ProspectNow Launches Chainlink Node on Mainnet, Bringing Premium Real Estate Data to DeFi Markets

ProspectNow and Chainlink Logos

ProspectNow is pleased to announce that our Chainlink node is live and fully operational on mainnet, bringing our premium real estate market data into leading blockchain networks. Developers can now call our Chainlink node to get real-time predictive analytics data about residential and commercial real estate markets, including aggregate property and square footage prices within specific geographies. Using our data, smart contract developers can build new blockchain applications across decentralized finance (DeFi), insurance, and NFTs, such as tokenizing real estate and using it as on-chain collateral or creating derivatives markets based on future real estate prices in a specific city.

 

If you are a developer, check out the documentation to learn how to call our Chainlink node. You can retrieve the square footage price at the same zip code that we retrieved an AVM for at ProspectNow:

https://docs.chain.link/docs/prospectnow-data-oracle/.

 

We selected Chainlink because it’s the most time-tested and widely used oracle solution, containing a growing data marketplace for smart contract developers to access traditional APIs. The Chainlink node was a very straightforward integration, taking minimal time and effort to get our existing APIs compatible with leading blockchains.

Through the Chainlink node, we can now seamlessly expand our data in emerging blockchain-base markets like DeFi, as well as cryptographically sign our data to prove it originated from the ProspectNow API. For a more detailed analysis on why we chose to get our APIs blockchain-enabled with Chainlink, read our previous announcement.

The ProspectNow Chainlink Node

ProspectNow offers detailed information for every property on record in the United States, including over 100 million residential properties and 42 million commercial properties across all 50 states. We aggregate and clean real estate market data derived from a trusted network of public, private, and internal datasets. Our services include predictive analytics for residential and commercial properties, ultimately enhancing the abilities of lenders and real estate agents to make data-informed decisions.

 

We are excited to join the Chainlink Network as an official node operator. We look forward to supporting the emerging blockchain-based products and markets for the real estate industry by providing smart contract developers access to important industry data like property prices and market trends. 

 

“We’re thrilled to have launched our Chainlink node on mainnet in a short amount of time, accelerating development of next generation real estate applications on blockchains,” stated  Steve Wayne, CEO of ProspectNow. “With our Chainlink node, we now have a future-proof gateway to sell our data to projects across different blockchains, both expanding our addressable market as a data provider and empowering our support of future real estate developments.”

 

About Chainlink

Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.

 

Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper.

 

Solutions | Docs | Discord | Reddit | YouTube | Telegram | GitHub 

 

About ProspectNow

Based on the belief that better data and insights can accelerate any business, ProspectNow is a set of powerful systems and tools for extracting value from massive amounts of real estate data through machine learning.

 

We build applications that combine the most complete property data archive in the industry with proprietary ranking algorithms that curate a comprehensive library of new opportunities based on your criteria.

 

ProspectNow is utilized by over 2000 companies across the United States for their real estate data needs.  Follow us on LinkedIn and Twitter!

ProspectNow Will Launch a Chainlink Node to Bring Premium Real-Estate Data to Blockchain Markets

ProspectNow and Chainlink Logos

We are pleased to announce that ProspectNow will be launching our own Chainlink node, making our premium real estate data available to developers and applications across leading blockchains. The Chainlink node serves as secure blockchain middleware, which gets our existing APIs compatible with various blockchain environments.

We will use the Chainlink node to supply and sell our data directly to development teams and communities running applications on leading blockchains (called smart contracts), as well as to cryptographically sign our data to provide integrity guarantees of it originating from the ProspectNow API.

Users will be able to call the ProspectNow Chainlink node to obtain predictive analytics about residential and commercial real estate markets, including aggregate property and square footage prices within different geographies.

Not only will this increase our exposure as a data provider by making our datasets accessible within new markets, but it will allow us to directly partake in the provisioning of new real-estate infrastructure.

Using our premium data, new blockchain-based applications are possible, such as derivatives contracts related to property valuations, real-estate NFTs as loan collateral that are valued according to square footage prices, or prediction markets based on future housing trends.

The ProspectNow Chainlink Node

The Chainlink Node: Our Gateway to Blockchain Markets

ProspectNow offers detailed information for every property on record in the United States, including over 100 million residential properties and 42 million commercial properties across all 50 states. We aggregate and clean real estate market data derived from a trusted network of public, private, and internal datasets. Our services include predictive analytics for residential and commercial properties, ultimately enhancing the abilities of lenders and real estate agents to make data-informed decisions.

Since blockchain offers a new way to tokenize real estate and automate processes around buying/selling, we noticed a need for comprehensive data that informs these new processes about the current and future state of the real estate market. 

However, blockchains are purposely disconnected from the external systems, meaning smart contracts have no built-in capabilities of accessing our API data. This lack of external connectivity, often called the oracle problem, requires the use of an additional piece of infrastructure known as a blockchain oracle to bring external API data into blockchain networks. 

