How to Buy a Pre-Foreclosure Home

If you’re wondering how to buy a pre-foreclosure home, this is a stage in the home-buying process known for yielding real bargains, but it’s also one of the hardest buying stages to get to actual closure because these homes are not yet listed for sale.

Pre-foreclosure is just one stage prior to foreclosure. That means an owner of a pre-foreclosure home might be working to catch up on their mortgage payments or hoping to find a cash buyer that can help them avoid foreclosure on their credit report. This guide is a great place to start if pre-foreclosure homes interest you.

What is Pre-Foreclosure?

The pre-foreclosure stage is phase one of legal proceedings in reference to a distressed property. If the property is in the foreclosure process, there’s a high likelihood it will ultimately get repossessed by the bank or mortgager. Pre-foreclosure occurs when the lender files against the borrower with a Notice of Default. This notice references the borrower’s contract terms, lets them know they’re in default for non-payment, and that their lender has begun the legal process toward foreclosure.

This is perhaps the most important phase in the foreclosure process. Lenders aren’t in the business of evicting people from their homes if they don’t have to. In many cases, the lender will work with the homeowner to reverse their default status. This can be done by making up missed payments, requesting a modification, or choosing to sell the home before it transitions into full-blown foreclosure.

8 Steps to Find and Buy a Pre Foreclosure Home

Follow these eight easy steps in your search to find a pre-foreclosure home:

#1) Start looking

One of the toughest parts for pre-foreclosure home buyers is actually finding a home. Because property in this stage is not yet technically for sale, it’s most likely not listed in the MLS. So, you can search ProspectNow’s continuously updated off-market listings to start. You can also search public records or flip to the back of a local newspaper where foreclosure notices are usually listed. If you’re an agent or broker looking for pre-foreclosures, consider posting online, creating an email campaign, or putting up flyers in the area letting people know you’re interested.

#2) Go take a look

After you’ve located a pre foreclosure property, go take a look. You can scope out the neighborhood and get a feel for the home’s condition. You might happen to catch the owner outside and strike up a conversation. Remember, since the owner probably still lives here and may not be in the market to sell the property, be judicious. They may or may not be motivated to sell.

#3) Stay updated

Most of the time, owners on the brink of default end up resolving their financial issues. It’s a good idea to stay updated on the status of a property. You can get in touch with the property’s trustee. A foreclosure trustee is responsible for filing the paperwork that initiates a foreclosure, so they’ll always know the status of the properties they’re responsible for.

#4) Know your own budget

Homes in foreclosure often only require the delinquent amount to finalize the purchase, along with other typical fees, like title transfer and other closing costs. As you research homes in pre-foreclosure, check to see the loan balance, potential liens, and any other fines that may have been assessed.

Contact an appraiser in the area to find out the home’s estimated value. Then you’ll do some math – add up the costs from above and subtract them from the estimate. From there, you can determine how much you’re willing to put into a pre-foreclosure purchase.

#5) Make contact

Now that you’ve put in the homework, now’s the time to reach out to the owner. A letter or phone call (not email, as that can be considered too impersonal for this type of sale) is the perfect way to show the owner you’re interested. Keep in mind, in these instances, it’s often not just the property that’s distressed. Facing the possibility of losing a house is beyond stressful, so copious amounts of tact are necessary.

Depending on the temperature of the proverbial water, ask if you can tour the home and its property. This lets you add some more numbers to the above step in case there are any repairs. No matter what, it’s crucial that you remain courteous and considerate at all times.

#6) Negotiation

Supposing contact went well, and the owner is ready to sell you their home, it’s time to negotiate a selling price. A lot of factors figure into the final offer, such as appreciation if you were to do renovations, but your offer should be about 20% lower than your breakeven point.

Really like a property but not sure you can swing it? Consider enlisting the assistance of real estate investors. Negotiations can work in your favor if you give some leeway to the owner. For instance, offer them a couple of months to locate a new home, and they’ll probably be willing to come down on the asking market price a bit. You could even entertain the idea of a short sale.

#7) Get it in writing

After you’ve reached an agreement, draw up a contract. If you’re not experienced with purchase contracts, contact an agent or a real estate attorney for help. Be sure the contract specifies contingency related to a title company’s full title search and a professional home inspection.

#8) Finalize the deal

You should use an escrow company to help manage the transfer of funds and ownership.

Buying a Pre-Foreclosure Home – Final Thoughts

Not every owner in pre-foreclosure welcomes interest in their property, but that’s okay. They realize that selling their home before it becomes a foreclosed home helps them salvage equity and minimizes the damage a foreclosure can exact on their credit report.

Looking for a way to find new leads? ProspectNow’s residential and commercial real estate databases have all the information you need to take your agency or brokerage to the next level. We’ve been showing real estate agents like you the secrets of real estate investing since 2008. Discover ProspectNow and find more leads, close more sales, and make more money!

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 to address.

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 normally listed only in the MLS and searchable in online marketplaces. But you can also discover sellers who haven’t put their property on the market just yet.

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  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.


Commercial Real Estate Books to Know

What are the best commercial real estate books on the market?

Sometimes, the best way to learn and grow is the most traditional; even in a world dominated by electronic learning and online options, there’s still plenty of knowledge available through traditional hard-copy real estate investing books.

That’s especially true in the commercial real estate industry. For those looking to expand their horizons and grow their career, the best commercial real estate books offer plenty of options for future success.

