02.9.2024 PropStream
As the number one real estate lead generation tool, PropStream has plenty of resources to help you find the most worthwhile listing leads.
However, as a new agent stepping into the captivating realm of real estate lead generation, we recognize that navigating our extensive datasets may require some guidance to become comfortable.
In this post, we’ll explore how to get real estate listings using five of our most agent-friendly Quick Lists.
What is a “Quick List?”
Quick Lists are combinations of pre-set filters designed to identify a specific audience. By utilizing a Quick List, you’re taking the guesswork out of combining various filters to find a particular lead type. Think of them as a stepping stone for learning how to search with PropStream’s filters!
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Try These 5 Quick Lists FREE for 7 Days and Enjoy 50 Complimentary Leads!1. Failed Listings
Failed listings are an agent's bread and butter. When a listing fails, it means one listing agent was unable to sell their client’s property for various reasons, such as:
- Incorrect pricing
- Ineffective marketing
- High competition
- Lackluster property presentation
- Legal issues that caused a transaction to fall through
- The listing expired
Related: 5 Benefits of Pursuing Expired Listings
Failed listings indicate that a homeowner wanted to sell but couldn’t do so through the original agent they worked with. The homeowner will likely still want to sell if the listing fails, making it a concrete source of off-market inventory with indicated selling motivation (AKA, the best type of listing leads!)
PropStream It
PropStream allows agents to easily find failed listings in their region, combining additional search filters to find a prime lead demographic.
Pro Tip: Want to find expired listings, specifically? Try this PropStream search formula: Failed Listings (Quick List) + 90 days minimum on market + 3 years minimum ownership. Check out this video for a demo of finding expired listings.
2. Divorce
A divorce can be a challenging life change to navigate for homeowners. It typically creates a need to sell jointly-owned properties and may come with a sense of urgency as both parties are eager to sell their shared property to live separately.
With all of the other legal implications of divorce, the divorcees may need the help of a qualified real estate agent to assist with the sale of the shared property and potentially the acquiring of new, separate properties. Additionally, divorce can be an emotional life event, making the guidance of a neutral and level-headed agent vital.
Important note: When reaching out to divorce leads, treat the situation with care and empathy. Focus on how you can help the homeowners rather than seeming too eager to collect your commission check. Divorce can be a sensitive event, with owners experiencing strong emotions. As the agent, you must ensure you’re not increasing the emotional burden.
PropStream It
PropStream offers a Divorce Quick List to help agents find divorce leads in just minutes. In addition to the Quick List, agent users may choose to apply these filters as well:
- Off-market
- Presence of a financial strain (e.g., lien, bankruptcy)
- A specific divorce filing date
- A certain number of properties owned by the divorcees
Pro Tip: Users can also utilize the “Linked Properties” tab on the Property Card to gain insight into other properties held by the same owners. If divorcee owners with several properties can’t agree on who will own which properties, they may choose to sell them all.
3. Pre-Foreclosure
When a home is in pre-foreclosure, this is one of the final steps before the property is foreclosed on and taken from the current owner. While a homeowner can make up the missed payments to keep their home, this may not be an option if they are experiencing financial hardship.
Related: What Is the Difference Between Foreclosure and Pre-Foreclosure?
Homeowners want to sell before the home reaches foreclosure status for several reasons, like:
Avoiding credit damage: If a homeowner sells in pre-foreclosure, they may be able to settle the outstanding debt, minimizing the impact on their credit score.
More control over the transaction: Since the homeowner still owns the home in pre-foreclosure and can technically sell it, they retain more power if they don’t wait for the bank to take the property. This may be important for homeowners with sentimental value attached to the home. Additionally, having some control over the transaction may help reduce some stress around the uncertainty of foreclosure.
Preserving some of the property’s equity: Selling before foreclosure enables homeowners to preserve any remaining equity in the property, as foreclosure can lead to a forced sale at a lower price.
