Real Estate Skip Tracing is becoming a more popular concept among real estate investors and becoming more prominent in conversations. Skip tracing isn’t a new concept really, although its application to real estate might seem a bit new. In simple terms, Skip tracing is tracing someone who doesn’t want to be found due to the fact that they are evading responsibility or legal obligation. It’s coined from the phrase ‘skipping town’. Skip tracing is relevant within many professional circles ranging from the legal services industry (when you’re looking to serve someone papers), Insurance, banking, and even the public service. Within other industries apart from real estate, Skip tracing is done through the use of agents mostly or private investigators. This approach is commonplace when trying to find someone who skipped bail or someone evading a duty.
How Does Skip Tracing Work in Real Estate
The dynamics of real estate skip tracing are quite different. The goal of real estate investing is to acquire high-value properties at minimal cost by leveraging on hacks to find off-market deals that have high potential. Off-market deals are not listed on multiple listing services and therefore the competition from fellow buyers is less. One of these hacks is skip tracing and any serious property flipper should dedicate some resources towards skip tracing. Real Estate Skip tracing takes a more commercial or ‘salesy’ approach.
You can deploy the help of multiple channels and resources to aid your search to discover properties and properties that are motivated to sell their properties for a bargain. You can take different approaches to real estate skip tracing. You can take the more hands-on Do it yourself (DIY) approach which involves you going through social media, local directories, local newspapers with a bid to finding the contact information of property owners and communicating with them the value you are giving them for their property.
You can also leverage up-to-date skip tracing software to provide you with accurate and reliable data on property owners within a short span of time. One of the best Skip tracing software you’d find around is Need To Skip, Need To Skip provides you with accurate data along with a relationship report of family members and known associates of the property owner.
How does Skip tracing benefit you
You might be asking yourself what’s in it for you or how does this skip tracing thing benefit me, well here’s a brief list :
- Unearth Off-market Deals: As said earlier, skip tracing in real estate allows you to discover off-market properties that are not advertised on Multiple listing services. The implication of this is that you have more power in negotiating the deal with the property owner due to minimal competition.
- Reliable Database: Skip tracing leads in real estate allows you to build a viable database of property owners and even realtors which helps your real estate investing efforts.
- High returns: Discovering high yield properties with minimal competition guarantees high returns on investments made.
In an industry with growing competition from new and existing players, skip tracing is now imperative and should be on the bucket list of any.