Here’s the list of our nine favorite commercial real estate books:

Mastering the Art of Commercial Real Estate Investing: How to Successfully Build Wealth and Grow Passive Income from Your Rental Properties – This helpful book from author Doug Marshall is an excellent place to start for those looking to focus on the benefits of commercial real estate properties. Highlights in the book include the “six immutable laws of commercial real estate investing,” a guide to optimizing cash flow, ways to cut down on risks and avoid pitfalls, and the best times to buy to take advantage of the market. It’s one of the most helpful commercial real estate books on the market today.

How to Succeed in Commercial Real Estate – Forty-year industry veteran John Bowman brings his years of expertise to the intelligent, detailed book “How to Succeed in Commercial Real Estate.” It’s the perfect book for those looking for smart, steady growth and real long-term success, not “get rich quick.” Turn to this book for advice on “choosing a company and a specialty,” smart sales strategies and sales points, exclusive listings, the basics of negotiation, and the “pros and cons of going independent.” It’s also a great place to learn about the basics of rent and other technical details (appraisal, taxation, zoning, etc.).

Commercial Real Estate Investing For Dummies – Don’t know where to start with commercial real estate? This handy volume of the “For Dummies” series is a great jumping-off point. In this helpful, basics-driven book, you’ll get a “fun and easy way to break into commercial real estate.”

This “Dummies” volume covers finding leads, getting the value of a property, exploring financing, due diligence, tax advantages, cash flow, property managers, inspections and problems, and much more. It’s a book that can easily be the building block to a distinguished career.

How to Invest in Real Estate: The Ultimate Beginner’s Guide to Getting Started – Another excellent beginner’s book, from Josh Dorkin and Brandon Turner of The BiggerPockets podcast. This “Beginner’s Guide” explores all the different avenues people new to the industry can head down. It comes bolstered by plenty of real-life examples. Readers can learn how to balance investing with a full-time job, the different property types (like an office building or rental property), ways to build wealth, and “twenty-eight tested methods for finding great real estate deals.”

The Millionaire Real Estate Investor – This standout from Gary Keller is a must-have in the world of commercial real estate books – looking at the roadmaps “over 100 millionaire investors from all walks of life” took to gain their commercial real estate wealth. It’s extremely valuable to read these aspirational figures’ real-life stories. It covers the lessons and techniques needed for future success in commercial real estate investing. And how to become a millionaire real estate agent. Topics include “myths about money,” criteria for real estate investment opportunities, real estate businesses, key terms of transactions, a “dream team” for your business, and the proven strategies and models of the industry.

The Commercial Real Estate Investor’s Handbook: A Step-by-Step Road Map to Financial Wealth– For those looking to become a commercial real estate investor or commercial real estate broker, this is the first book to turn to. This handy book provides “a foundation for understanding how to invest in real estate,” explained in simple, easy-to-understand terms. It covers everything from tax sales and escrow to tenants, lease agreements, insurance, and exchange rules and regulations.

Passive Investing In Commercial Real Estate: Insider secrets to achieving financial independence – For those interested in a calmer, more sedate, and more “passive” approach to real estate investing, this is one of the perfect commercial real estate books. Delivering “insider secrets to achieving financial independence,” the book focuses on “syndicated commercial real estate investments specifically multifamily real estate.”

It covers the first steps towards investing, the different deals, looking for the right deal sponsors, risk management, metrics, sources of capital, and much more. It’s one of the first commercial real estate books passive investors in the industry should check out on their journey.

The Fundamentals of Listing and Selling Commercial Real Estate– An excellent look from the ground-up at the commercial real estate industry. This helpful, handy book should be on the shelf of anyone starting in the business. With smart and intelligent looks at commercial properties, analysis methods, commercial leases and mortgages, zoning issues, and other vital real estate topics. There are also sections to help practice fundamental career skills like negotiating and prospecting.

The Book on Rental Property Investing: How to Create Wealth With Intelligent Buy and Hold Real Estate Investing – Another standout publication from one of the hosts of the BiggerPockets podcast, this real estate book from Brandon Turner is a fun, easy-to-read, and accessible look into rental property investing. It’s packed with success strategies, real-life stories, and actionable ideas for financing rentals. This is one of the best commercial real estate books out there today.

How ProspectNow Can Help

The lessons in these books on commercial real estate are great. But, to take things to the next level, it’s time to bring in the insights from the professionals at ProspectNow. Around for over a decade, ProspectNow gives users current and accurate access to 100% of property ownership data in the United States. All at a fraction of the cost from competing platforms.

By using ProspectNow, real estate brokers will close more deals, and therefore, make more money! To start, visit the ProspectNow website at


How to Find Commercial Buildings for Sale

It’s all in the timing.

That phrase is truest when speaking of commercial real estate. This past year, we’ve seen market swings the likes you normally see over the course of a decade all in a single year. Is now a good time to buy? Real estate overall is dynamic, and commercial real estate isn’t immune to these fluctuations. The trick is knowing when to buy and how to find the unique properties you’re after, like commercial buildings for sale.

Buying Commercial Buildings for Sale

Unlike residential real estate, commercial real estate offers income-producing capabilities. If you find a property with the potential to make great money, it could be a wise purchase. Being the owner of a commercial building not only brings monthly cash flow but offers huge payoffs if you decide to sell. The most successful investors start with the question “why buy a commercial building?” What are your goals for the property? Always begin at the end – in other words, know your exit strategy prior to purchasing. Also, know how to assess risk with a keen eye.

