Finding Motivated Sellers Searching MLS Listings

Frank Chen

Hi, this is Frank Chen with REIClub.com, the only site you need as a real estate investor. Today I've got quick video on how to find motivated sellers using the Multiple Listing System

The multiple listing service (MLS) is a fantastic FREE tool for real estate investors. With it's specific search criteria it makes finding properties very easy. You are also able to setup automatic email notifications the moment New properties are uploaded into the system that fit your mls listing criteria.

Customize Search Results within MLS

Radius Search, within a specified distance from a target address
Property Type Single Family, Multifamily (duplex, 4plex)
Subdivision, Section
Price range from low to high
DOM Days on Market

Tip – The more specific the criteria, the higher chance there will be less results. Tweak these around till you find a balance. Prices are not concrete, always room for negotiation.

Keywords: In the Remarks section

Short Sales: short sale, Give bank time to respond, preapproved by bank, short sale, preforeclosure, notice of default
REOs: REO, Bank owned, foreclosure(s), HUD, repossessed home
Expired Listings: motivated seller, simply request “expired listings”
Handy Man Specials: handyman special, investors delight, rehabbers wanted, needs work, investors welcome, fixer upper

DOM:

ADOM vs. CDOM Actual vs. Current
090 days still fresh
90180+ Days 36 month better hot spot for finding motivated sellers
More than 180 Days
Price Reductions vs. DOM How fast was the price reduced?

Pricing:

$/sq.ft List Price/Sq.Ft generally much lower than the median of your bought/sold comps
can search MLS listings specifically for properties with price reductions
can check specific property histories for price reductions and price history

Multiple Listing Services have always been a great real estate investment tool, but I noticed that not all real estate investors know how to create specific searches to find what they are looking for. So I hope this real estate investing video provided you with some helpful tips that you can apply immediately in your business and start finding those motivated sellers in the MLS.

Again, this is Frank Chen with REIClub.com. Please take the time to leave your comments for this video below and please subscribe to our YouTube channel so you'll be automatically notified when we upload more quick video tips for you. Take care and good investing.