Practical Tips For Filtering Your Foreclosure List
One of the things you’re likely doing consistently in your real estate investing business is creating a foreclosure list. By this, I mean you’re marketing to those that are in foreclosure.
As such, that list can get pretty big. And, when it gets super large, you could begin to feel overwhelmed, but the good news is that there are things you can do to filter that foreclosure list. As you narrow that list to the higher motivated individuals or the ones that better fit your criteria, you’re giving yourself a better chance at closing a deal with them.
The following are some tips for you to consider as you filter your foreclosure list:
- Only Send Marketing Pieces To Your Target Areas: You’re likely working with a target area, so keep your marketing efforts to that area only. If your list is still overwhelming, consider narrowing your marketing area. For example, if you are targeting all homeowners within 30 miles from your zip-code, maybe reduce that to 15 or 20 miles and see how that goes.
- Market At + Or – 50% Of The Median Price: Take the average prices you’re targeting and then subtract or add 50%. Then take those numbers and market specifically to those that fall in that range. Homes close to the median price range are much easier to sell.
- Filter By The Type Of Property: Narrow your search to a specific type of property. For example, if you’re not after mobile homes or multi-family dwellings, exclude them from your search. If single-family homes are what you’re after, then specify this in your searches. This will help keep your list to those types of homes you’re after.
- Filter By Square Footage: Bread and butter size homes are much easier to sell. In most areas of the country that is going to be 1100sf to about 2500sf.
- Filter By Age Of Home: You may want to target fixer upper homes if you want to wholesale or do rehabs. You may want to target newer pretty houses if you want to use the techniques I have found to be the most profitable and that I teach in my courses.
Filtering your foreclosure list is easy and practical. There’s no sense wasting precious time and energy on homes that don’t fit your criteria. The good news about this is that the longer you’re in the business, the more you learn. While learning to filter lists might be time consuming at first, once you’ve learned the ins and outs, the process becomes fast and automatic.
Use these tips as you filter your foreclosure list and keep on growing your lucrative real estate investing business. You’re creating a financially free life that you love, and that’s got to feel wonderful.