 

Upon examination of various oracle solutions, we selected Chainlink as our go-to oracle solution because it is the most highly secure, hyper-reliable, and time-tested oracle infrastructure in the blockchain space, already securing billions of dollars in value for leading Decentralized Finance (DeFi) applications. A growing number of top decentralized applications and leading data providers are already using Chainlink to buy, sell, and transfer data between one another. 

 

As a data provider, some of the important features of the Chainlink Network include: 

 

  • Data Integrity — Our Chainlink node will cryptographically sign all data we supply on-chain to verify it’s origin, preventing man-in-the-middle attacks and making our data more reliable in automated processes.
  • Blockchain Agnostic — Our Chainlink node can be made compatible with any blockchain, serving a single gateway to sell data to any current or future blockchain.
  • Widely Adopted — Chainlink is the most widely used oracle network in the blockchain industry, providing access to a vast addressable market of potential data consumers.
  • Provably Secure —  Chainlink is thoroughly audited open-source software that already secures billions of dollars in value, showcasing its ability to trigger the automation of high-value smart contacts live in production.

 

We look forward to joining the Chainlink Network as a node operator and supporting the development of new decentralized, data-driven real estate markets that are more transparent, efficient, and globally accessible for all. 

 

“After researching the best way to provide our existing data to blockchain markets, we quickly recognized the Chainlink Network as being an industry standard for connecting traditional APIs to smart contract applications,” stated Steve Wayne, CEO of ProspectNow. “By launching a Chainlink node, we gain new capabilities around supplying cryptographically signed data directly to smart contract development teams across a variety of leading blockchain environments, both expanding our ability to generate revenue and supporting the creation of novel real estate markets.” 

 

About Chainlink

Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.

 

Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.

 

Docs | Discord | Reddit | YouTube | Telegram | Events | GitHub | Price Feeds | DeFi | VRF

 

About ProspectNow

Based on the belief that better data and insights can accelerate any business, ProspectNow is a set of powerful systems and tools for extracting value from massive amounts of real estate data through machine learning.

We build applications that combine the most complete property data archive in the industry with proprietary ranking algorithms that curate a comprehensive library of new opportunities based on your criteria.

ProspectNow is utilized by over 2000 companies across the United States for their real estate data needs.  Follow us on LinkedIn and Twitter!

How to Find Hotels for Sale

Hotels are a special type of commercial real estate (CRE). These CRE properties include real estate used for special purposes coupled with an existing business. If you’re wondering how to find hotels for sale, you should also understand this is a complex process. There are several details that must be addressed.

The first question a buyer should take into consideration is why they want to buy a hotel. For most, it’s purely the economics of it. For others, though, it’s an emotional purchase—maybe they’ve always dreamed of owning their own slice of the accommodations industry pie, buying into the hotel industry as a luxury destination, or boosting their reputation in the travel industry.

But, speaking of the travel industry, is now a good time to venture into this realm of commercial real estate? With the current impact on travel around the nation, this could be a double-edged sword. On the one hand, fewer people are traveling for business or pleasure—on the other, that could mean hotel sales prices could be at their lowest ever.

What is the Hotel Acquisitions Process?

Regardless of the reasons for buying a hotel, it’s a good idea to brush up on the hotel acquisitions process. Because of the combined nature of hotel purchases we mentioned above, it’s necessary for a buyer to recognize the practical human—and financial—limitations of a potential field of prospects. On the other hand, there are real benefits associated with gathering as much information as possible, as buyers with the most information tend to find the best deals.

While there are certainly variations in the buying process, there are nine logical steps most buyers take:

  1. Determining what they’re looking for in a hotel
  2. Identifying potential leads
  3. Putting together a team of hotel purchase professionals
  4. Evaluating each potential hotel
  5. Calculating a bidding price
  6. Communicating with the seller
  7. Negotiating the purchase and contract terms
  8. Doing due diligence
  9. Closing the sale

How long each step in the process takes depends on many factors, such as access to financing and the climate of the overall market.

2 Ways to Find Hotels for Sale

The two main approaches in discovering hotels for sale include:

  • Searching commercial listing platforms like ProspectNow.
  • Finding motivated sellers that haven’t listed their properties, also known as an off-market sale.

Both approaches have their own lists of pros and cons. The good news is ProspectNow can help brokers find both on- and off-market properties.

Search for hotel sale listings on ProspectNow

Online listings platforms like ProspectNow can help tremendously by already having done the legwork for you. You can search by property type, location, and other search criteria.

Find motivated off-market sellers

Hotels for sale are almost never listed on any MLS and searchable only in a few specialized online marketplaces.  But, you can also discover sellers who haven’t put their property on the market just yet if you know where to look..

The CRE market, despite recent setbacks from the pandemic, has remained incredibly strong and viable. This could mean a buyer might not find exactly what they’re looking for—or they may, and the competition is stiff. But in an off-market search, this is rarely the case.

