Real Estate Wholesaling: How To Find Motivated Sellers
Finding motivated sellers is more important than building your buyers list
Finding motivated sellers is a fundamental component of real estate wholesaling. If you read our previous article, How to Build a Buyers List, you'll recall our opinion that building a buyer's is a distant second place behind putting sellers under contract. If you don't know how to put sellers under contract, you will have a very hard time being a successful real estate wholesaler.
The purpose of this article is to teach you how to find motivated sellers. Let's take a step back and look at real estate wholesaling from a different perspective.
Where are the motivated sellers?
Motivated sellers are all around you, and it can be overwhelming to stay organized and remember all of the different channels where motivated sellers can be found.
Here are some of the most important sources of motivated sellers:
- property tax lien lists (public record)
- property tax records showing unpaid, late balances (public record)
- property tax data showing out-of-state owner and ownership change via inheritance (public record)
- properties in your area with maintenance issues and overgrown yards
How do you get in touch with motivated sellers?
It's important to get this part right, because you can spend a lot of time researching only to have a pitch that misses the mark. Don't get shut down by the seller.
- Have a reason for getting in touch.
- Make it about the seller and how you can help.
- Be respectful and empathetic.
- Be different, remarkable, memorable.
- Show genuine curiosity and look for the catalyst to a sale.
If your communication channel is a cold call, get your core message delivered up-front in an uninterrupted manner.
Look for the catalyst
Catalysts are a motivating factor to sell in the near term. Examples include:
- Relocating for work and needs to sell quickly in order to buy another home.
- Financial emergency
- Frustrated out-of-state owner dealing with difficult tenants.
Whatever the reason my be, find it out. If it's enough of a catalyst, there's a high probability you can create a win-win deal. Wholesalers post their deals for free on OfferMarket.