Whenever you’re considering a property investment, walk the entire property with an eagle’s eye. Are there repairs that must be made? Literally, pull out a calculator and factor in the cost of property purchase and cost of repairs against future potential income. Does this particular property honestly work for your long-term financial goals? If it doesn’t, find another property.

It’s also good to have a basic understanding of key commercial real estate terminology. For instance, positive NOI, or net operating income, means the property brings in more money than it costs to operate it. Also, knowing what makes a good cap, or capitalization rate is key. The cap rate estimates future cash flow’s net value or net income after all expenses. More on these and other terms will be explained below.

Commercial Real Estate Classifications

Commercial buildings are properties used exclusively for business purposes. Here are the different types of commercial real estate:

  • Apartments
  • Offices
  • Retail establishments
  • Warehouses

You can further distinguish commercial property types, such as apartment complexes and office buildings, by class. The three main classes of commercial buildings are as follows:

Class A

These properties are highly sought-after, high-quality, and usually present less risk to the buyer. These buildings are normally newer, can ask for higher rents from tenants, and usually require little to no repairs aside from everyday maintenance. Properties in this class might be managed by professional property management companies and can be much easier to resell down the line.

Class B

A Class B commercial building might be a bit older and tenants might pay lower rents than those in Class A buildings. There may be some maintenance that’s been neglected and needs addressing. A Class B listing might present a higher risk than a Class A property, but it’s likely you can make a deal on the selling price.

Class C

Properties in this class present the greatest risk for investors. In light of the risk, these properties can be found for much less than the above property classes. These commercial buildings for sale are often over 20 years old. They may need significant renovations and often net much lower rents than a Class A or B property.

It should be noted that class description for all classes takes into account other factors, such as the location of the property.

Now, when it comes to other commercial property types, such as warehouses, industrial properties, hotels, and retail establishments, there are different designations. Check out how varied property class designations are in New York, for instance. Understanding the various commercial real estate types helps you become a better investor.

How to Evaluate Commercial Property

A common commercial property evaluation method is comparing cap rates, as mentioned above, of similar commercial buildings. To better understand this calculation, think of the yearly rate of return on a property if you paid for it in cash upfront.

But even if the cap rate calculation looks good, there are other valuation methods you use in conjunction with the cap rate. For instance: NOI, cash flow, cash-on-cash return, and gross income to name a few.

  • NOI accounts for the income an asset brings in after operating expenses, such as vacancy, loss, and mortgage payment. This figure helps you calculate the cap rate.
  • Cash flow is how much money’s in your wallet after expenses and mortgage payments.
  • Cash-on-cash return measures an investment’s returns by dividing cash down payment by the amount of yearly cash flow produced by the property.
  • Gross income is all income produced by a commercial property prior to expenses.

How to Find Commercial Properties for Sale

Many real estate investors begin investing in smaller listings and work their way up to commercial properties. Regardless of where you’re at in your investment journey, commercial listings can be sound investment opportunities. ProspectNow can help you locate them.

ProspectNow is a unique platform. Most real estate listing websites deal in either residential or commercial properties. For instance, sites like Zillow are considered residential listing sites. ProspectNow offers both types of listings, owner contact information, and more for a fraction of what other sites charge. Investors can find the deal just right for them, and brokers can help their clients discover listings not found elsewhere. We’ve been helping investors and brokers find listings since 2008. Contact us to see if we can help you, too.

How to find out who owns a property in Florida

Florida has a pro-business environment that helps investors generate profits. Corporations in Florida benefit from low taxes, access to funding, and a large pool of experienced workers. Before you can invest in Florida real estate, though, you need to know how to find out who owns a property in Florida.

Contact the County Clerks Office

As long as you know a property’s location, you can contact the county clerk’s office to learn more about the owner. Florida has 67 counties. It’s fairly easy to narrow down a property’s county even when you have limited information about the location and tenants.

You can find the website, address, or phone number of every Florida county here.

Each county operates independently, so the websites and services can vary quite a bit from place to place. Some countries will let you search records online. Not all of the databases, however, will let you find the true owner of real estate.

In some cases, you might find that a corporation or other business structure owns a property. People often use corporate structures to limit their personal liability. Unfortunately, this adds can add steps to finding the owner’s contact information.

Request Information From the Florida Secretary of State

If you cannot get the owner’s name or contact information from the county clerk’s office, you might have better luck with the Florida Secretary of State. The Secretary of State’s office keeps records about corporations, limited liability companies, and limited partnerships. You can search the database by company name or address.

You might think that it makes more sense to go directly to the Florida Secretary of State. Unfortunately, the property’s address probably doesn’t match the business address. Corporations often own several properties, so they will list their main office’s address. Some will even use their home addresses to make sure they receive mail.

As long as you have the property owner’s name, you can find their contact address online through the Secretary of State. The database should also list the company’s Registered Agent. It should also list other people authorized to make decisions on behalf of the business. Reaching out to everyone listed on the incorporation documents should help ensure that you reach someone who can give you more information about buying the property.

