That’s why, when it comes to finding MLS property deals, you need to develop strategies for pinpointing properties quickly and, as best you can, in ways that other investors may not even be aware of.
When you’re searching on the MLS, understanding how to use keywords effectively is – well, for lack of a better term – the key to success.
I shared some of my favorite keywords in another post a while back, but today I want to follow up with even more options based on what I’ve continued to learn as I do this.
This is more that just a bunch of keywords; I’m going further than that…
I want to touch on a few other tips for efficiently searching the MLS. Because – let’s be honest – browsing around aimlessly on the MLS every day can be hugely time-consuming. And you’ve got more important things to do!
This insight is going to be especially helpful if you’re relatively new to real estate investing – because you’re probably not at the stage where you can afford – or even want to – hire someone to find property leads for you on the MLS.
On the other hand, if you ask a Realtor to send you leads from the MLS, they will likely create an automated search that sends you an email each day. Which is great. However, you’ll need to be very specifc with your agent friend about how the search is set up (queue the keywords). Don’t let the agent determine your search criteria! Know what you want, explain this clearly to the agent, and check back often to tweak and adjust the search settings.
But if you want truly unique search results that you can access at all times, it’s best to have direct access to the MLS yourself so you can do highly detailed searches anywhere, any time.
So, below is a link to the list of additional MLS keywords to use when searching for properties.
But – stay with me… don’t just scroll to the bottom to download the list – keep reading because now I have some additional insights that I think you’ll find to be super beneficial.
Choose Your Words Wisely
Once you see the keywords, you might notice that many of these words/phrases fall into 3 categories:
Condition of the property- Circumstances surrounding the sale
- Indicators of seller urgency/desperation
As you gain more and more experience searching on the MLS with these keywords I’m providing, you will start to learn which ones find you the best results; and this will be unique for every investor.
There really is no “one-size-fits all” approach, so you have to learn what works best for you, through trial and error.
Depending on your state’s MLS functionalities, you may want to save your keyword search(es), and set up an automatic email to be sent to you daily (or even twice daily) so you can immediately pounce on any potential deals that pop up.
Because other investors have access to the MLS, it’s critical to act quickly and get your offer in before anyone else has the chance to write their own offer.
Now, before I release you to the excitement of the MLS, I want to give you a few more tidbits of advice that I’ve gleaned from years of working with other investors…
A Word On Property Type
Obviously, you probably have an idea of what you’re looking for in a property (in terms of beds/baths, square footage, lot size, etc.). If you’re hoping to make a decent profit on a property, consider creative solutions such as:
- Adding a bedroom. By finding 2-bedroom properties with larger square footage on the MLS, you may have the opportunity to add a 3rd bedroom and – in turn – list the renovated property for a much higher price than you bought it for.
- Splitting a lot. Of course, in this case, you need to have a strong understanding of local government property restrictions. But buying a larger piece of land and subdividing the lot can get you the most bang for your buck.
A Word on DOM & Price Changes
Another way to narrow down your search results on the MLS is to filter them according to price changes or days on the market (DOM).
For instance, if you view only properties that have been on the market for 30+ or 60+ days, you can probably expect to encounter sellers who have overpriced their properties.
Now, this could work in your favor (if the seller is desperate to get rid of the property) or it could be a losing game (if the seller is willing to sit on their high price, without budging). But this could be a great place to start.
If you’re looking at multi-family properties, you may also come into contact with fed up landlords/owners who don’t want to deal with tenants anymore.
A multi-family property that has a high DOM number could even mean that the tenants are being difficult and won’t agree to let potential buyers see the space. If you reach out to the frazzled landlord at just the right time, you could benefit from this sticky situation by securing an awesome property deal.
Also, take note of price changes in a property. If the price has dropped several times in a short period, this could mean a highly motivated seller.
Many price drops plus a high DOM just might be the property deal “jackpot” you’re looking for.
Get Going…
The possibilities for searching on the MLS are endless. By typing in keywords and narrowing down the search criteria with certain fields selected, there are thousands of ways you can search for ideal properties for your business.
Remember that this downloadable list of keywords is simply a starting point…
You still need to apply your own strategies and brain power (dang it, I know) to make this entire process work well. But once you get the hang of it, I promise the time and effort will be worth it.
Start Your (Search) Engines
When you’re searching on the MLS, what other factors indicate a hot property deal to you? Let me know in the comments section below.
thanks