The most successful real estate investors know that to keep their business growing they need to constantly bring new deals in. The consistency and quality of the deals you bring in will often be determined by how hard you look for them. Many new investors will complain that there are no deals out there or that all the good ones are taken. However, odds are that they just aren’t looking in the right places. By simply switching up where you look and how you approach them you will surely find more deals.
One of the biggest changes over the past few years in the real estate industry is where investors find their deals. Instead of relying on direct mail or waiting for the local newspaper to print the foreclosures, you can get information much quicker. You can use increased technology and the speed of the internet to find the best information, but you still need contacts in your local market to turn into deals. If you are stuck looking for new deals, start with the people closest to you.
Between realtors, attorneys, accountants, financial planners and contractors, there are more than enough people in your area to find new deals. Dedicate a few hours every day to begin an email or letter campaign. Subsequently, if you don’t email an individual, try and meet them in person. It takes only a few minutes to walk into a real estate office and introduce yourself as a local investor looking for new properties. Networking is a crucial tool to generate leads, nurture and then close them. Be prepared with your business card and what types, price ranges and condition of properties you are looking for. You may get a few icy stares and eye rolls, but all it takes is one quality realtor per office to accelerate your business. The same can be done with attorneys, accountants and anyone associated with real estate in your local area. Nobody likes knocking on doors and walking cold into an office, but if you really want deals this is the best place to look.
You can also use your local town hall to see who has recently bought or sold property and who was recently served foreclosure notices. With this information you can send a letter, leave a brochure or visit the house personally to see if there is any interest in selling. Many investors started out door knocking and with every nine homeowners that did not want to talk there was one that was willing to consider selling. This one deal certainly made up for the other nine rejections and gave their business capital to find other areas to market and ultimately get more deals. The fear of rejection and awkward conversation holds many people back. You can either sit around waiting for deals or you can go out and get them.
Between driving to local real estate offices, visiting attorneys and sending emails to rental properties, you can have a very full day looking for deals. This is the part of the business that you won’t see on TV, but it is very necessary if you are just starting out and are looking for new deals. There will always be deals and contacts in any area. You just have to go out of your comfort zone and find them.