Dominating the MLS in Your Market

December 22, 2013

Mastering the MLS offer process and

more importantly, the offer follow-up

process will no doubt be one of your

most successful strategies if you

get it right.

 

You will be amazed at how many

properties you will buy in the 90 to

120 day contingent follow-up strategy.

 

But the follow-up is only the strategy

if your initial offer is not accepted.

If you are doing proper deal evaluation

you should be able to get enough to

keep you busy on the initial offer.

 

Your MLS should have a Hot Property

section or somewhere you can track

all of the properties you have made

offers on.

 

You can also do this with a pen and

paper or a simple Excel spreadsheet.

 

If you did not get the property, you

should be checking every day for

about the first 14 days to see if it

comes back on the market right away.

 

If the 14-day mark passes, we put

it on a manual 30, 60, 90 and 120

day follow-up sequence.

 

You should have the MLS set to

update you as soon as the property

comes back on the market, but you

also want to know the sale price as

soon as it closed so that you can

see how much you missed it by and

who bought it.

 

To learn more about the MLS offer

and follow up process click here.

 

Knowing the REO/foreclosure

game is key to getting a steady

stream of deals.

 

Learning who the A-players are

in your market is also key. But

where you will find a large pot

of gold is with the up-and-coming

and smaller REO agents, the kind

that only do 10-15 REO deals a

year.

 

That is where you will have a

great deal of success.

 

If you let a smaller agent get both

sides of the commission (double-end

the deal), he/she will be calling you

with every deal they have to see

if you want it.

 

Beyond that, even if you don’t

know the agent, you can’t get

them on the phone, or the offer

needs to be uploaded through

one of their websites, it doesn’t

matter. There is a method to the

madness of the MLS. With some

simple organizational systems,

you can easily manage 100-150

offers at any time.

 

MLS Field Agents: Finding and

working with high-quality realtors

(licensed bird dogs) and building

relationships with them will be a

great source of inventory for you

for years to come.

 

Every agent is not right for this;

in fact, most are not.

 

You need to find an agent that

does at least one deal a month

or so. He may not be a rockstar,

but he does do some deals.

 

You will not get a top agent to do

what you need to have done here,

and the agent that only does 2-3

deals per year is probably not a

good fit either.

 

If you use these tips, you will be

a dominating force on the MLS

in your marketplace for sure.

Remember, you don’t need every

deal to make a high, six-figure

income. Just 2-3 of the right deals

per month will get you there.

 

Want to find out how to double or

triple your rehabbing business?

Click here

 
 
I Hope you found this useful.
 
To Your Success; However You define it,
 
Jim

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