Building Tired Landlord Lead Lists from Eviction Filings
In the competitive world of real estate investing, finding motivated sellers is crucial. One often-overlooked source of potential leads is landlords who are dealing with tenant evictions.
Zach Fitch
Tennessee
, Goliath Teammate
In the competitive world of real estate investing, finding motivated sellers is crucial. One often-overlooked source of potential leads is landlords who are dealing with tenant evictions. These "tired landlords" may be more willing to sell their properties at a discount to avoid further hassles. This guide will walk you through building a lead list from eviction filings, a strategy that can yield high-quality leads with relatively low competition.
Understanding the Opportunity
Eviction filings are public records that can provide a wealth of information about landlords who may be motivated to sell. When a landlord files for eviction, it indicates potential distress, whether financial, emotional, or operational. By targeting these landlords, you can find properties that may not be listed on the open market yet.
Why Focus on Eviction Filings?
Motivated Sellers: Landlords dealing with evictions are often frustrated and may be more willing to negotiate.
Less Competition: Many investors overlook this source, providing an opportunity to engage with less competition.
Publicly Available Data: Eviction filings are accessible through public records, making them a cost-effective lead source.
Step-by-Step Process to Build Your Lead List
Step 1: Accessing Eviction Filings
The first step is to gain access to eviction filings in your target area. These filings are typically available through county courthouses or online databases. Here’s how you can access them:
Identify the Jurisdiction: Determine which county or city your target properties are located in. Eviction filings are usually managed at the county level.
Visit the Courthouse: Many courthouses have public terminals where you can search for eviction filings. Speak with the clerk to understand the process.
Online Databases: Some jurisdictions offer online access to court records. Websites like PACER (for federal cases) or state-specific portals may be useful.
Third-Party Services: Consider using paid services like LexisNexis or local data aggregators that provide eviction data for a fee.
Step 2: Extracting Relevant Data
Once you have access to eviction filings, the next step is to extract relevant data that will help you build your lead list. Focus on the following key pieces of information:
Landlord's Name and Contact Information: Essential for direct outreach.
Property Address: Verify the property details and assess its potential.
Filing Date: Recent filings are more likely to indicate current distress.
Case Details: Understanding the nature of the eviction can provide insights into the landlord's situation.
Step 3: Organizing Your Data
Organizing your data effectively is crucial for efficient follow-up. Use a spreadsheet or CRM system to keep track of leads. Here’s a simple framework to organize your data:
| Column | Description |
|-----------------|--------------------------------------------------|
| Landlord Name | Full name of the landlord |
| Contact Info | Phone number and/or email address |
| Property Address| Full address of the property |
| Filing Date | Date the eviction was filed |
| Case Details | Summary of the eviction case |
| Follow-Up Date | Scheduled date for next contact |
Step 4: Validating and Enhancing Data
Before reaching out, validate and enhance your data to ensure accuracy and increase your chances of success:
Cross-Reference: Use property tax records to confirm ownership details.
Skip Tracing: If contact information is missing, use skip tracing services to find phone numbers and emails.
Market Analysis: Conduct a quick market analysis to assess the property's value and potential return on investment.
Outreach Strategy
With your lead list in hand, the next step is to develop an outreach strategy that resonates with tired landlords. Here are some effective approaches:
Personalize Your Approach
Personalization can significantly increase your response rates. Use the landlord’s name and reference specific details about the property or eviction case in your communication. This shows that you’ve done your homework and are genuinely interested in their situation.
Use Multiple Channels
Direct Mail: Send a personalized letter or postcard introducing yourself and expressing interest in purchasing their property.
Phone Calls: A direct conversation can build rapport quickly. Prepare a script but be ready to adapt based on the landlord's responses.
Email: Craft a concise, compelling email that highlights your interest and the benefits of selling to you.
Sample Outreach Script
Here’s a sample script for a phone call:
"Hi [Landlord's Name], my name is [Your Name], and I’m a local real estate investor. I understand you’re dealing with an eviction at [Property Address]. I specialize in helping landlords like yourself who might be looking for a hassle-free way to sell their property. I’d love to discuss how I can assist you. Is now a good time to talk?"
Legal and Ethical Considerations
When dealing with public records and personal data, it’s important to adhere to legal and ethical standards:
Privacy Laws: Ensure compliance with local privacy laws when collecting and using personal data.
Honesty and Transparency: Be upfront about your intentions and avoid misleading claims.
Respectful Communication: Always maintain a respectful and professional tone, even if the landlord is not interested.
Measuring Success and Iterating
To ensure your strategy is effective, it’s important to measure success and make adjustments as needed:
Key Metrics to Track
Response Rate: Percentage of landlords who respond to your outreach.
Conversion Rate: Percentage of leads that result in a property purchase.
Cost per Lead: Total cost divided by the number of leads generated.
Time to Close: Average time from initial contact to property acquisition.
Continuous Improvement
A/B Testing: Experiment with different outreach methods and messages to see what works best.
Feedback Loop: Gather feedback from landlords to refine your approach.
Market Trends: Stay informed about local real estate trends to adjust your strategy accordingly.
Building a lead list from eviction filings requires diligence and a strategic approach, but the potential rewards make it a worthwhile endeavor. By following this guide, you can tap into a valuable source of motivated sellers and gain a competitive edge in the real estate market.
