Real Estate As A Way Of Finding Investment Property
Finding properties in the MLS, sherriff sales, foreclosures, and looking for signs are common ways to find investment property. A commonly overlooked way of finding investment property is word of mouth. And how do you get that word out there? You tell people, that’s how. In fact you tell everyone that wants to listen. How many times has someone asked you what you do for a living? This conversation can be a powerful marketing technique for your investment property business. Even if you are a part time investor you can emphasize the real estate aspect of your business. I would always mention investing first and whatever else I was doing second. The point is to get out the word that you are a serious real estate investor. Think of it as having a team of people keeping their eyes and ears open. In conversations people talk about divorces, foreclosures, and other problems people have keeping their house. These “problems” are a opportunity for a real estate investor.
You can rely on the people working for hard for you out of the goodness of their hearts. My grandma who was 87 at the time found me a great investment property. I would have never thought that she would have found me a property but she did! I guess you never really know who is going to find you properties so that is why I subscribe to the theory of telling everyone. But in order to make this system really work is some kind of reward system. I found that there is nothing like good old cash when motivating people. I usually offer a reward of $500 because a property found this way can be a huge savings before any other real estate professionals get into the deal.
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