Quick Hotel Valuation Guide

When considering buying a hotel, there are several things to think about—one of the most important is valuation. For instance, boutique hotels in tourist areas have fewer guest rooms than large hotel chains, but normally charge higher nightly fees because of special amenities. According to the US Travel Association, the total overall hotel occupancy in the United States during the first week of December 2020 was just 37% compared to 60% for the same week in 2019. Luxury hotels have taken the biggest hit—the first week of December saw occupancy rates of just 19% compared to 75% in December 2019.

Maybe there is no right (or wrong) time to buy or sell a hotel, but what’s the best approach to figuring out if a particular hotel purchase is the right one?

These are the main approaches applied to hotel valuation:

  • Income capitalization—Valuing a property that’s currently producing income is determined by multiplying its net return. This is an especially good method for buyers looking at investment opportunities.
  • Cost—Just as the word implies, cost valuation takes into account the amount a buyer has to spend and helps them decide whether they should buy a hotel or build one instead. This isn’t a favored valuation method for the fact it doesn’t take into account current income production or other economic factors.
  • Sales comparison—This is a useful valuation method that looks at previous hotel sales in a specific market or location, determines ranges, and considers the current momentum of hotel sale pricing when compared to similar hotels.

While these three valuation methods are all different and apply to various types of transactions, it’s likely a buyer will use a combination of these methods to come to a final purchasing decision, especially if they plan to be an owner-operator. Look at it this way:

It makes sense to purchase a property that generates income (income capitalization), but it also matters how much money a buyer has to spend (cost) upfront while being certain they’re not paying more than the hotel’s worth (sales comparison) compared to others in the same location. These same methods apply to those looking to sell a hotel, too.

Wrap Up

ProspectNow has been helping people just like you find the data they need since 2008. Brokers can find listings for buying or selling properties—and for much less than other platforms. For more information, please contact one of our knowledgeable reps who’d be happy to assist. ProspectNow has an established A1 reputation—we help brokers like you close more deals and make more money.

How Do Land Loans Work? Your Questions Answered.

Wondering “how do land loans work?” If you’re someone seeking an interesting real estate investment for a plot of land, a “land loan” is one type of loan you should consider.

So, what exactly is a land loan? How do they work? Is a land loan the right type of loan for you? We’ll break down and answer all of these questions in this in-depth blog.

What Exactly is a Land Loan?

As opposed to a loan for a property—your typical mortgage loan for a house and home—a land loan is money given to you to purchase land to develop, either for a home or commercial purposes. It’s much less common than a regular home loan. Still, many people do get it with the purpose of building their dream home, expanding a commercial enterprise, or speculating for future developments.

How Do I Get a Land Loan?

Getting a land loan is different—and considerably more complicated—than getting a regular mortgage loan from a bank or a credit union to purchase an existing house. There’s a higher degree of risk for those financial institutions if they’re distributing a land loan since there’s no existing home as collateral for this type of loan. If you’ve gone through the mortgage process for buying a regular home, you should expect something different without home equity – and expect some higher interest rates.

It’s also important to have everything in order for the financial institution before you go to them asking for a loan. Be sure to present them with the plans you have for the new land purchase—everything from future commercial development or building a home to future local and federal government nearby. It’s also important to get the land surveyed so that the lenders (and you) can set the exact parameters of what you’re looking to purchase and see if what you are planning to build will work there.

Once you have everything set, it’s time to look for a lender. That search might take a while—and how much you’ll end up paying usually gets set by the type of land loan you need. Let’s break those down here.

What Type of Land Loan Should I Look For?

One important element of the “how do land loans work” question—what type of loan should you look for? There are several different types of land loans that buyers should look into. The common types are:

  • Raw land loans are precisely what they sound like: raw and undeveloped. There’s almost nothing there except for pure, untouched land with nothing you’d expect in developed civilizations. That means there’s no electricity, water, roads, or anything else that people would typically look for when it comes to developing a business or building a home. If you’re looking for a loan for raw land, you are definitely “starting from scratch.” Unsurprisingly—given the underdeveloped nature of this land—it can be tough to get local lenders to hand out a raw land loan to build a house, grow a business, or start construction on anything else.
  • Unimproved land loans are one step up from raw land loans. It’s not quite as primitive as raw land, but it’s close. There may be roads and some other utilities, but you’re not going to have every resource you’d want in order to spur development on that type of land. It’s a little easier to get an unimproved land loan instead of a raw land loan, but you should still expect relatively higher interest rates when you look for a mortgage loan to finance the purchase of unimproved land.
  • Improved land loans are the easiest loans to get since they do possess the most (and most civilized) amenities. This is the land you’re likely familiar with; it’s the land you live on or do business in. This type of “improved land” comes optimized for work and living, with electricity, sewers, water, roads, and everything else you’re likely familiar with. Again, this type of land loan will be the most expensive to pay for—but will (generally) end up with the lowest interest rates.

