In order to continuously attract new real estate investment clients, you need to have numerous streams of lead sources. Relying on one avenue to produce the sellers you need will quickly dry out your investment career. If you need some inspiration, check out our top five places to find leads.
Contracted Real Estate Assistant
Without increasing your overhead costs too greatly, you can hire an independent assistant to make calls each week and develop promising leads. There are a number of options available, and on average, you’d probably only need about 10 hours each week.
- Hire virtual assistant (Go through highly-reviewed company)
- Professional currently working toward their real estate license
- Marketing assistant that’s previously worked in interior design, construction, or remodeling services (they may offer strong leads just from networking)
No matter the route you take, develop a system that allows the caller to track their time, how many calls are made, and how the leads were developed. You want to ensure the leads you receive are vetted and worth your time.
Direct mail is a strong, trackable source for real estate investment leads. Send mailers to neighbors of the properties you purchase or the expired listings owners. You can choose from a plethora of designs – postcards, invitation style, mock handwritten letters – and use feedback from prospects to determine which style works best to collect quality leads. Plus, a number of companies offer all-in-one services and will create, print, and add postage to the pieces so all you need to do is drop them in the mailbox.
Properties listed on the Multiple Listing Service (MLS) that don’t sell within the set time frame of a listing contract are considered expired. Owners of expired listings are often frustrated because their home didn’t sell. Speaking with these owners can result in an immediate appointment. To find expired listings:
- Pay for expired listings. Companies like the red X aggregate these lists.
- Check the MLS for approaching expiration dates, but don’t contact an owner until the day after the listing expires.
For Sale By Owner sites are full of potential leads. It’s easy to make those calls yourself in just a few hours each week. Keep an eye out for “For Sale By Owner” signs in the front yards of homes in your community. These sellers are usually motivated and eager to listen to your offer.
“I Buy Houses” Ads
Run online ads and social media campaigns that feature the “I buy houses” proposition. It’s likely you can find a few free resources to post these types of advertisements. Try Craigslist, “for sale” Facebook groups, or post flyers in community center and grocery stores. While you’ll have to weed out the solid leads, you will find a handful of motivated sellers with this technique.
Having multiple lead sources to acquire properties will ensure your real estate investment portfolio continues to grow even if one source isn’t producing.