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.
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