Before you look to take out a land loan for land purchase, you need to figure out which type of land you’re interested in. That will drive your choice of lenders, loan terms, and your future payment schedule.

Note that seller financing is also an option for land loans—and a pretty good option, at that. In a seller financing deal, the buyer will pay installments directly to the seller over a stated period (precisely what would happen in a mortgage, for example).

It’s a much more flexible option for both parties and also enables the buyer to avoid going to the banks or other outlets for the lengthy (and often fruitless) loan process. It’s a faster process, with fewer parties involved-always a great idea in real estate.

There are a few different things that people should know about seller-financed transactions, too:

  • The buyer will need to display a credit score, just as they would to a mortgage lender. Expect the same sort of thorough check you’d get with a bank or credit union.
  • It’s likely to be a shorter-term loan than a mortgage. While mortgages may get spread out over decades in a regular home loan, seller-financed transactions for land generally come in a much shorter repayment term.
  • You’ll still have to present the same plans that you would to a financial institution. The seller still needs to see the same sort of planning and development in order to make sure their financial leap of faith is sound.
  • Buyers and owners will still need legal representation to complete the sale. Generally, a seller-financed transaction will require the same type of expert real estate agent and attorney representation to finalize all the paperwork.

How ProspectNow Can Help

Now that we’ve tackled the question of “how do land loans work,” let’s outline how ProspectNow can help! Looking for some more information on land loans and the potential benefits for your real estate practice? If you need the analysis that sets you apart from everyone else, it’s time to turn to ProspectNow. In business for over a decade (since 2008), ProspectNow provides the decisive and incisive data that enables real estate brokers to close more deals—and make more money—all for much less than found on other, competing platforms.

Ready to get started with ProspectNow? Visit us here!

META: How do land loans work? Find out the answer to this question in this in-depth blog from the experts at ProspectNow.

 

6 Reasons Why Mobile Home Park Investing is Becoming More Popular

Multifamily homes and commercial buildings might be popular real estate investment opportunities. But there is another category that has caught the eye of investors lately – mobile home parks.

Some of the biggest institutional investors and real estate companies are betting big on manufactured housing in the US.  Titans like Warren Buffet are bullish on the prospects of the market.

Here are 6 Reasons Why Mobile Home Park Investing is Becoming More Popular.

1. Low Maintenance Costs

The owner of the mobile home park is only responsible for the maintenance and repairs of the park. This could include landscaping, maintenance of the community pool, and costs associated with shoveling snow. The owner does not have to bear the cost of home repairs. Thus, there are no plumbing issues to take care of or faulty wiring to fix. The mobile-home owner has to bear these costs. Land maintenance is, usually, an annual or a bi-annual affair. Thus, compared to investing in a rental property, investing in a mobile home park is a lot more hassle-free.

2. High Demand

The cost of housing in the US has been increasing faster than people’s incomes for several years, now. Almost 33% of households in the US spend more than 30% of their annual income on housing. It is even worse for people who earn less than $25,000 a year. This has resulted in a demand surge for affordable housing and mobile home parks are one way to meet the demand. There is also the factor of improved quality of more mobile homes than ever before. Manufactured housing is comparable to on-site housing, today, which is attracting a lot of young professionals to low-income housing and community living.

While there is a surge in demand for mobile homes, not enough are coming up, and not fast enough, anyway. There are land-use regulations in place in several areas due to factors such as zoning. And there are geographical constraints, too, which limit the number of free land spaces that can be converted to mobile home parks.

This supply-demand gap is unlikely to be bridged anytime soon, which is good news for investors.

3. Low Turnover

Typically, it can cost a mobile-home owner between $5000 and $10,000 to shift their mobile home to a different community. The high cost associated with moving keeps tenant turnover low in mobile home parks. The case is not so in rental properties. Tenants do not have to move the entire unit when shifting to a new community. They can simply pack their bags and leave, which means as an investor, you might have to deal with high vacancy rates.

4. Low Risk

High demand and low turnover translate to low risk. The higher number of mobile homes you have in your park, the lesser is your loss on potential revenue. And since tenants are less likely to leave, there is lesser risk of your investment turning bad. Mobile home parks have one of the best capitalization rates in the US. The average cap rate for mobile home parks in the US is 7-10%, which is at least 2 percentage points higher than apartment building (5.6%). The high capitalization rate translates to healthy cash flows.

5. Tax Benefits

You get tax deductions on depreciation. Depreciation for multifamily buildings can be calculated on a 27.5-year schedule. The same for commercial buildings is 39 years. However, most of the elements of mobile home parks depreciate on a 15-year schedule. That’s because a lot of the elements of mobile home parks are roads and utility lines. Accelerated depreciation means mobile home park owners enjoy higher tax deductions, which boosts their cash flow even further.

