A pre-listing procedure is a set of guidelines to follow when you plan to sell your home. Consider it a preparation session where you'll go through your objectives and do whatever you can to prepare your home for a fast sale.
A realtor can inspect some parts of your home in the pre-listing process and advise you on achieving your objectives and getting the best price. Now let us take a look at some of the most critical aspects of the pre-listing process.
Benefits of a Pre-Listing Process
Like most people, you might also be thinking about using pre-listed properties to the seller?
Read below:
1. Marketing and Advertisement
Advertising begins well before your home is publicly listed for sale – it starts when you plan to sell. Pre-listing helps you to be fully prepared and still one step ahead of the competition. Maintaining and adhering to a pre-listing procedure is advantageous because it:
2. Eliminates Any Unforeseen Consequences
These types of listings also help eliminate the potential of unforeseen problems during the sale process. You could plan for what needs to be fixed and complete such action items by consulting with a realtor and going through the pre-listing phase.
3. Timely Home Improvements
It also allows you to make some required changes to your house. Hiring an excellent professional to inspect your home before a prospective buyer even looks at a picture on the internet will improve profitability. A realtor will be willing to make recommendations for improvements that will impact your sale goals.
The pre-listing procedure helps your home to perform more effectively in the market. Whenever it comes time to sell your house, it's essential to make sure it sells right as you want it to.
Now that you know the benefits of a pre-listed property, you will also understand they exist because they are beneficial to the homeowner. Now, let’s find it how you can find these properties that are no less than a gold mine.
How to Find Pre-Listed Properties:
Read below to find out how you can find pre-listed houses if you are a buyer.
1. Online Resources
Although Zillow and Trulia are mainly used to locate properties listed on the MLS, they can also be used to search off-market offers on occasion. How do you do it? Consider Zillow, which enables sellers to list their homes 30 days before they are listed on the MLS. Investors who want to enjoy the benefits of this should keep an eye on these pages regularly to stay competitive.
Off-market listings can be found on several websites now. Websites like Opendoor promise a slew of benefits for buyers and sellers. The most notable of which is that they enable real estate transactions to occur without ever being listed on the Multiple Listing Service (MLS).
Please remember that while locating homes online is cost-effective, more proactive lead generation strategies can yield better results. Because of the internet's prominence, even off-market listings that are featured online can be highly competitive. However, don't rule out this technique completely—you never know what you'll find.
2. Networking
Networking is simply the most significant lead generation technique in the real estate world, and the same is true for off-market assets. Let's not be reluctant to step yourself out there because networking can become easier with time and practice.
Whenever it comes to networking, we suggest looking into local real estate activities. You can join people that meet near you by looking at your local REIA, bulletin boards, or Facebook. You may also ask your current real estate connections to help you expand your network.
Since off-market listings are just that: off-market, networking is often the most common method of locating and acquiring such opportunities. We encourage you to build a network if you're interested in real estate investing in any form, but especially if you're looking for off-market properties.
3. Real Estate Agents
Though real estate brokers are most acquainted with properties listed on the Multiple Listing Service (MLS) and real estate listing in Los Angeles, they can also find off-market offers. You can ask a real Estate agent familiar with the market you would like to buy from to boost your likelihood of succeeding and get ahead of the competition. Agents are also the first to know when a property is about to hit the market.
We suggest compiling you to look at the top brokers in the real estate market area you want to buy in for buyers interested in following this approach. You may contact them by phone or email to inquire about any off-market listings they may have. However, before contacting an agent, make sure to look at their website since their pocket listings are often cataloged there.
Also, bear in mind that just because a real estate agent can't help you with your present quest doesn't mean they won't be able to assist you in the future. Anyone you talk with should have your contact details so they can contact you if necessary.
4. Builders & Contractors
If you're an investor looking for hot, off-market offers, you'll want to make friends with builders and contractors in addition to real estate agents. Local contractors usually are "in the know" for assets where the owner or investor stopped working in the middle of a project because he or she couldn't afford to finish everything. Although this is bad for the seller, it can be highly advantageous to the investors that are ready to step in, finish the job, and benefit at closing.
Contract workers and other tradespeople are in close contact with others in the industry. If you're fortunate, they may be able to link you with local pocket listings—make sure you're fully transparent during your networking interactions. Let it be known that you're searching for off-market assets as an investor. You will begin to win the confidence and admiration of many other real estate agents in your market in this manner.
5. Word Of Mouth
Real estate investment is a people's market. It does, no matter how you look at it. Including your family to your friends, everybody you meet should know who you really are, what you are doing, and how to reach you. More people would think of you when they see another pre-listed property if you use word-of-mouth marketing. This is similar to creating a network; however, don't dismiss a possible link just because they aren't in the real estate industry. You never know who will introduce you to the next business opportunity.
6. Driving For Dollars
Driving through neighborhoods looking for off-market properties can be a fun and easy way to find them. Investors move in search of future deals, as the name implies. The most popular types of deals you'll encounter are abandoned or distressed properties since these are the most accessible off-market properties to spot. Take note of overgrown yards, scattered objects in the yard, or boarded-up windows to spot abandoned or distressed homes. Make a note of possible leads' addresses when you come across them.
Now what you need to do next in driving for dollars is to use the details you wrote down to look up the ownership of potentially abandoned homes in county records. You'll be able to contact the property's owner and inquire about the home's condition once you've found them.
Prepare a list of questions to ask when you receive contact details, such as a phone number or an email address. These can help you determine whether you can afford the property and whether it will be a good investment. Driving for money is an entirely free strategy, but it can be time-consuming. It may be a practical method to discover off-market homes in your city, depending on where you live. Hunting for pre-listed properties is an excellent way for you as an investor to move up the real estate ladder. It is working out of the box. Make use of the methods above to get your hands on the gold mine of the pre-listed properties in Los Angeles before the listing conversion rates start peaking.