Research Commercial Real Estate in Florida With Help From ProspectNow

ProspectNow gives you the easiest, most accurate way to find out who owns a property in Florida. This CRE prospecting tool has a database that includes 40 million commercial properties and apartment buildings, 30 million businesses and companies, and 15 million corporations.

When you use ProspectNow, you don’t have to worry about finding outdated information. Instead, you get the correct information that you need to contact property owners. If an LLC or other type of business owns the real estate, you can often find the contact information of the person responsible for making decisions for the organization.

ProspectNow also helps you identify Florida commercial real estate owners likely to sell their property. Predictive analytics evaluates public information to pinpoint owners struggling to make loan payments or earn profits. You can reach out to the property owners and make a deal to purchase the real estate. Making a move before your competitors help ensure that you get the best deal on your investment. It also helps the current property owner avoid future payments.

View a demo of ProspectNow so you can make an informed decision about how the platform can help you earn more money from commercial real estate in Florida.

How to Make Money in Commercial Real Estate: The Ultimate Guide

People have built financial empires by investing in commercial real estate. Don’t expect to purchase a piece of property and start reaping financial rewards, though. You need to take a savvy, strategic approach to buying, selling, developing, and leasing commercial real estate.

The following guide to making money in commercial real estate will introduce you to the fundamental concepts behind smart CRE investing.

Buy Commercial Real Estate and Rent to Businesses

For a steady stream of revenue, purchase commercial real estate and start leasing individual areas to businesses. You could buy a shopping center and rent retail spaces to stores. You could buy an office building and rent spaces to companies that need office space for their employees.

Many businesses do not want to commit to buying commercial real estate. They would rather lease the space they need so they can grow and shrink as needed.

Several factors influence how much you can charge your lessees. Before buying commercial real estate property, consider:

  • Whether the place has a convenient location that attracts stores/tenants and customers.
  • If the property already has the features businesses will need, such as an IT infrastructure and security.
  • How much it will cost you to maintain the property. Expenses include cleaning, regular maintenance, security, and building upkeep.
  • How long it will take before you start earning profits from the rental property.
  • How the cost of loan interest, insurance, property taxes, and other necessities will cut into your profits.

Recommended reading: How to Value Commercial Property

Buy Commercial Real Estate and Develop the Property to Attract Renters

Instead of buying commercial real estate ready for businesses to start using, you can invest in a property that needs some development. As long as you develop the right property in the right ways, you should find that you can attract businesses willing to pay higher prices for excellent office and retail spaces.

Before the pandemic, many CRE investors attracted tenants with amenities like shared workspaces, open floor plans, and on-site cafes. Businesses might still want those features, but they have more realistic expectations in the post-pandemic world.

According to Deloitte, 56 percent of companies agree or strongly agree that “the pandemic revealed issues surrounding technology and digital transformation”, such as working with remote employees and adjusting to supply chain disruptions. Only 5 percent of companies somewhat disagreed, disagreed, or strongly disagreed.

Business tenants bring much of their own IT equipment to meet their needs. Potential tenants will, however, expect you to offer a basic infrastructure that they can build on. An infrastructure that helps businesses build robust networks has become just as critical as electrical outlets. Without an infrastructure that meets basic needs, tech-savvy businesses that adjusted to and survived the pandemic will look for other accommodations.

Buy Commercial Real Estate and Sell for a Profit

Commercial real estate investment can work just like any type of investment. You purchase properties at low prices, hold onto them until the values increase, and sell for a profit. The COVID-19 pandemic has damaged the portfolios of many real estate investors. When it comes to investments, though, every negative change creates an opportunity.

At the beginning of 2020, the values of most commercial real estate plummeted. Retail space prices fell about 15 percent by the beginning of 2021. The values of office space fell by about 5 percent. Only industrial properties increased in value, and they did so enormously.

Perhaps even more importantly, experts do not expect commercial real estate values to improve for a few years. Office spaces should return to 2019 values by 2022. Retail, however, will not reach pre-pandemic prices until 2024.

The hit that the industry took has caused financial problems for a lot of people. No reasonable person would deny that. If you have enough capital to purchase commercial real estate, though, now is a terrific time to invest. You might not get the revenues that you would normally expect from the leasing office and retail spaces, but you can get the property at 5 to 15 percent below typical prices.

Looking Forward

Considering how low commercial real estate prices have fallen since the beginning of 2020, it might make sense to borrow money to fund your purchase. Every lender will require a significant amount of capital before letting you borrow money. If you can pay 20 percent of the property’s cost, though, there’s a good chance that you can get a business loan with a reasonable interest rate. As long as the interest rate isn’t so high that you can’t remake your money during the sale, you could earn a tidy profit even after repaying the loan. Keep in mind that you will spend less on insurance if you manage to sell the property as soon as prices return to normal.

Buy Commercial Real Estate and Develop the Property to Sell for a Profit

Development can also play a crucial role in earning money from selling commercial real estate. The IT enhancements mentioned above apply, but you should also consider attracting buyers with green energy renovations.

Property buyers think about the long-term costs of owning and managing a property. Eco-friendly updates can lower potential expenses and help ensure that buildings meet future regulations. Some of the most important features include:

  • Connecting renewable energy sources to the build (or choosing a property that connects to a power grid that relies on renewable resources, including wind and solar).
  • Updating systems to make the building more water and energy-efficient.
  • Reducing the amount of pollution and waste that a building generates.
  • Replacing existing materials with non-toxic, ethically sourced materials.
  • Choosing features that will improve indoor air quality for the health of workers, customers, and clients.

