MLS Tricks

[Cody C.]

Does anyone have any good MLS searching tricks to find properties that are good investments? Here are the ones I can think off right off the bat:

1. High Days on Market
2. Cash or Conventional, or Owner Carry
3. Pending sales that fit one of the two above

We use Rappatonni here.

Anyone have any other good ones? I know there are a lot of realtors on here, so show me what you got!

[Jeremy Brandt]

We've used this MLS technique with incredible success:

1. Download the entire MLS database in your area, including agent contact info (you likely need an IDX agreement for your website to get this)

2. Import into a database (Access is a good one)

3. Filter for properties with DOM > 120 days, and distressed/motivated/cash/fast/foreclosure/etc in the comments (both agent and public) fields

4. Take that list and do a mail merge. Email the listing agent of each property the following (replacing the appropriate fields below with values from your database):

"Hi , I'm a cash buyer and saw your listing at . I am interested in purchasing it for <57% of list price>.

In addition, I will pay you 4% as the listing agent if we can close within 30 days.

Please let me know if this works for your clients and I'll forward a contract over to you right away.

Thank you."

5. You will buy a LOT of property. And get a few angry emails from agents about lowball offers.

We've also experimented with sending PDF contracts on every single property using automated mail merge tools. We've made offers on 500 properties in 30 minutes and had great results.

Your cost of marketing is time with this technique, and an intern with good computer skills can do all of this for you.