In 2019, Fintech investment platform and social network, Connected Investors, launched a new software for off-market real estate data called PiN. This software allows prospective investors to access data about properties that are likely to sell under market value—typically vacant, probate, foreclosure, or other fast-sell circumstances. PiN identifies great deals investors can quickly jump on, leaving competitors without access to similar software in the dust. However, once purchased, investors sometimes need a bit of direction on how to best use this data to their advantage. In a recent panel discussion, the Connected Investors team met with Nicholas Nick, founder and CEO of the lead generation company Lead Mining Pros, to discuss using off-market investment property data like that provided by the PiN software.
Many of those reading this blog post will already be familiar with and have access to Connected Investors’ PiN software but do need a bit of help leveraging the data. In this blog post, we will explain the investment software in detail for those unfamiliar with PiN. For those already using PiN, we will offer advice from the Lead Mining Pros team below.
What is Real Estate Investing PiN Software?
Two years ago, real estate investment company Connected Investors released their PiN software—a marketplace of unlisted residential and mixed-use properties that inventors would not find in the MLS or other databases. Many of the properties listed in Connected Investors’ PiN marketplace are at an increased likelihood of selling below market value—e.g. foreclosures and others listed by motivated sellers.
Our constantly updated PiN software is explained in the blog post “‘PiN’ Has Arrived: The Real Estate Investor MLS.” The post notes that competition for great investment properties at a discount price is fierce and “as competition continues to rise, real estate investors use Big Data to find investment opportunities not available to the general public.” The goal of Ci’s PiN software is to offer real estate investors a “centralized MLS-type marketplace” of flippable properties that has never existed in the past.
How Connected Investors’ PiN Software Gives Investors a Leg Up
PiN allows investors to “search through the roughly 137 million unlisted properties” using their “Big Data Tools” and “Pinpoint” functions. This innovative software “analyzes billions of data points on every property across the US,” pointing investors to “off-market houses that could be purchased for a fraction of retail market value.”
Connected Investors Founder and CEO Ross Hamilton hopes that “PiN will become the industry standard software used to source investment property.” Without access to software like PiN, investors have little chance of remaining competitive in the industry, notes Hamilton. Combined with Connected Investors’ private funding portal—the largest in the United States—, Ci’s PiN software will offer real estate investors an outsized leg up, helping them through every step of the process.
Searching for Investment Properties Before Ci’s PiN Software
Before PiN, finding investment properties could be a time- and cash-exhaustive undertaking. We explained why finding motivated sellers can be complex in our recent blog post “Finding Motivated Seller Data – Tips For Profitable Deal Flow.” Traditionally, investors have searched for motivated sellers through a mixture of prospecting, marketing, networking, and hiring out—e.g. contracting a data provider. Before the availability of PiN, investors would find motivated sellers by combing through public sources like courthouse documents such as delinquent tax records and foreclosures, MLS data, and websites like Craigslist. When looking through off-market resources, investors would “look out for sellers falling into these three main demographics: sellers looking to relocate, sellers facing a personal issue, and sellers at risk of foreclosure.” Today, however, investors can find motivated sellers by using Connected Investors’ PiN software and other resources—virtually eliminating the need for traditional, time-intensive, and often poorly targeted prospecting.
Getting to Know Lead Mining Pros
Connected Investors recently spoke with Nicholas Nick, founder of lead generation company Lead Mining Pros, about finding investment properties and opportunities in real estate. In our interview, Nick explained that having access to the right software—such as Connected Investors’ PiN software—is key to finding actionable properties and worthwhile investments. Figuring out what to do with that data, however, can be just as difficult as it is crucial. This is where services like Lead Mining Pros come into play for investors.
Lead Mining Pros does all the “list pulling, skip tracing, cold calling, and text messaging” that investors need to find deals. Each of these services is bundled in one “done-for-you package” by their company. In working with investors, Lead Mining Pros teaches how to actually identify potentially profitable leads and act on them. According to the Lead Mining Pros team, the key in improving investment success year to year is the ability to look back on “every lead you threw away and used…[to] see what you could have done better.” In short, introspection in investing is incredibly important.
