Does Wholesaling MLS Properties Still Work in 2013?
Does wholesaling MLS properties still work today or is browsing the Multiple Listing Service for real estate ‘deals’ just a waste of time?
During the downturn, as housing inventory piled up on the market and both individual and institutional property owners alike tried everything to promote their properties and there was little competition wholesaling MLS properties was certainly a viable option, but is it still a usable source for investors today?
The MLS is often looked down on by real estate investors, especially wholesalers because of the easy access and of course having to work with real estate agents. However, there can still be some nuggets to be found if you know how to use it.
In fact, as the U.S. housing market continues to improve and picks up pace the wholesaling MLS properties could be becoming even more profitable than the last few years. During the last boom it was easily possible to acquire virtually anything in the MLS and flip it for tens of thousands in profit within days (not that that is always a smart strategy).
There are definitely potential issues with wholesaling MLS properties. Realtors aren’t always pleasant to deal with, and in some cases, downright impossible. Obviously they add expenses to the deal too, which can quickly eat up big chunks of potential profit. Then being publicly visible worldwide anyone that wanted to could find them themselves.
However, there are ways to make it work and there are end buyers and investors that simply don’t have the time to be surfing and searching listings everyday too.
Wholesalers can also find nuggets by taking a different approach, and instead of simply focusing on today’s newest listings can dig into those that have been up for a while and negotiate better deals on them. Of course being first and fastest to bid on and lock up new home listings can work too.
Savvy investors will work on building relationships with agents to get discounts on their commissions and access to the agent view of MLS properties to find more discounts and uncover how motivated sellers are. This can add tens of thousands in profits others don’t see. Building on this by negotiating out liens or getting property taxes reduced can also create larger spreads and build in more profit where others didn’t see a deal too.
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