The BIG and the Small: Selecting a List Provider. Today one of our data collectors had a run in with the owner of another website that claims to provide Pre-foreclosure data that is updated daily. I believe their claim to be false but nonetheless, It brings up a good point that I thought was worth sharing...What makes a good list provider? Everyone claims to offer "the most accurate, up-to-date" data. If everyone is making this claim, including InTheNumbers.com, how can you pick a list provider with any confidence what so ever that they will deliver the goods. Let's dig deeper....
The Big - National Companies
Is it of any use to anyone if a site has 1,503,128 Foreclosure listing from North Carolina to California? It is of no use to me. I would settle for 30 listings that are current in Wake County. National companies claim to be just that, national. Although there might be certain markets in which they actually provide useful information, for the most part the data is old and they are simply trying to drive traffic to their site to make it more attractive to advertisers. I do not know any professional investors that get their leads from any of the national sites.
The Small - Local Companies at the County Level
The only way to get reliable information is to either collect the information yourself or subscribe to a service that has a presence at the local level. Once you identify the real local players, shop around for the best price for data that is updated daily. Contact the site and specifically ask, "Is your Preforeclosure data updated daily?" Check the format of the data. Is that data in a format that is easy to scan for deals that meet your criteria. If photos are available from your counties tax site, links to the photos should accompany your list.
Beware Of and Avoid
- 1 day free trials that charge your credit card for 3 months after the 1 day trial is over
- Site that update their preforeclosure list once every week or two
- If possible in your area, avoid sites that charge on a per county basis
- Avoid National sites all together
In closing, do your due-diligence when selecting a list. Spend the extra time in the beginning to avoid wasting time with the wrong provider.
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