6. Several Income Streams

In multifamily buildings, rent is your only income stream. When you own a mobile home park, you can generate multiple income streams. There is income from renting out space in your park. You can also buy several mobile home units and lease them out to rent. The cost-per-unit of a mobile home is much lower than that of an apartment, which makes it a very feasible option, even for small investors. You can also lease out additional garage spaces for rent, and even give out master leasesif you see fit. There are several ways you can make money from mobile home parks.

Mobile Home Park Investing Can Also Be Recession-Proof

Whenever a recession hits, people look to downsize their homes. Since mobile homes are in the affordable housing category, it is impossible that a recession will hit the market adversely. A recession is likely to see a surge in demand for affordable housing. That can be an opportunity for owners to demand more rent from mobile-home owners, thus increasing their profits.

There is also the benefit of portfolio diversification with investments in mobile home parks. Multifamily homes and commercial real estate can be risky investments, given that they are much more sensitive to market movements. Investing in mobile home parks can provide the much-needed cushion to ride out a storm.

How to Find the Best Mobile Home Parks to Invest in?

You could browse listing platforms or reach out to owners directly and see if they are looking to sell. ProspectNow makes the process a lot easier, though. ProspectNow has one of the largest databases of commercial and residential real estate, including mobile home parks. We have accurate ownership details of millions of investment opportunities. We even use predictive analytics to inform you about listings that are not on the market, yet.

Get started for free with ProspectNow and find the next best opportunity to invest in real estate.

Building Owners List: Finding Commercial Property Owners in Your Market

Commercial real estate professionals have basically two goals – find more clients and close more sales. In commercial property, though, finding the current owners of commercial property can be challenging. Commercial property changes hands quite often, so the ability to find this information is crucial. Using an online service like ProspectNow can keep you up to date. Here’s how to build an owners list.

Who Owns the Commercial Property?

If you sell or lease commercial property, you build your business on solid relationships with commercial property owners. You can find the title for commercial properties at a local county clerk’s office. Depending on where you specialize, this type of record might be all you need to build an owners list.

But if you want to ensure you have “true ownership” info, public sources might not be enough. Public records don’t always provide owner information such as actual full name, current phone number, or email addresses. And in some cases, a property owner may title their commercial properties in a business name. The ability to uncover the owner behind the veil of corporate is tremendously valuable. Fortunately, more and more online services offer the chance to find it.

Best Places to Find Commercial Property Ownership Information

As mentioned above, there are different ways you can uncover owner information. Some of the most comprehensive information to help locate commercial property owners can be found in county records searches or on ProspectNow. As you’ll see, your long-term success relies on your ability to put together your own database of owner info – after all, you’ve worked hard to compile it.

County Clerk or Tax Assessor Records

This is an easy way – and usually free of charge – to locate commercial property owners. A tax assessor’s website normally has a feature allowing you to search through their records by parcel numbers or addresses. If you already know the property owner’s name, you might even be able to locate all the properties associated with that owner. Keep in mind, however, that their database only shows the properties for that specific area, such as the county or region they cover. True ownership data isn’t available on these types of sites, but they’re a good start.

ProspectNow

ProspectNow has been providing this information since 2008. The service was founded  by a commercial real estate broker because “true ownership” information isn’t always everything you need to know – and it isn’t easy to find.

ProspectNow’s focus is property data – all of it. The service even has predictive analytics built in to help agents, brokers, mortgage professionals, lending institutions, and even the average person discover properties that might go up for sale. And ProspectNow doesn’t just have commercial property information – they offer information for residential markets, as well.

If you want to build the best owner list possible, check out ProspectNow for free today.

How to Find Property Owners’ Phone Numbers

Man with iPhone

 

Do you want to reach a property owner or group of property owners, but don’t know how to find their phone numbers?

In this blog post you’ll learn about 3 ways to track down contact information for property owners.

Official Records Search

If you just need basic information about a few properties, you can usually find what you need at the place where official property records are kept.

Property records are housed in local government offices.  Most often its your  local county clerk’s office.

Official property records usually contain:

  • The property’s address and parcel number
  • The  current owner’s name and mailing address.
  • Property sales date and price.   Some states, called non-disclosure states, do not keep a public record a property’s selling price.
  • Property tax records

Some counties offer all of this information online.  Other counties require you to come to an office in-person to view property records.

If you’re performing your own search online, there are a few items you’ll need to perform a proper search, such as:

  • Name of property owner
  • Address of property
  • County where the property is located

Searching commercial real estate?

Take note – properties can be owned by individuals or by companies .   Most commercial real estate is owned by companies that have been set up by investors specifically to own that piece of property.

This vastly reduces the amount of information publicly available about the real owners behind the company that owns a property.  And, its not easy to find the true owner of the property without some additional digging through private directories.

