Remine Recipe Series: How To Identify Potential Investment Properties in Remine
Looking to simplify your prospecting experience this summer? Follow our Remine Recipes to identify sellers and grow your business with the help of Account Manager, Caroline Mulvey.
You might be asking yourself what is a Remine Recipe? Well, put on your imaginary chef's hat and join us in the Remine kitchen as we get cooking!
These recipes are a resource you can easily refer to for a step-by-step approach to our most used tips within the platform. By using our ingredients, you can find investment properties and grow your business with targeted marketing to property owners.
How To Identify Potential Investment Properties in Remine
Hi! My name is Caroline Mulvey, and today I am going to show you how to find potential opportunities for investors. For this exercise, I am going to be a real estate agent working for KB Properties and we specialize in flipping homes. I am partnering with Izzy Investor. Izzy is looking to flip in Old Town Alexandria. The market is hot right now, so it is prime time for me to look for older homes in upcoming areas that are good opportunities to renovate and sell at a higher price. Remine is the perfect tool to help me quickly identify these properties.
Step 1: Identify the area
For my business, I want to focus on Old Town Alexandria in Virginia. I am familiar with this area and know that there are several older homes that folks have lived in for many years. With interest rates at an all-time low, they may be interested in selling as they can sell for top dollar now while inventory is low.
Use the zip code 22314 to start the search.
Step 2: Apply filters
Now that I have the neighborhood pulled up on the map, I can start applying filters. Before I apply filters and layers to the map, I toggle to Properties, so I have access to both Filters and Remine's map layers.
First, I will apply year built, square footage and building type as for this example I want to look for older townhomes that ideally have not been renovated.
Apply year built before 1990, square footage over 1200 and building type of townhome.
Next, I will apply the property value filter. I want to look at homes that are valued lower than others in the area. As a neighborhood expert, I know homes in this area are valued in the mid-high 700s. To identify these properties, I will use the Property Value map layer and set a maximum of $700,000 to try to find homes that are older and still need be renovated in this neighborhood. Using The Property Value filter is exclusive to Remine Pro subscribers.
Now I will apply the property value filter, making sure the amount is lower than the typical valuation in that area.
It looks like I have found a handful that fit these criteria. To further investigate whether these homes are worth reaching out to, I am going to click into their Property Details Page and get a street view. This will help me see first-hand whether it looks like it is an older home that isn't renovated.
Now I will be able to go to the Property Details Page and use the Google Street View tool to view further.
Once I have done this for several properties and have identified the ones I am interested in, I will want to add them to a cart. Carts are like a filing cabinet within Remine. Here you can organize your properties and take certain actions, which I will explain in the next step. For now, we can add our properties by clicking the “Select All” checkbox and “add to my cart.”
Step 3: Market to Property Owners
Now that I have my list of potential flip opportunities, I have a few options. I can download a CSV with the phone numbers, email addresses, I can print mailing labels if I want to write my own letter or send my own marketing material, or I can use Remine’s partner for direct mailers PCMDigital, to have them send postcards or letters to the owners on my behalf.
With a targeted letter campaign Izzy and I have a better chance of connecting with a potential seller of a property that Izzy is prepared to make an offer on. Using resources like Remine that are exclusively available to Real Estate Agents in my market helps make me an asset to local investors.
After searching for properties this summer with Remine we hope you take advantage of our Team’s favorite recipes as an added treat.
Log in to your account and start cooking up new leads today!