Here are strategies 7-12 that you can immediately use to dominate the MLS in your market (10 is my favorite). Again, depending on how many deals you are looking for, you only need to do a few of these very well to have a steady stream of deals forever. Enjoy this content packed guest post by Jim Huntzicker, creater of the MLS DOMINATION TRAINING SERIES.
7) Make proper offers and use proper proof of funds.
This is a BIG one. So many investors that I’ve talked to are writing half-assed offers and expecting them to get accepted. But most of the time, they probably end up in the REO agent’s garbage. These agents are getting enough offers that are written properly, so if yours is not I can assure you that yours will end up in the garbage too. And if the offer you uploaded into the bank system directly was not written properly, it will get rejected without further review even if they liked the price. Also, you need to have proof of proper funds which needs to match the buyer’s name on the contract EXACTLY. This can be an actual bank statement, a letter from a banker, or a letter from an attorney (hint, hint…the last one’s the easiest to get).
8) Don’t back out!
Know your stuff (see point 9). If you back out of deals after they get accepted, you’ll end up on the REO agent’s black list. And if they’re not an REO agent, like if it’s an estate or regular sale, you may or may not run into them again. But trust me, they will not forget you. The point is: don’t make offers you can’t or aren’t completely willing to close on.
9) Know your stuff!
Be knowledgeable of after-repaired value (ARV), repair estimates, and the maximum allowable offer. You should know this well enough to walk in and out of a house in 10 minutes or less and complete the property repair estimate sheet. You also need to drive the area comps; neighborhoods and location can play a big role, so it’s important to lay your eyes on the properties you’re using as comps. Google street view has made this a lot easier, but I still recommend actually driving by before pulling the trigger.
These are one of the reasons you need to be checking the MLS three times a day because these will pop up and go under contract just as fast because of the emotional reaction the executor of the estate often has. You see, many times, this is a house that has been in the family for a long time. A loved one has just died and now that they are at the point of selling the house, they want it to be done as quickly as possible and will take the first reasonable offer that comes across their table, especially a cash one. So checking the MLS three times a day is key for this strategy to be most effective.
11) Offer follow-up and organization is a must.
When making offers in the MLS, you will usually get 10, 20, and 30 offers out at a time. I’ve had as many as 180 offers out at one time and was able to track all of them with a simple Excel spreadsheet. Google Drive has a similar format to Excel to organize your offers. But why the organization comes into play and is most effective is the offer follow-up. If you follow-up with these offers properly after you don’t win the original offer but follow it 30, 60, 90, or 120 days until it either reactivates or closes, I will tell you that for the properties that reactivate at day 90-120, there is a small fortune to be made in them.
Duh! This is only a system that regularly produces the most motivated sellers that you will ever find. Don’t you think it would be a good idea to learn all of its tricks and tools so that you can you can use the system to its fullest? They will teach you how to set up proper searches or hot sheets. They will show you how to conduct detailed property research. Trust me…take the damn classes!
I hope you found this information useful, but what I really want to stress to you is the first point I made regarding communication. Have proper communication with the agent you work with and with the listing agents you are giving offers to. You need to keep your cool and always remain in good contact with them. Depending on the deal, this can be the reason the agent tells the seller to take your offer over others. When they see that you are diligent and they are confident that you will close on the property, they will recommend to the seller that they accept your offer even if they end up accepting another offer. Trust me – you will be the only one following up with the agent a week or two into a deal you didn’t get to see how the inspection went and if the deal still looks good. This is the kind of stuff that will get you the deal if that one falls apart.
The rest of the information in here is pretty easy, but if executed without proper communication, it will be significantly less effective.
Here’s what I want you to do next. Go here and sign up for the free training. I will walk you through these strategies in more detail, and this will really help you start to dominate your MLS today!