Mining for Motivated Sellers

3 tips to keep your book of business full. 

We are in a business that is in constant motion. Real estate has unpredictable ebbs and flows, and if you don't have a good flow, you have to create one. Making sure your book of business is always full is a key component to your success just as finding motivated sellers is a crucial part of pipeline management. 

What is a motivated seller?

Motivated sellers are customers who are ready to sell their homes...FAST! (obviously). Typically these are individuals who have a life event that created urgency to move. Anything from financial set-backs, to relocation, a family addition, an emergency situation, or even a separation. You can also find motivated sellers who are just fed up with the imperfections of the house they currently own and want to get out of a money pit. Whatever the reason, use it to your advantage to dazzle the customer with your seller's package.

Let's get down and dirty with some of the identifiers of a motivated sellers:

• Expedited timeline - sellers who are motivated want to move quickly and are focused on the timeline of selling their property over other aspects of the sale.

• Competitive pricing - motivated sellers are willing to list their home at market value or slightly below in order to move the property.

• Flexible terms - sellers who have the motivation to move are more agreeable with a buyer's offer and provide more attractive buyer sale terms upfront. 

Keep in mind actions speak louder than words, just because a seller says they are motivated doesn't mean they are. If a seller is trying to drive competition and negotiations, they have proven to not be motivated. So change your strategy with these clients and realize you may be a longer relationship than you initially thought.

How do you 'mine' for motivated sellers and keep your leads list full? 

1. Create your Target Lists

In order to find motivated sellers you have to discover their "why." This may sound simple and seem like common knowledge, but it's harder than you think. Creating targeted lists of moving motivators may be your business' secret weapon to finding a target audience that other agents are not going after. It can also save you time and money once you establish your process. 

Examples of targeted lists to create:

• Pre-foreclosures and foreclosures

• 15 years+ homeowners 

• Silent or baby boomer generation homeowners

• Local areas impacted by natural or planned events

2. Create your Networking Sphere 

It's not always what you know but who you know. Establishing partner relationships with a wide variety of professionals can be a huge advantage to keeping your business vibrate throughout the year. Being connected with obvious industry players as well as having a few unsuspected players can give you insight into movivated sellers.

Examples of networking professionals every agent should know:

• Mortgage professional

• City and county inspectors 

• Family attorneys

• Funeral homes

• Roofers and general contractors/handyman

3. Work Public Databases

Mining can be tedious, but is very profitable when done consistently. Public databases are a great way to find addresses of properties that need to be sold; This is usually because most sellers in these databases are willing to discuss options to help avoid a financial set-back. 

Examples of resourceful databases:

• Expired MLS listings
• Pre-foreclosures through the County Clerk or County Records
• Property and owner databases (usually need a subscription)

The real estate business can often be a waiting game, but using the tips above to 'mine' for motivated sellers can boost your business, provide opportunities for worthwhile investments and broker deals, increase your networking sphere, and keep you ahead or your competition!