Now we’re going to dive deep into how you determine where to actually look for the best properties for your clients.
You’ve got to find the best properties in the best areas for your clients. Not the most expensive, not the cheapest. Don’t just go finding anything out there because the numbers ‘look good. You’ve got to be in an area where your clients are more likely to profit more often. I’m going to give you a four-step process on how to accomplish that.
First, let’s look at a school report. It’s an Excel spreadsheet. Across the top are school districts. There are two columns for every school district. Hopewell is a school district. Butler is a school district, South Butler, Mars, Seneca, so forth and so on. This is one page of many, many pages. It could be 25 pages long.
In each school district, we want to see how many properties are actively listed for sale and how many properties have been sold in the last 90 days. We want to see that information in $50,000 price bands up to a half million. Then after that in $100,000 price bands up to a million, and then quarter million price bands. It gives you a pretty good snapshot of the data in your area.
When it comes to business—and remember, when you’re investing, you’re in business—ratios and statistics are good information to have. You need actual raw data. In fact, there are three things you need to succeed. First is a proper education, which is what you’re getting here. Second is proper information, and knowing how to use it. Third is taking action. Education plus information plus action equals results. In order to get the results you want, you’ve got to take meaningful effective action.
This is one of the ways for you to take action. If you’re an agent, have your office receptionist or someone build this spreadsheet for you, and house it on your website on the resource page. Each one of the cells on the spreadsheet is a result of an MLS search (MLS being your multi-list service. For those of you who are not licensed agents, MLS is the system all the agents use to provide you properties to buy and list your properties if you want to sell). I can see for example in Hopewell’s school district, between $100,000 and $150,000, there were 35 active listings. Also in Hopewell School District between $100,000 and $150,000, 26 homes have sold in the last 90 days. This is a 90-day report. If you’re finding properties for an investor who is flipping homes, this is ideal. There’s inventory they could purchase. They could then remodel and flip it to a new buyer once the remodeling is complete. By the way, this is just one page of maybe 25 pages. So far, what we’ve done is narrow our search down from using the massive wide open world of data and hoping for REOs, foreclosures, or estate sales to drop in our lap (where we have to compete with every Tom, Dick, and Harry out there because they’re all doing the same thing), and hopefully get our offers accepted.
Generally, the odds are against you when you’re casting a wide net, but when you can focus, target, and get very specific, your odds improve dramatically. That’s what we’ve done here. Instead of looking all over the place, including a lot of areas we have no business looking in, we can now focus only in the areas with a lot of activity. When we know the school district, next we’ve got to go find what towns that school district services.
Harmony is one of those school districts. Let’s take Harmony School District and go to www.Zip-Codes.com. Type in the name of the town. I can see Harmony is in Butler County. That’s where Seneca is. The zip code is 16037.
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