Imagine this, you found a vacant house and knew that it would become a great addition to your portfolio. However, there’s one problem– you are unable to find the owner’s details. You tried various methods to find the details but couldn’t. And there helps a skip tracing tool like Batch Skip Tracing.
What is Skip Tracing in Real Estate?
To put it simply, skip tracing in real estate is the process of tracing fugitives, defaulters, or any individual who can be located at typical locations like their residence, workplace, or nearby venues.
Distressed properties are mostly abandoned by their owners or just been set aside to tackle later. And these owners might be motivated to sell their properties when they get a good deal.
How Can Real Estate Investors Leverage Skip Tracing?
Skip tracing can be beneficial for real estate investors and wholesalers for several things; with skip tracing, you can trace specific property owners as well as distressed properties. Different skip tracing service providers provide different levels of data. The basic ones will give only the owner’s name, home address, and contact information. Other ones will offer more information on the property like the date it was sold last, price, and mortgage details. Also, some service providers with private investigators provide incredibly detailed information about the owner.
Now that you know what Skip Tracing is, it’s time to understand how to skip tracing.
How To Do a Skip Trace on a Distressed Property Owner?
Here’s a five-step process for performing skip tracing with Batch Skip Tracing
Step #01- Plan
First thing first, before you start tracing, you need to plan the process. Start with thinking about what outcome do you expect with this lead? Do you wish to buy the property, wholesale it, or list the property for sale? Think about the exit strategy first. Create a follow-up strategy so that you can be prepared after you identify your target.
Step #02- Get Leads
Once you’re done with the initial step, the next step is to start finding leads for your wholesale business. First, you can decide upon a specific location and then go driving for dollars, take a walk around the neighborhood or anything that can help you look for distressed properties. And when you find one, you can add it to your list of leads.
Another way of finding motivated sellers is by using websites like listsource.com.
Step #03- Research
Now that you know who to target, you can start searching about them on the internet. The internet offers plenty of data and that too for free. Social media sites like Facebook, Twitter, Instagram, etc., can help you collect sufficient data about the owner.
Step #04- Use a Skip Tracing Tool
You have got the people who you would like to contact, but how will you do that? With the help of a skip tracing tool like Batch Skip Tracing. Go to batch skip tracing (dot) com and then-
- Upload your list
- Let the tool do the work for you
- And get the result.
As simple as that!
Step #05- Start Contacting
You’re done collecting the details, and now you need to take the most crucial step– contacting them. You can either call them or even visit them to tell them about the offer. The best way to contact them is through cold calling. Start cold calling all the names you’ve collected one by one. Talk to them, understand their pain points, and then propose how you can help.
This is how you can start to skip tracing. All you need is the right skip tracing tool like the Batch Skip Tracing tool. So plan it, get leads, research them, use the tool, and get going.