Where do you get leads when the market is sluggish?  Due to the recent housing market changes over the past few years, real estate investing has become a viable option to building wealth.  With that said, how do you find properties to invest in.  These leads could be the difference between closing on a great deal or investing in a lemon. 

It’s a fact that for real estate investors the most important part of real estate is finding the leads.  No leads means no deals, and no deals mean no discretionary income.  It’s a fact that starting something new can be lead with frustration and often leads to you giving up.  So having a plan can reduce the frustration of finding leads.  And knowing how to locate leads is the first step to securing a solid plan. 
So, where do you go to find leads?  Because the news is reporting that the market is bad for sellers means that this is prime time for buyers.  These are seven ways to generate leads in a sluggish market.\

The Internet

The first step in finding and attracting leads is looking on the net. Free websites, such as Craig’s List, is one of the best places to find leads.  A lot of home owners want an inexpensive means of advertising their properties without having to use an agent.  This type of lead is ideal because they may want to get rid of the house for a deep discount.  Life circumstances, taxes, and relocation are a few reasons someone will advertise their house.  Ask the questions and find out their story.
Every investor should have their own website.  Ones with catchy names makes websites easier remember.  Letting the world know that you can make a purchase and quickly will make you stand out more than someone who’s only option is to send out unsolicited emails all day.

For Sale By Owner Ads

The For Sale by Owner section of your local newspaper can lead you to good deals by connecting you directly to owners.  They may not be the best candidates as a lead, but they may be willing to take a discount on their home if these adds have been running for months.  By weeding out the newer listings with the older ones you can find motivated sellers. 
Also, those owners that are out of town can be a winning ticket.  If their area code is outside the area where the house is located is an indicator of someone that lives outside location.  These owners may not want to own a house that’s not their current residence because of the burden of property management.  There are any number of reasons why an out of towner would be a great candidate such as, losing a job, divorce and job relocation.  So, if you see an area code that’s out of town for a For Sale by Owner classified in your newspaper you should call immediately. 

Pre-foreclosure

If a tenant or home owner has to pay their mortgage.  If a short coming occurs in their life the mortgage company will understand but they still want the payment to come in each month.  If the owner or landlord can’t make the mortgage payment then you have a motivated seller.  By building relationships with banks that lend money for mortgages can yield great benefits.  They can provide you a list of homes that are about to become foreclosed on.  If you can get your hand on this list call these people up and just start talking to them about their house.  From this conversation you should be able to tell if you have a motivated seller.  The main point you should stress to the seller is that their house is about to go into foreclosure and you have the means to help them save their credit and remove the burden of paying the mortgage on the house.  

Direct Mail

Grass root campaigning is alive and still in effect.  Direct mail campaigns are one of the oldest methods of advertising and it still works.  Post cards generally work better than envelopes.  These post cards should explain how you can purchase their home quickly, without any complications.  If they should call be prepared to explain your process of closing on their house at the best price. 
These leads can be found from a number of sources such as, the courthouse, the local paper, a multiple listing service, and online real state sites.  There are a ton of ways to get leads that would be great candidates for direct mail. 

Networking

Getting your face out there is so important.  Having business cards may not seem important, but it can be the difference between someone remembering who you are or the potential lead going to another source.  When you speak to someone about your real estate investing give them three business cards so they can pass the other two along to friends and associates.  How often will that really happen?   You’ll be surprised because if you left a lasting impression many people will pass your card along.  The whole idea is to help your business grow through the lease expensive mean of them all, word of mouth.  If you have the ability to excited someone by what you do and have a huge amount of enthusiasm and energy they will remember you for years to come.    Being well prepared to tell your story and ready to answer their questions will ensure that you’ll at least get a referral or a potentially good friend.

Signs

Signs work wonderfully, but there are a few things to remember about signs. 

1. Be unique.  Having a sign with a different shape can make your advertisement stand out more than the others.  Recently I saw a For Sale sign shaped as a house.  There were about five other signs, but this one was so different that I couldn’t help but notice and read what it had to say. 
2.  Location.  Your signs should be everywhere.  If leads see your signs all over town it gets into their heads and they remember who you are.  They will actually come to you instead of you having to search for them.  Now that’s a twist.  The best place to put signs is at four way stops.  The point is for them to see your sign and if they are stopping, they can take the extra second to view your advertisement.  Stop lights are another alterative because when the light is red traffic backs up and then everyone goes at the same time.  Those potential leads will see the sign and have plenty of time to read it. 
3.  Wording.  Make sure you can get your point across in as less words as possible.  Signs that are bold and straight forward have more success.  The tradition “We Buy Houses” signs still work, but readers have specific needs and the signs needs to as well.  Foreclosure investor should use signs that read, “Avoid Foreclosure”.   This will help during prescreening because you can better assess those leads who meet your criteria. 

Multiple Sources

The important thing is that you get leads from multiple sources.  If you have only one way of getting leads then you will be out of luck if that source dries up.  Coincidentally, if you have 10 or more ways of generating leads your business will continue, even if one of those sources cease to produce.  In most cases you will be able to replenish that source or get a new source. 

These are just a few of the way to generate leads, but ask around and see that there are several other techniques to getting more leads.