How Real Estate Investors Can Utilize Leads from Real Estate Investment Software
When the majority of Lead Mining Pros’ clients reach out for help with leads, they have already made use of some sort of MLS-style software like PiN. Rather than needing help finding properties, they need help acting on leads they have already generated. Below, the Lead Mining Pros team has outlined five keys to successfully capitalizing on real estate investment leads.
#1 Treat Everything as a System
The first key in turning leads into deals is treating everything like a system rather than just “feeling it out” or “going with the flow.” In practical terms, this means working out a contact and response system for every lead you feel is worth pursuing. If “you don’t treat every lead the same, then you’re already…leaving money on the table.” Taking every lead through the same process is not only professional and streamlined but also allows you to look back and see where you went wrong if a deal falls through. This allows you to hone your system over time, limiting mistakes, expediting deals, and compounding upon your success. According to Lead Mining Pros, the first step in your system should be calling the property owner or representative “within 15 to 30 minutes of receiving the lead”. This is because — once you have the lead, “your number one goal is to get in there and build a relationship.”
#2 Identify the Type of Lead You Have
The second step in Lead Mining Pro’s system is identifying the type of lead you have. This will help prospective investors better hone in on who they are dealing with, how to build an appropriate relationship, and what kind of terms they might expect. Different leads—for example, retail and distress leads—will require different systems in order to secure success, so identifying the type is essential.
#3 Build a Rapport
Creating solid relationships is always important when investing in real estate because it not only helps secure an initial deal but because it can also establish a profitable deal flow. We explained this in our recent Connected
Investors’ article “Exactly How To Raise Private Capital With Max Keller.” In this article, we quoted Max Keller, who noted that each and every real estate investing deal is underscored by quality relationships, whether that deal is purchasing a property or securing private capital from a lender. Keller explained that “establishing a quality, genuine relationship with lenders,” brokers, real estate agents, and others is key to continued success in real estate investing.
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Lead Mining Pros notes that “rapport building is massively important” because a good relationship could result in extra information that other investors would not have been able to tease out. Building a rapport can get sellers to open up to you—the investor—about why they are selling, how quickly they want to close the sale, and what you could offer to speed up that process or lower that price. Turning the seller’s attention away from the home and towards the reason for the sale can help loosen the seller’s emotional attachment to the property, speeding up the closure of the deal.
#4 Follow the Pace of the Seller or Agent
In conversation with the Connected Investors team, Nicholas Nick recommended that real estate investors make sure they are moving at the same pace as the owner/seller or the real estate agent/broker. Trying to rush the seller — or conversely –, moving too slowly can turn away the seller and eliminate the chance of a sale. Understanding the pace at which your seller wants or needs to close on their home or property eliminates frustration on both sides by limiting miscommunications. Moving at the
seller’s pace also demonstrates that you as a buyer or investor are responsive and comfortable curating your approach to the needs of the seller. This reinforces the rapport you began building in Step 3 and increases the likelihood that you might secure additional deals with this seller in the future.
#5 Be Honest About But Respectful Towards the Property
When you finally head out to view a property in person after finding it by using PiN software, Nick recommends walking through the home or commercial space quietly and respectfully. Accurately assess the values and condition of the structure and land without “calling everything out” to the owners. Nick explains that you can walk through and mention issues without “picking apart” the space. If the owners listed the property at a reduced price, they already know “this place needs some work” and will only be “triggered and offended” by a stranger waltzing in and tearing their home to shreds. Respectfully notifying the owners that you walked through the property, noticed damage and know how to help them is a much better way to capitalize upon the rapport you started building during Step 3 of this process.
Summary
By following these five steps from Nicholas Nick of Lead Mining, you will be in the best position to properly utilize leads generated by real estate investing software and other tools like Connected Investors’ PiN.
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The post How to Use Leads from PiN Real Estate Software – Lead Mining Pros appeared first on Connected Investors Blog.
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