When you make the improvements, apply for green certifications you can show to potential buyers. You can’t expect buyers just to accept your word about the upgrades. You need certificates that prove they will benefit tenants and buyers for decades to come.

ProspectNow Can Help You Evaluate Commercial Real Estate Opportunities

Lower the risk of investing in commercial real estate by relying on a trustworthy platform that has been helping buyers, sellers, and investors for more than a decade. ProspectNow gives you access to a database that lists millions of commercial properties and the contact information for their owners. Reaching out to them before other real estate professionals do might give you an opportunity to purchase properties at lower prices.

ProspectNow also uses predictive analytics to help you focus on owners who are likely to sell. Predictive analytics looks at a broad range of factors—including public foreclosure announcements and which properties have lost renters—to give you an edge over your competition. When you know that someone might want to sell commercial real estate for financial reasons, you could find that you can buy the property for less money than someone unaware of the owner’s position.

Not sure whether ProspectNow has the database and features you need to succeed? Sign up now to see how your approach to commercial real estate investing could change when you have an updated CRE database that includes the contact information of property owners.


Do You Want to Land Commercial Roofing Jobs Faster? Here’s How to Stand Out and Win


Getting ahead in commercial roofing means upping your real estate prospecting game. ProspectNow has the tools to help you beat the competition.

The commercial roofing business is on the rise. Whether you’re just getting started in the commercial roofing business or looking for a way to update your business model, finding new jobs can be a challenge. You’ve got a lot of competition out there, and it can be challenging to develop a new business relationship.

You may already know how to leverage social media to make your business more visible, but you can also take a more proactive approach to find new jobs. Read on to learn how ProspectNow’s platform can help you stand out among your competition and land you more commercial roofing jobs with improved real estate prospecting tactics.

Finding Leads

Real estate prospecting is more streamlined than it has been in the past. ProspectNow has a comprehensive property search database with residential and commercial properties in all counties. While you could get the same information from other third-party databases, you would get it for a higher price and without the added functionality that ProspectNow offers you. With ProspectNow, all this information is available in one place, not as a directory service to thousands of other agencies.

Likely Sellers

Alongside its expansive database of listed properties, ProspectNow uses data analytics and machine learning technology to identify those “likely sellers.” These are properties predicted to sell soon but are not yet on the market. This feature is your best bet to landing some new commercial roofing jobs fast. Reaching out to these real estate prospecting leads before your competition improves your chances of establishing a business relationship. It also allows you to handle any necessary maintenance and repairs the client may need before listing the property.

Foreclosures and Pre-Foreclosures

If a property is in foreclosure, the lender may have an interest in fixing up the property and re-listing it quickly. This is where you come in. ProspectNow can help you find these properties in a pre-foreclosure or foreclosed state. And much like those properties identified as likely sellers, you have the chance to reach out to decision-makers first. Why wait for the lenders to come to you?

Naming Leads

ProspectNow’s property database comes with several solutions for naming key decision-makers for you to contact.


Usually, there is a human name listed as the owner of a property. But sometimes, the owner appears in the listing as an LLC. You could try to reach out indirectly with a “to whom it may concern” letter or phone call. But that’s often a great way to have your letter lost in the mailroom or you stuck on hold indefinitely. There are many ways to find out who specifically owns the LLC you want to work with, but ProspectNow gives you instant access to a name to contact.

Tenant Search

In most commercial leasing arrangements, the landlord would be the one responsible for maintaining the building. But there are always exceptions to this rule. In those cases where your key decision-maker for a property is the tenant, ProspectNow has you covered. A tenant search feature exists on the platform, allowing you to find the names of tenants in any type of commercial building, from fast-food restaurants to banks to hotels.

Contacting Leads

Now that you have a list of leads for new commercial roofing jobs, what’s next? It’s time for you to contact them. First, you want to have some type of website or social media presence, as outlined in the link above. This will help your prospects learn more about you once you spark their curiosity.

On the ProspectNow platform, you have four ways of reaching out to your leads. You can use any of these ways instantly and entirely through the platform, saving you from expending time and effort.

Phone Call

Call your leads directly from the platform. ProspectNow will provide any phone number available for your intended property’s decision-maker, whether this is a tenant, LLC owner, or sole proprietor. Most people hate to feel like they’re the targets of advertising, so remember to approach the intended decision-maker as a person rather than a prospect.


Email one lead or all of them with the click of a button. Not sure what to say? ProspectNow provides a whole stack of fully customizable templates. You can start an entire advertising campaign with a few minutes to spare and a few button clicks.

Direct Mail Postcards and Flyers

This is an “old-school” method for real estate prospecting, but it still works. Some clients still prefer the personal touch of physical mail. Using ProspectNow’s service, you can create professional-quality postcards and flyers to send out to clients. Like the email campaigns, ProspectNow provides handy templates for you. And also like your email campaigns, you can send out these mailers from the comfort of your office chair (or anywhere else you do business) without making the extra trip to the post office.

Targeted Online Advertising Campaign

The last method of real estate prospecting works by inviting prospects to come to you. ProspectNow allows you to start your own targeted ad campaign. Like e-commerce sites that follow previous and prospective buyers everywhere with social media ads, your leads will start seeing your name everywhere they browse. The included templates and likely seller algorithm make it easy to start your own omnichannel campaign.

