Cool MLS Hack

[Brad Jordan]

Recently I started using this tactic when making offers directly to the MLS and it works. It has some drawbacks that I will outline later. I can't say I'm the originator of this but here's the deal.

• I have the broker on my Power team pull up a list using the MLS in the zip code of my choosing. There is some list criteria that I use as well. (repairs needed, fixer upper, etc)
• I then email that list to my VA.
• She goes though the list and calculates my offer by simply reducing the list price by 40%.
• She then emails the listing agent the offer using my "letter of intent" at a 40% discount.
• The agents email the counters back to us and then the fun starts.

Now is the success rate high with this tactic...heck no. But here's what we have accomplished with about 100 offers.

1 flip that'll net around $30,000

3 new real estate agents that now know who we are, what we do and are actively looking for deals to bring us.

1 agent that's willing to reduce his commission on the back end down to 3% on the deals that we buy from him and re-list with him after the rehab.

Couple of new cash buyers for wholesaling

A very cheap way of generating leads

Note: Yes, I've managed to piss off a bunch of cranky agents, been called the devil, a vampire, some other naughty words and probably made life long enemies. But all in all, pretty good success. 

[Brad Jordan]

I absolutely disagree, it's extremely sustainable. You're an agent so I will defer to you and how you'd personally react. You know yourself that you can't get emotionally wrapped up in these transactions. 

My "LOI" states that we are real estate investors and know the offer is low. Please email or call us back with any questions. We aren't trying to be insulting to your client or waste your time. We offer a very valuable service to sellers that want to close fast for cash or simply want to just get the house sold for any other reason.

Some will get upset, but surely you'd agree that as an agent, you can't control the monetary size of the offers submitted whether it's an investor or anyone else looking for a deal. 

So would you get equally upset towards a first time home buyer looking for a deal? 

I never said it's the most effective way to find deals, as there is no one "best way", I simply wanted to help any other investor that needed a cheap way to generate leads.