Searching in Person

If you’d rather due your diligence in person, simply visit the physical office of the county’s clerk or assessor. Remember – wherever the property is located, that is the county you’ll have to visit.

Tell the individual assisting you that you’re looking for a property owner’s phone number. There may be forms you’ll need to fill out – this all depends on each location. The form may ask for your name and the reason you’re performing the request.

In some locations, there may be fees associated with requesting this information.

If you’re unsure of the property’s address, you can always visit in-person or use a maps service like Google Maps to find cross streets or other landmarks that can help you pinpoint the address.

Some services, like ProspectNow, have a map function built in just for this reason.

Using an appraiser’s services

You can also find a property owner’s phone number at the property appraiser’s website or office in the county the property’s located in. Unless you’re using ProspectNow, it can be beneficial to physically visit the appraiser’s office, as they can sometimes help you find more information for properties than what’s available online.

About ProspectNow

ProspectNow offers all the above information in one spot, including statistics for which off-market properties are most likely to sell in the next 12 months.

Simply input the information you have, and we’ll provide the details you don’t.

Whether you’re an agent , investor or just looking to buy your next home or investment property, if a property isn’t (yet) on the market, contacting the current property owner directly is the often best way to gather information.

But to do so, you need their contact information.

Looking for a property to purchase? Are you a broker who wants to close more sales?

We’ve been helping investors, sellers, and real estate brokers since 2008.

ProspectNow offers all the information you need on properties in your area and around the nation.

Give it a try – for free – today!

3 Reasons You Don’t Need a Script When Cold Calling Prospects

Cold calling prospects can create introductions to people and businesses willing to sell their real estate in the near future. The cold call is a time-honored way to find new opportunities and clients, but like many long-standing practices, we sometimes view it very narrowly. All too often, callers stick to scripts that they don’t need.

There’s a certain level of security in having a script for making calls. They make you feel prepared for various questions or objections that the prospect might make. Plus, scripts provide some structure to keep callers on track when they get flustered.

The desire for a cold calling script is understandable, but do you really need one to get results? Certainly not.

If your own experiences with using scripts are not particularly positive, and they’re not enhancing your ability to connect, then you should consider working without one. Here are some ways that ditching the script can help you improve your cold calling prospects.

#1. Without a Script, You Can Focus on Listening

A cold call should be a conversation, not a pitch. Scripts can make prospects defensive because they focus on what you can do for the customer rather than what the customer needs. When you have to follow a script, you don’t get many active listening opportunities that help you understand the customer’s true needs.

Instead of using scripts, develop a few open-ended questions that you can use to get the prospect talking about their business and situation. You can then listen to the answers and use that information to tell the person about the benefits of using your agency.

#2. You Can’t Develop a Relationship While Reading a Script

Your goal isn’t to make a sale today. It’s to start building relationships with cold calling prospects. How can you start building a relationship when you’re reading from a script? Imagine trying to do the same in real life. You would sound robotic and insincere. The same happens when you read scripts to potential real estate clients.

Working without a script makes for more authentic connections and allows each conversation to be unique, so it’s tailored to the person on the other end of the line. Throw out the script so you can connect with the person and start creating a long-term relationship that leads to multiple sales over time.

#3. Break Free of a Script’s Restraints

Scripts force real estate agents to follow specific lines of conversation. What happens when cold calling prospects want to discuss something not included in the script? Suddenly, agents feel lost and nervous. Take away the scripts so agents can learn to think on their feet and communicate with a broader range of people.

Encourage agents to have natural conversations with potential clients. The practice will make them better at cold calling. When they get curveball questions, they will have the confidence to answer the questions or admit that they will need to get the information from someone else before answering.

Should You Throw Out Your Scripts?

Scripts can make it difficult for agents to connect with cold calling prospects and build relationships. A well-written script can play a role in your business, though. Use them like you would other tools for building relationships with leads.

Keep your best scripts as backups that agents can use when they feel frazzled by aggressive people. A script can help agents recover from unexpected comments. You shouldn’t rely on them for all of your calls, but they can provide a backup plan when conversations fail.

Focus on Leads That Matter

Some leads are more valuable than others. ProspectNow can help you focus on the most valuable leads, such as people and businesses more likely to sell their properties in the near future. ProspectNow can also give you fresh contact information so you don’t waste time dialing old numbers.

Sign up for a free trial with ProspectNow to see how the platform, database, and predictive analytics can help you improve cold calls.

How to Get Commercial Real Estate Leads

 

Commercial real estate leads bring business opportunities, whether you are a real estate agent looking for prospective clients, a broker looking for commercial real estate to recommend to interested buyers, an investor seeking a deal on a property, or a service provider hoping to find new clients. Leads are property owners who might be interested in selling their property, which could mean a new client for a seller’s agent or a no-competition deal on the purchase of a property.