ProspectNow Makes It All Possible

The two best ways to land new commercial roofing jobs are through direct advertisement and referrals. ProspectNow helps your advertising efforts by identifying promising leads and giving you the tools to reach out to them. Real estate prospecting through the platform is the first step to finding satisfied customers who will refer you to others.

Imagine one real estate prospecting platform that combines quality, reliable lead generation with a full-featured customer relationship management system. ProspectNow makes that vision a reality for you. Operating since 2008, they’ve developed an innovative platform that only improves with machine learning algorithms and predictive analytics. It’s a vital tool in your real estate business success, with a company that’s easy to do business with and consistently provides reliable and actionable data.

No matter what role you play in real estate prospecting  be that commercial or residential, broker or agent, insurance agents or roofers ProspectNow’s platform helps you close more deals and make more money than before. 

ProspectNow offers a 3-day free trial that’s completely risk-free. Get access to the likely seller/likely refi algorithm, nationwide company/tenant data, and credits for phone and email data right now. Get ready to improve your real estate prospecting, jump ahead of your competition, and land even more commercial roofing jobs.

Home Prices Rising? Build Wealth By Investing In Mobile Home Parks

The current housing market is competitive. But there’s one untapped area for new investors that could bring low-risk returns. New and aspiring real estate investors may have a hard time acquiring more traditional investment properties. Single-family homes get snapped up by homeowners who don’t want to wait for prices to go back up. Multi-family homes get eyed by investors with more experience and deeper pockets. All the while, housing costs keep climbing up. What’s a new investor to do? You could wait around for the next housing crash, or you can get creative and find new areas for investments.

This is where the humble mobile home park comes in. It’s not the most glamorous investment, but it doesn’t need to be. This type of real estate investment can be just what your portfolio needs. You can get all the returns (and more) that traditional investments offer with significantly reduced operating costs and reduced risk. Best of all, mobile home parks aren’t on the radar of more sophisticated investment firms – yet.

Why Mobile Homes?

While they may still have a bad reputation as living spaces, mobile homes have actually come a long way from the typical perception of a “trailer.” Also called manufactured homes, mobile homes are first built in a factory and assembled at a secondary location. Contrast with traditional homes, which are built completely on-site. Manufactured homes are cheaper to build, as a result, have more consistent construction, and are completed with fewer delays.

There are several benefits to investing in mobile home parks you may not be aware of:

High Demand

Due to local zoning laws and gentrification, new mobile home parks are harder to come by. Communities aren’t too keen on building new parks and favor more traditional real properties. And in the face of rising home costs and more of the “baby boomer” generation reaching retirement, the demand for low-cost housing is going up. As a result, there’s a growing demand for mobile homes and space in a mobile home park.

Low Cost

Mobile homes are typically owned by the tenant, not the park owner. The owner is only responsible for the land the homes sit on, roads, and common areas such as clubhouses and other amenities. This means you wouldn’t be responsible for maintaining the homes in your park. Your maintenance costs are drastically lower than if you were to own a multi-family unit.

Low Risk

Turnover can be one of the biggest expenses for a real estate investor. Between finding a new tenant and preparing the property, high turnover can eat into one’s investment quickly. But with a mobile home park, turnover is less of a concern. If you own a multi-family home, you need to fill vacancies quickly or lose money. But mobile homes attract a different kind of tenant. 

The tenant you’re more likely to encounter is older, likely retired, and wants to live a quieter life. They aren’t as interested in moving around. In fact, moving a mobile home gets costly fast. Your tenants could pay 5-7 thousand dollars just to move to another park. For this reason, the vast majority of mobile home tenants opt to stay put for years or indefinitely. This means you’ll have fewer vacancies to fill, and will be in a better position to raise lot rents if needed.

Along with low turnover, mobile home parks boast some of the highest cap rates of any real estate investment, 7-12% nationwide.

Less Competition

Mobile home parks aren’t a hot investment niche at the moment, so you’re less likely to be competing with big investment firms for your next property. Additionally, most parks are owned and operated by smaller, independent landlords. This means you’re in a better position to buy a park at a reasonable price, make some small improvements, and use the added value to attract new tenants. 

Investing In Mobile Home Parks

So you’re convinced that investing in a mobile home park is the next move for you. Excellent! But you have some homework ahead of you first. No investment should be made without due diligence, and mobile home parks are no exception.

How To Get Started

Because mobile home parks are localized operations, you’ll want to be familiar with the surrounding area of the park you choose. Most owners will live near or even in the mobile home park. Pay a visit to the park you want to buy, and talk to the owners. Get a feel for what you’re buying and how you’d like to add to its value.

When it comes to financing, there are some differences in securing funding from other real estate ventures. Every financial institution will have its own policies, but they will often be along these lines:

  • There may be pad minimums, or spaces available for tenants. 15 is a common number here.
  • You may also see a maximum requirement for homes per acre. Less than 10 is a common preference.
  • Lenders often prefer paved roads to gravel.
  • There may be requirements that tenants’ homes be skirted so that tongues and hitches don’t show. Some lenders may require the homes to be permanently installed.
  • Amenity packages are favored by lenders. Laying out a plan for added amenities can make your proposal more attractive.
  • Lenders will also ask for detailed expense reports for the past few years. If you’re buying a park from a mom-and-pop operator, this may be a challenge.

