Skip Tracing In real estate has proven quite the game-changer. Real estate investors are able to reach out directly to motivated property sellers and make them offers on their property. Prior to the COVID 19 pandemic, you can take multiple approaches to skip tracing, you can decide to manage the skip tracing process yourself and collect information from local county offices or scour through online directories and social media to find information on their target audience. In this short expose, we’d be sharing what’s changed and how to effectively navigate the waters of skip tracing and real estate investing in the “New Normal”.
The Conventional Approach To Skip Tracing in Real Estate
Originally the term ‘skip tracing’ was coined to mean a process that was used to track offenders of the law who were skipping town, nowadays the only persons skipping your hands are motivated sellers that you are not discovering because you are not using leveraging the power of a Skip tracing service like Need to skip. Here are the following tactics that were adopted for skip tracing in real estate pre-pandemic era:
- The DIY approach: The Do it yourself approach entailed investors looking up multiple listing services, local directories, checking the local newspapers and journals to discover details of property owners. This approach was suitable for investors who just started out or were looking to build a portfolio of properties within a certain location. Investors also ran cold calling campaigns to potential sellers.
- Skip Tracing Software: You could use a skip tracing software by providing it with data on the type, structure, location and status of the properties you’re interested in. Some Skip tracing software even provide you with a relationship report that helps you find the property owner.
What has changed since COVID 2019
The COVID 19 has affected multiple lives and businesses and has yet shown the resilience of humanity in face of adversity. Here are a few changes that have occurred due to the pandemic:
- Contactless Skip Tracing: This is one of the best times to use a skip tracing software as you can easily find information on motivated property sellers from the comfort of your home. You can shortlist the property owners you are looking for, upload it to the skip tracing service and get a response typically within 48 hours.
- An Increasing Need for Accuracy: There is an increasing need for accuracy in the information you get. You have to be certain that you are not spending time and resources reaching out to the wrong persons. Need to skip provides true 200 point data with a system that consistently compares data with the top 3 competitors.
- Be Courteous In Your Approach: A lot of persons and endeavors have felt the negative impact of the COVID 19 pandemic either from job losses, to potential mortgage defaults, to loss of loved ones. You have to be extra careful in approaching people and convincing them on the merits of your offering.
- Leverage Referrals: The pandemic also presents the opportunity for you to build a network of realtors and motivated sellers who will be quick to refer you to their friends and associates.
One key takeaway from this article is for you to double down on your online efforts and be agile enough to respond to business changes and trends.