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How to Use Deal Alerts to Find Undervalued Properties

Today, we will learn how to use Propelio’s Deal Alerts to find undervalued properties on the MLS quickly and efficiently.

Imagine effortlessly identifying properties that could be potential gold mines. Propelio streamlines this process by analyzing active listings and comparing them with similar properties (comps).

Getting Started with Deal Alerts

First, sign in to your Propelio account. Navigate to the Deal Alerts section using the left-hand menu.

Deal Alerts help you spot massively undervalued properties instantly. Here’s a step-by-step guide to make the most of this feature.

Setting Up Your First Deal Alert

  1. Select Your Market:
    • Choose the geographical market you’re interested in. For this example, we’ll opt for the Dallas-Fort Worth area.
  2. Choose Property Types:
    • Select the property types you’re targeting. You can include one type or multiple types based on your investment strategy.
  3. Select Counties:
    • Specify the counties to narrow down your search. We’ll pick Dallas and Tarrant Counties.
  4. Set Basic Criteria:
    • Define the number of bedrooms, bathrooms, square footage, and the year built. For instance, if you want three to five bedroom homes, enter “3” and “5” in the respective fields.
    • Set your desired price range, say between $75,000 and $350,000.
  5. Filter by Status:
    • If you only want active listings, ensure that option is selected.

Filtering for Undervalued Properties

This is where the magic happens. You can filter properties to only show those undervalued by a specific percentage or dollar amount. For example, you might want properties that are at least 30% or $50,000 below their estimated value. This filter reduces the number of matches to the most promising opportunities.

Save and View Your Results

  • Save Your Custom Alert:
    • Give your alert a name, like “DFW Flips,” and save it. This ensures you won’t have to re-enter your criteria each time.
  • Review Matches:
    • View these properties on a map and in a table that includes essential details like address, type, beds, baths, garages, square footage, list price, estimated value, and estimated equity.

Taking a Closer Look at a Property

Click on a property address to dive deeper. You’ll see photos, estimated value, listing price, and potential profit. Also, view the comps used to estimate the property’s value. The comps will show similar properties in the same subdivision, providing a more accurate comparison.

Managing Your Leads

If you’re serious about a property, add it directly to your leads folder. Here, you can add more details, financial information, and even run your own Comparative Market Analysis (CMA).

For ongoing convenience, revisit and update your Deal Alerts without re-entering all the details. This allows you to keep track of new property matches based on your saved criteria.

Final Thoughts

Utilizing Propelio’s Deal Alerts is a game-changer for real estate investors seeking undervalued properties. By following the steps outlined above, you can efficiently set up and manage custom alerts tailored to your investment strategy, ensuring you never miss out on potential gold mine properties.

Propelio’s intuitive platform not only saves you time but also enhances your ability to make informed investment decisions. Start setting up your Deal Alerts today and stay ahead in the competitive real estate market.

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