Finding Investment Properties With ProspectNow

Once you decide you’re in the market for a mobile home park, ProspectNow has you covered. The platform’s massive database shows properties in every county across the country. The trial access will show you all properties available in one county – this is an ideal option if you’re looking for parks local to you.

But ProspectNow doesn’t just show you what properties are currently for sale. The likely seller/likely refi algorithm will also show you properties deemed likely to sell in the next 12 months. This algorithm uses data analytics and machine learning, gathering information from various factors. Making use of this likely seller/likely refi algorithm gives you a chance to find mobile home parks before they’re on anyone else’s radar, and reach out to prospective sellers before they’ve listed the property.

Once you’ve found your next possible mobile home park investment, it’s time to contact the sellers. ProspectNow gives you the chance to do this right through the platform, providing all the contact information you need and email and postcard templates to make the best first impression.

Ready to find your next investment property? ProspectNow has been in the business since 2008, providing a trustworthy platform for real estate investment, sales, and marketing. The data you’ll find here is more expensive than on other platforms, and unique data analytics help you find hot properties before your competition. ProspectNow will help you close more deals than ever, which means more money in your pocket. Start your risk-free trial today.


6 Ways to Turn Cold Calling Into Warm Calling

Few people like cold calling. The negative sentiment often applies to sales professionals just as much as it applies to people receiving unwanted phone calls. Warm calling offers a more pleasant alternative that can lead to more conversions and better branding. If you want to turn cold calling into warm calling, start with these straightforward tips.

1. Remind People They Have Shown Interest in Your Services

With warm calling, you contact people who have shown an interest in your real estate services. They may have expressed interest by:

  • Following you on social media.
  • Signing up for your newsletter.
  • Filling out a form on your website.

Don’t expect everyone to remember recent interactions. Set a positive tone by reminding them when you introduce yourself. For example, you might begin a conversation with, “Hello, Ms. Holland. This is Jules Vern from Best Buys Real Estate. You signed up for our newsletter this morning.”

Suddenly, you don’t seem like a stranger interrupting a person’s day. You become a helpful professional following up with someone who initiated contact with your real estate agency.

2. Write a Script That Includes Room for Improvising

Eventually, you may become good enough at warm calling that you can hold conversations without relying on a script. When you start, though, you should have a written script that helps you focus on the points you want to make during the call.

Sticking to a script 100% of the time can make you sound robotic, so include room for improvising. Ideally, you want to have an informative — yet laid back — conversation with your leads. For example, if someone mentions that they just finished watching the local football team’s game, you can show interest by saying something like, “I wish I could have watched it! No spoilers, but how did it go?”

Remember that this is warm calling, so do your best to come across as a warm person who wants to build a relationship. Forget everything you think you know about high-pressure sales scripts.

3. Ask Questions to Determine How You Can Convert Someone Into a Client

People might interact with your real estate business for a number of reasons. Maybe they followed your Facebook account because they enjoy seeing pictures of homes in their area. Perhaps they know they want to move a year from now, so they figured they would sign up for your newsletter while they were thinking about it.

Asking the right questions will help you determine ways that you can convert someone into a client. For example, you might say, “I see you mentioned an interest in residential real estate. Are you looking to move soon?” If the person says they’re thinking about it, you might ask what price range they’re interested in so you can send them some listings that fall within their budget.

Of course, some people will say that they aren’t interested in buying or selling real estate right now. In that case, you can ask permission to call them back in a few months to see how their plans have changed. 

Notice that these questions turn you into someone offering to help. You don’t want them to commit to anything. You just want them to know that you’re happy to offer your services when they’re ready. In the future, your leads will remember that you talked to them like fellow human beings instead of clients that might lead to a payday. 

4. Listen Closely for Pain Points

During the back and forth that takes place during your conversation, you should listen closely for pain points that might prevent leads from becoming clients. Your ears should prick up when you hear people say things like:

  • “I was thinking about moving to a different neighborhood, but…”
  • “My kid just graduated from college and I’m trying to convince her to move back to town.”
  • “Buying a vacation home by the lake sounds terrific, but the idea of dealing with a bank makes me feel exhausted.”

These people have pain points you can potentially solve for them. Offer to make selling or buying real estate less burdensome by sending them information about: 

  • Neighborhoods that might interest them. 
  • Area homes that a recent college graduate can afford. 
  • Private brokers help borrowers qualify for low-interest mortgages.

Anything you can do to help will add to the conversation’s “warmth.”

5. Keep the Call Short and Sweet

Warm calling can lead to plenty of enjoyable conversations. You can wear out your welcome quickly, though. Try to keep your calls under five minutes. It only takes a few seconds for your helpfulness to start sounding pushy and intrusive.

You also need to keep your goals in mind as you go through your lead sheet. Most of the people who ask about your agency probably don’t want to buy or sell right now. Note their reason in your CRM and schedule a time to contact them later.

You don’t want to minimize the time you spend talking to leads who won’t convert. The next person on your list might feel ready to put a home on the market and buy a new property as soon as possible. Wasting time could prevent you from reaching that eager lead.

6. Use ProspectNow to Improve Your Warm Calling Strategy

The more you know about your leads and available properties, the easier it becomes to improve your warm calling strategy. ProspectNow has an extensive database that lets you keep up with changes in local real estate.