You have many ways available to generate and gather commercial real estate leads. You can use a number of methods to gather them for yourself, which can require a fair amount of hustle. Another popular way is to buy real estate leads from a source. When you buy leads, you purchase a list of people who are likely going to be selling.

There are benefits and drawbacks to both strategies, and it can help to understand both in order for you to determine the best way for you to grow and maintain your business. Read on to understand more about the differences between buying real estate leads and finding them on your own, and which route can benefit you more.

Buying Lists of Commercial Real Estate Leads

You can purchase a list of leads from a resource that has compiled or collected lists of qualified or verified leads. When you buy commercial real estate leads, you are purchasing a list of prospective clients that have in some way indicated that they are likely going to need to sell. This list can have a wide range of owners that are in a variety of situations. Some of these can include:

  • Owners in pre-foreclosure
  • Property owners who have announced relocation
  • Business owners who have announced closure
  • Probate leads (people who just inherited property that are likely to turn that property around via sale)
  • People who have applied for or looked into loans
  • People who have clicked on pay-per-click ads regarding selling property
  • Internet users who have searched for the value of their property
  • Commercial property owners that have responded to surveys about selling their property

You can choose the type of qualified lead that makes the most sense for your market and your business, then purchase from a source that provides that type of leads list.

Benefits of Buying Prospect Lists

There are many benefits to buying real estate leads in order to find potential customers. Some of these include the following.

Save Yourself Time and Energy

Finding new clients and opportunities can be hard work. You can reduce some of your workload and save yourself time by buying qualified leads. Instead of having to work to build your customer base, you can be handed a list of potential clients that you know are in some way interested in selling. That way you can devote your time and energy to working hard for your clients rather than to hustling to find potential clients.

Make First Contact

When you buy a list of leads, it is not likely that you are going to be the first agent to make contact with the leads. This is especially true if you are purchasing a list of leads that have simply expressed some interest in selling their property, but have not necessarily made any decision about doing it. When you are the first agent to reach out to a potential seller, you are more likely to win them as a client, since not only do you have minimal competition at this point, but you have made the process easy and convenient for them.

Get Established and Build Your Client List

When you purchase a list, you have a long steady stream of people to check in with about possibly representing them during a sale. You may be able to make sales quickly, since you’ll likely be working with people ready and motivated to sell. When you make these clients happy, you can help generate a positive reputation and word-of-mouth marketing for yourself, which will help you naturally grow your business.

Cons of Buying Lists of Commercial Real Estate Leads

Before purchasing a commercial real estate leads list, consider the following possible cons:

  • Expense: Buying leads lists can be expensive, depending on the source.
  • Quality: Some sources provide more accurate and up-to-date contact information than other sources.
  • Reliability: Your list might contain leads with no interest in selling.
  • Exclusivity: You can buy a list of exclusive leads, at a higher price, or you can buy a list of leads that also are available to other agents or purchasers, which means more potential competition.

How to Build Your Own Commercial Real Estate Leads List

If you choose not to buy a list of real estate leads from any resource, you must compile your own list of potential sellers. This can take some hustling on your part, but there are a wide variety of methods for finding good clients. Here are some popular ways that seller agents find their own commercial real estate leads.

  • Referrals: Ask happy and satisfied clients to recommend you to other sellers and to leave reviews in relevant places.
  • Partnerships: Partner with relevant organizations, businesses, or professionals in your area to help bring you people that are looking to sell commercial property. Some business that make sense are cleaning services, moving companies, other brokers, construction contractors, and more. When people inquire with that company about selling their property, you can have them recommend you. In exchange you can also recommend these businesses to your clients.
  • Advertisements: Place ads with local newspapers, radio stations, television stations, and online. Consider advertising in other relevant publications like local real estate listings or magazines.
  • Direct mail marketing: Send real estate postcards to targeted areas to find prospective clients.
  • Social media channels: Create your own social media pages and post relevant, interesting content on Facebook, Instagram, LinkedIn, and Twitter.
  • Place sold signs on properties you sold: When you successfully sell a property for a client, make sure to put a sold sign on that property, in addition to your name and contact.
  • Nurture, nurture, nurture: Don’t give up on old leads, even if a person didn’t get in back in touch with you about selling or dropped out of contact. Gently and politely nurture your leads by checking in with them and providing them with helpful, relevant information. This can keep you at the forefront of their mind in case they change their mind again and decide that they do want to sell their property.
  • Search for foreclosures and vacant properties yourself: Pay attention around town and in the newspaper for foreclosed and vacant properties. Get in touch with the owners yourself. You can nab the client by offering to help them sell the property and get into a better financial situation.
  • Have a great website: Build a website as a seller’s agent and optimize it for search. Make sure you’ve used the right keywords so you come up high in Google search results. That way people can find you and your services when they are looking for an agent like you to help them

Advantages of Finding Your Own Commercial Real Estate Leads

As you can see above, there are many routes to finding your own commercial real estate prospects. Going this route includes the following benefits.

