In this video, I show you how I drive for dollars in Pompano Beach, Florida looking for deals on the way to preview a property that is ready to be listed on the MLS.
When you are driving for dollars you need to drive slowly (around 15 mph) so that you can notice things like lockboxes on doors of properties (which can be a clue to new listings). You should also be looking for realtor signs to get an idea of how many properties are listed for sale and what has sold recently. For this strategy to be effective you will need to drive for dollars in the same neighborhoods repeatedly in order to notice things.
There are some very useful apps that you can use when driving for dollars. One is called Deal Machine and the other is called Send Fuse. You can download these on to your smart phone and when you notice a vacant property you can take a picture of it and have a postcard mailed directly to the owner. Deal machine goes one step further and gives you potential access to the owners phone number (so you can call them).
It is also very helpful to have the realtor.com app on your phone so you can see what price properties are listed at when you drive by them.
If you consistenly drive for dollars looking for deals, and if you are consistently paying attention to the MLS and inventory levels then you will find deals and have a very good handle of what you could sell a house for in any given neighborhood.
Driving for dollars is also fun and a great way to get away from the computer and out into the neighborhoods looking for deals. Try it – you may surprise yourself at the results!