The residential database gives you:

  • Property owner contact information.
  • Smart search filtering so you can find properties that will interest leads.
  • Predictive analytics that shows you which properties will probably go on the market soon.

If you want to use warm calling to attract more commercial buyers and sellers, you can use ProspectNow’s commercial database to access:

  • Characteristics of over 40 million apartment and commercial properties.
  • Contact information for property and business owners.
  • SIC codes for properties.
  • Predictive analytics to find likely sellers.

Get started with ProspectNow’s free trial. Once you see the benefits of ProspectNow, you will see how it can play a critical role in your warm calling techniques.


3 Ways the Commercial Real Estate Market Has Changed in the Past Decade

The commercial real estate market experiences trends just like other industries. The following article covers three important trends that emerged between 2010 and 2020. Other events also shaped the market, but these three changes stand out as incredible trends that made an impact on commercial real estate during the 2010s.

The Cannabis Real Estate Industry Boomed!

When California became the first state to legalize medical cannabis in 1996, it started a trend that would influence real estate prices in more than half of the country’s states. By 2021, 36 states and Washington, D.C. had medical cannabis laws. Fifteen states and Washington, D.C. had recreational cannabis that adults could purchase legally through dispensaries.

As more states legalized marijuana to some extent, companies invested in retail space, warehouses, and farmland. According to the National Association of Realtors, states that have had legalized cannabis for at least three years have seen increased demand for commercial property. The statistics show that:

  • 42 percent of states experienced increased demand for warehouses
  • 27 percent experienced an increased demand for storefronts
  • 21 percent saw an increased demand for land

The cannabis industry also had an influence on residential real estate values. Interestingly, 27 percent of states saw decreases in residential real estate values near dispensaries, while 12 percent saw increases.

Up to 67 percent of landlords added non-smoking clauses to their leases in locations near dispensaries. It’s impossible to know, however, whether the increased smoking restrictions are the result of looser cannabis laws or the persistent decline in cigarette smoking. Regardless, over the decade, more property managers insisted that tenants refrain from smoking indoors. Those who chose to smoke despite the rules were often subject to stiff fines. Many lost their deposits so property owners could remove the lingering smell of smoke from carpets, drapes, and furniture.

Shared Workspaces Became Incredibly Popular—Then Practically Disappeared

The number of freelance workers grew significantly during the 2010s, potentially as a result of employees losing their jobs during the Great Recession and deciding that they didn’t want to rejoin the typical workforce. By 2020, the U.S. had about 59 million freelance workers, accounting for 36 percent of the total workforce.

Some independent contractors drove cars and delivered food. Many of them, however, provided professional services that required access to office spaces. The majority of freelance workers cannot afford to rent office suites. The market created a solution to this problem: shared workspaces with access to printers, conference rooms, and IT maintenance.

If you have never used a shared workspace, you might assume that COVID-19 made them irrelevant by encouraging independent contractors to work from home instead of gathering in places where they could spread the virus.

But the decrease in shared workspaces actually started years before the pandemic. The company WeWork, which has become synonymous with the shared workspace trend, shows how the idea became popular and crashed within a rather short period.

Between January and March 9, 2016, WeWork’s valuation jumped from $10 billion to $16 billion. In 2017, it reached a value of $20 billion. While still raising money in 2018, the company failed to expand into China. By the summer of 2019, the company had lost so much of its popularity that its founders started liquidating assets to stay afloat. The company went public to raise more capital but soon laid off nearly 20 percent of its global workforce.

The company limped along during 2020 but lost the small gains it had made in the Asian market.

Coworking spaces made sense for a few years. It seems unlikely that WeWork or similar companies will invest any more in the concept anytime soon, though.

COVID-19 Created a Wide Gap in the Commercial Real Estate Market

COVID-19 disrupted many industries by forcing people to stay home and limiting the access consumers had to products. Travel practically disappeared for most of 2020. As unemployment levels increased and government checks dried up, people struggled to pay for basic needs, including rent.

Interestingly, COVID-19 didn’t damage the entire commercial real estate market. It even contributed to one sector’s success.

When states entered periods of lockdown in March 2020, most commercial real estate markets plummeted. Before the end of the year, retail real estate had lost more than 10 percent of its value. Office spaces fell by about 5 percent. Apartments did slightly better than office rentals but still lost about 4 percent of their value.

The industrial sector, however, began to surge. From the beginning of 2020 to the beginning of 2021, industrial real estate’s value increased by about 5 percent. Projections show that it will likely take three more years for retail locations to regain their pre-COVID values. By that time, industrial real estate should have grown by more than 20 percent.

Join ProspectNow to Stay Ahead of Commercial Real Estate Market Trends

Obviously, trends in the commercial real estate market come and go quickly. ProspectNow uses predictive analytics to help you stay ahead of industry trends.

ProspectNow has been helping real estate investors make informed decisions since 2008. Today, the tool uses information gathered from public documents and industry reports to predict which businesses will put their real estate on the market soon.

Predictive analytics gives you a head start so you can reach out to potential sellers before your competitors do. Making the first move could mean that you purchase commercial real estate at the lowest possible price, which helps ensure a return on your investment. It also helps the seller because most of them want to unload properties quickly to avoid loan payments and other expenses.

Request a demo of ProspectNow so you can see how the system works. In addition to predictive analytics, you can gain access to a database that lets you search and filter millions of commercial properties across the United States.