Facilitating a short sale: In some cases, homeowners in pre-foreclosure may negotiate a short sale with the lender, allowing them to sell the property for less than the outstanding mortgage balance.
Preventing legal consequences: Foreclosure proceedings can result in legal consequences, such as deficiency judgments, which could be avoided by proactively selling the property.
PropStream It
PropStream’s Pre-Foreclosure Quick List allows users to uncover pre-foreclosure leads in just a few clicks. Additional filters that may help target your search for this lead type (and uncover other selling motivations) are:
- Off-market
- Has active lien
- Has active bankruptcy
- Individual owner
Pro Tip: If you uncover that a homeowner is in pre-foreclosure with a subject property, use the “Linked Properties” tab to discover other properties owned by the same person. Especially if there are several indicators of financial distress, the owner may want to sell several properties to relieve some of their debt.
4. Flippers
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When it comes to repeat business, flippers are an excellent source of consistent leads for agents.
What is a “flipper” in real estate?
Also referred to as a “fix and flipper,” flippers buy a piece of real estate, improve it by renovating it, and sell it for a higher price. They repeat this process over and over to generate income.
Since flippers earn their income from repeatedly buying and selling real estate, they can be an abundant source of business for agents who enjoy working with buyer and seller clients. Additionally, flippers don’t typically live at their properties. Since the ease and speed of transactions directly impact their cash flow, they’ll likely have fewer expectations and more of an urgency to close, providing agents with quicker transactions.
Here are some other reasons that flippers are a desirable demographic for agents:
- Flippers may have a more advanced understanding of the local market than the average buyer, requiring less guidance/time from their agent.
- Many agents want to get into real estate investing as a supplemental source of income. When they work with flippers, they may be able to learn about the business first-hand.
- Many flippers have a network of other real estate investors, potentially allowing agents to expand their network with more investor clients.
Related: How To Become the Go-To Real Estate Agent for Investors
PropStream It
By applying PropStream’s Flippers Quick List, users can quickly uncover properties with evidence that suggests the owner is a flipper (e.g., the property is currently for sale on the MLS and was purchased within the last 24 months).
Pro Tip: Some flippers also double as landlords to diversify their portfolios. To uncover several properties owned by the same flipper, use the “Number of Properties Owned” filter (under Ownership Info) to identify flippers with several properties.
Understanding that an owner doubles as a flipper/landlord can help you plan your pitch and highlight your expertise (e.g., “I can help you find properties with the most rental potential and identify the hottest regions for investing in off-market opportunities!”).
5. Senior Owners
Since Baby Boomers constitute the largest group of current homebuyers, aiding senior homeowners in selling their current property as they transition to a new phase can be a strategic move for agents.
Reasons for their potential move include retirement, desire to be closer to grandchildren, physical limitations prompting downsizing, or leveraging substantial property equity. Contacting these homeowners before they list their property can open doors to lucrative opportunities.
PropStream It
PropStream’s Senior Owners Quick List allows you to uncover senior owners in the region of your choice by highlighting homeowners with one of the following indicators:
- Ownership exceeding 25 years
- A senior tax exemption on the property
- An open reverse mortgage
Why stick with one generic list of senior homeowners when you can mix and match our other filters to create ultra-targeted lists and increase your client conversion potential?
Here are some sample filter combinations (we recommend combining these with the Senior Owner Quick List) to get you started:
- At least 70% property equity
- Homes with several stories
- Financial difficulties (e.g., liens, bankruptcies, pre-foreclosure status)
- Vacant property
- Homes with rental profit potential (e.g., can yield a specific amount of estimated rental income)
Pro Tip: Learn how to use PropStream’s Senior Owners Quick List with this video tutorial.
Try These 5 Quick Lists FREE for 7 Days and Enjoy 50 Complimentary Leads
You’ve uncovered five niche real estate lead generation demographics and learned some PropStream hacks to build the most effective marketing lists.
Ready to put what you learned to the test?
Activate your PropStream 7-day free trial to start building custom lead lists today, and enjoy 50 leads on us!
