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How to Find Rehab Deals on the MLS

MLS Search

Too often we’ve heard people say: “If a property is listed, it’s not a deal.”

Not true.

We have and continue to find deals through the MLS and it remains one of the lowest cost and most consistent sources of leads in our office. Though deals on the MLS are typically thinner than those we find through our direct mail or web marketing, the ease of accessing information about the house and the efficiency of dealing directly with an agent can make for more quicker and easier deals.

Here’s what we look for when we searching for properties on the MLS:

1) Expired, Price Dropped and Re-Newed listings- Every good broker knows that a listing’s history tells a story. A listing that has expired twice, price dropped once and now has a new broker attached to it can be a great opportunity. The secret is to distinguish between sellers whose experience has motivated them and sellers whose property won’t sell because they have unrealistic expectations. Usually a call to the broker can clarify which is which.

2) Incomplete Listings- Listings with no pictures and no room dimensions can be your best friend. The more difficult it is to get information about the property, the less competition there is for the property and the more motivated the seller can become. To take advantage of this strategy, it’s best to have strong knowledge of an area so you can evaluate the price even if you can’t see the house on the listing.

3) Agent Remarks- Creating an automated search for your office using agent remarks is a great way to create work for an assistant and a consistent source of leads. You may need to add the “Agent’s Remarks” field to your MLS search page before you can create the search. Suggested Keywords: fixer upper, handy, cracked slab, fire damage, as is, cash buyer, quick sell, must close, estate, out of state.

Don’t have access to the MLS?

Stay tuned. We’ll have some easy and quick ways to find deals through public data in the coming weeks.

 

 

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