It can be cheaper

Some methods of finding your own real estate leads is free. It can be expensive to buy leads. So, if you are looking for cost effective lead generation, this can be a good option.

It can yield higher-value relationships

 Real estate is all about who you know in your market. By doing the work to generate your own leads and get yourself and your name out there, you can get to know more people and establish yourself as a more well-known name in your area.

Be sure your leads are interested

Buying qualified leads is a smart way to connect with interested sellers. But not everyone on your lead list is actually interested in selling. If you do the work yourself, you can have a good gauge of where potential clients are and whether they’re actually worth investing time and energy into nurturing.

How to Use ProspectNow to Create Commercial Real Estate Leads Lists

As an agent, it’s important to regularly take steps to bring leads into your business. Take some time to learn what it means to buy leads, and what it means to find your own leads. Then, consider the nature of your business, the time you have to spend, and which avenue makes the most sense for you as an agent. Once you’ve determined which method will help bring your more potential clients, devote your time to pursuing that avenue. When you bring in more potential clients to your business, you can help more and more people sell their commercial property. Not only will you help more people reach their real estate goals, you’ll also develop a reputation for being a reliable and effective agent. This is another way to help build your business via word-of-mouth, and to become an even more trusted, relied-upon agent in your market.

If you want to rely on a tool that can provide you with qualified leads to help your business grow, check out ProspectNow. ProspectNow has a database of commercial properties, so that commercial real estate agents can build their base of potential sellers. The array of tools and features help you find ownership and contact information for properties that meet your specific criteria.

How to Find Out Who Owns an LLC

Many commercial property owners form limited liability companies (LLCs) to protect their personal assets and shield themselves from lawsuits. An LLC can also make it more difficult for people to find out who owns a piece of property.

Learning how to find out who owns an LLC can make it easier for you to purchase commercial and residential properties. With the right tools, you can even pinpoint which owners are ready to sell real estate to make money and avoid upcoming real estate taxes.

There are several ways to discover who owns an LLC. Some are easier than others, so it’s important to understand your options.

Search the State’s LLC Database

States must maintain LLC databases, so they know who owns companies that operate within their borders. The responsibility usually falls on the Secretary of State. Some states refer to the office as the Secretary of the Commonwealth, but they perform the same essential services.

For the most part, you can use your state’s Secretary of State website to see who owns an LLC.

Keep in mind, though, that the Secretary of State’s database may only contain information about LLCs registered within the state. An LLC registered in another state can own property throughout the country or world. This arrangement can make it difficult to determine where the LLC is located, which makes it harder to find out who owns the organization.

If you’re willing to spend a few hours browsing websites and making phone calls, you can contact the Secretary of State offices until you find the right one. You can find a comprehensive list of offices here.

Visit Your County Clerk or Secretary of State

If you don’t mind doing extra legwork and taking time to get information in person, then you can often find out who owns LLCs by visiting your local county clerk’s or Secretary of State’s office.

Not all county clerk offices have this information on hand, so make sure you call ahead to avoid a wasted trip.

Going to an office in person may sound like a pain, but there are some benefits. If you request information often, then going in person can help you form relationships with county and state employees. Once they know you, you may get preferential treatment. Just make sure you treat everyone politely and tolerate the bureaucratic processes without complaining.

Complete Information Request Forms

Not all states have online databases that list the owners of LLCs. In these cases, you will have to submit an information request form to the Secretary of State’s office.

The request forms aren’t complicated. They usually just want you to provide your name, address, contact information, and why you want the information. Still, it takes time for the office to process your request and give you the name of the LLC’s owner.

If you get a response within a few weeks, consider yourself lucky.

Search ProspectNow’s LLC Database

Instead of dealing with government bureaucracy, you can use a paid database that lists information about LLCs. You can find several companies by using ProspectNow’s LLC databases. ProspectNow tends to have lower prices than other databases that help you find out who owns an LLC without spending too much money.

With ProspectNow, you can search 15 million LLCs and corporations. We have been collecting information since 2008, and have a comprehensive list of owners and managing members. Accessing ProspectNow’s LLC database also gives you:

  • Email addresses of LLC managing members.
  • Phone numbers of LLC managing members.
  • Details that reveal an LLC’s complete portfolio ownership.

If you’re looking for an efficient, low-cost option for how to find out who owns an LLC, it makes sense to become a ProspectNow member. A membership can help you close more deals and make more money!

Try ProspectNow’s Database for Free

You don’t have to commit to a ProspectNow membership right now. Our website offers a three-day free trial that lets you access its:

  • Likely seller algorithm.
  • Nationwide company data.
  • Owner contact information.

If you find the service useful, choose a membership plan that matches your needs.

Sign up for your free ProspectNow trial today so you can experience the advantages of getting all of the LLC ownership information that you need within seconds.