A lot of people are telling me to stay away from the MLS and to just look for off-market properties. Why are a lot of people against the MLS?
Most investors have never developed a system around the MLS or have been able to get deals consistently off of the MLS - that’s why a lot of people can say “stay away” from it. People are afraid of what they don’t understand, and a lot of people don’t understand the MLS.
The amateur investor usually tries one strategy for a month, and then another strategy for a month, and then another strategy for a month - leading them to never truly getting results they want. Most “investors” are jacks of all trades and masters of none.
We flip the switch (especially in the beginning) to focus solely on the MLS so you can get your first deal as soon as possible. For example, Tyler had this issue of trying multiple different strategies because everyone told him to “stay away from the MLS.” He tried lists, direct mail, bandit signs, and other strategies for 18 months without getting a deal. From solely focusing the MLS, you are able to focus all of your efforts on one strategy giving you the highest chance for quick results. This is why once Tyler switched solely to the MLS he was able to get his first wholesale deal in 3 weeks time.
Some financing partners (a.k.a. cash buyers) can be against the MLS because amateur wholesalers sometimes send deals to cash buyers to look at, saying that they have a “wholesale deal under contract” when really the property is just listed on the MLS and they do not have it actually under contract. This is extremely annoying for any financing partner because they just want to look at wholesale deals that are ACTUALLY under contract. So, when a financing partner says “I don’t like the MLS” ask “Why?” to really understand their reasons. A lot of the times what they’re REALLY saying is “don’t send me deals that are just listed on the MLS & that you DO NOT have under contract.” - Because the reality is: a deal is a deal. If a financing partner can make money off of fixing & flipping your wholesale deal, then it doesn’t matter where it comes from. That’s the reality
Most people are just regurgitating misinformation from other people on saying “stay away from the MLS.” So, challenge other people’s beliefs and always ask “Why?” You’ll find that a lot of the time the person doesn’t have a solid answer.
At this very moment, right now, deals are being wholesaled off of the MLS. The average we have seen to get 1 wholesale deal closed and to make $10,000 is by sending 15 offers. This does not mean solely sending offer terms to an agent, but it means actually 15 offers (contracts) sent in with the listing agent to get one deal. This means 15 written offers that need to be reviewed by the seller of a property. Now, 15 offers is an average when starting out. It may take you more than 15 offers when you start, and that’s completely fine. The wholesalers who continue to send offers and don’t quit are the ones who succeed.