Word of mouth deals should not be underestimated, as you are in control of it: you can tell anyone and everyone what you’re looking for and also what you do. If you are or are looking to be a real estate investor, any deals brought to you are worth having mentioned that you’re doing it. While this should not be the only way you try to source deals, it can be a helpful additional way to seek deals.
Networking Is Key
There are some ways of doing this without just blabbing about yourself constantly, as fun as that can be! The first step is to make your business card stand out. If you don’t have a business card, this is when you want to start having one. They are not expensive and can help make a big difference.
As a beginner investor, you can disperse your card around in many creative ways. You can leave them up in bulletin boards in restaurants, shops, and any other public areas where this is possible. You can give one to your ride-share driver along with a nice tip. You never know when this can come in handy.
Any time you interact with a sales associate, you can give them your card. After thanking them for their help, you can let them know that you’d be happy to help them anytime they need.
Of course, you can always go the route of social media. You don’t have to start out with spamming everyone, there are more elegant ways of advertising yourself.
Use Social Media
Write up a post about any investment properties you do have, even posting with a caption along the lines of “Loving this kitchen, hoping to have another rehab project soon, just need a property!” These subtle posts can make all the difference.
While making active inquiries about MLS deals, you can also inquire on bad deals, as it will help you find portfolio deals. Reach out to the realtor or seller and ask about all of their current listings. The conversation can help illuminate what they are selling and what you are looking for.
It’s better to ask up front if they are interested in holding the mortgage so you can know up front if that is an option you can weigh with bank or seller financing.
Word Of Mouth Is Super Beneficial
Of course, as with any business, networking is key. Any chance you get to grow your real estate network, go for it. This is where word of mouth really can make a difference. While you might not be in a position to buy a property but you can find a deal that will head your way since people know you’re interested in buying.
Additionally, networking will help you find a mentor, resources, and vendors. There are plenty of in-person and virtual meetups that can help you expand your network.
The major benefit of word of mouth is that it is an inexpensive way to find deals and makes use of your connections. These tend to require minimal time and effort as well, which could mean that you’re just a conversation away from your best deal.
