How To Find Hidden Real Estate Deals with MLS Keyword Search.

As Michael Dell famously said, “It’s through curiosity and looking at opportunities in new ways that we’ve always mapped our path.” Likewise, In the fast paced world of real estate investing, to be able to find and act on good properties quickly increases the chances of getting good deals. MLS Keyword Search is one such way that allows you to search MLS listed properties based on keywords and find properties with unique characteristics. Normally, you will need a real estate licence to access MLS Information, but this article covers how you can access MLS info without a licence, leverage MLS keywords to streamline your property search, find opportunities before your competition, and maximize your returns by refining your search results.

What is MLS Keyword Search?

MLS Keyword Search or Keyword Tracing is a search feature within the Multiple Listing Service (MLS) that lets you search a property description to see if it contains specific keywords. It can be related to property condition, seller motivation, or unique features, making searching more targeted and efficient.

By searching for keywords that a listing agent may have used in the Public Remarks or Agent Remarks, you can find properties that meet your specific criteria. By typing in terms like “foreclosure”, “fixer-upper” or “motivated seller” in the public remarks section, real estate agents and investors can quickly sift through thousands of listings to find properties that meet their exact criteria. This helps you find more investment opportunities, negotiate better deals and streamline your property search.

What Are The Benefits Of MLS Keyword Search Strategy ?

MLS descriptions are a goldmine of information. These brief descriptions not only highlight the key features of a property but also often reveal the seller’s urgency, property condition, and potential for investment. Thus, knowing what the owner is expecting to an extend gives you an opportunity to make a compelling offer for the property which he or she cannot refuse. Key benefits of leveraging MLS search includes:

1. Precision: Keyword search allows you to pinpoint properties that match specific investment criteria, such as “foreclosure” or “needs work.”
2. Finding off-market leads: Locate off-market properties or those not actively advertised, giving you a competitive edge.
3. Discover distressed properties: Easily find distressed properties that may offer significant investment potential at a lower purchase price.
4. Motivated sellers: Identify listings with keywords like “motivated seller” or “must sell,” indicating sellers who might be more flexible in negotiations.
5. Stay informed: Use keyword search to track market trends and stay updated on the availability of specific property types or conditions. Additionally, searching in the private remarks section can reveal hidden details about the property that are not visible in the public listing.

What Are The Best MLS Keywords To Search For?

Even though your search criteria must adhere to your investment goals, here is a broad list of keywords that are the most used across various listings. Use a blend of keywords that fit your criteria and uncover properties which are otherwise missed. . When searching for multiple keywords, separate them with commas to refine your search.
P.S. It’s a long list. Download the full list of MLS Keywords with explanations here.

• Foreclosure: Indicates properties where the homeowner has defaulted on their mortgage. These can be purchased at auction or directly from the bank, often at a discount, providing opportunities for investors to buy foreclosure properties below market value and capitalize on them.
• Short Sale: Refers to properties being sold for less than the mortgage balance with lender approval. Short sales can result in discounted prices, offering potential savings for buyers and investors willing to navigate a more complex purchasing process.
• Bank-Owned: Properties owned by a bank after an unsuccessful foreclosure auction. These REO properties are typically sold at reduced prices, presenting opportunities for investors to acquire properties below market value with potentially less competition.
• REO (Real Estate Owned): Similar to bank-owned properties, REO listings are those that have reverted to the lender after foreclosure. They often sell below market value and can be less competitive, making them attractive to investors seeking bargains.
• Auction: Indicates properties being sold at public auctions, often as a result of foreclosure. Auctions can lead to competitive bidding but can also provide opportunities to purchase properties at lower prices if few bidders are present.
• As-Is: Signifies that the property is being sold in its current condition without any repairs or warranties. These listings often indicate potential for renovation and investment, appealing to buyers looking for fixer-uppers.
• Fixer-Upper: Refers to properties that need significant repairs or renovations. Fixer-uppers are ideal for investors or buyers looking to add value through improvements and potentially sell or rent at a profit.
• Needs Work: Similar to fixer-upper, this keyword highlights properties requiring maintenance or upgrades. These properties can often be purchased at a lower price, allowing buyers to invest in renovations for increased equity.
• Handyman Special: Indicates properties suitable for buyers who are skilled at performing repairs. Handyman specials can be acquired at lower costs, offering potential for significant value increase through DIY renovations.
• Motivated Seller: Shows that the seller is eager to sell quickly, possibly due to financial pressure or a pending move. Learn how to evaluate motivated seller leads to come up with better negotiation tactics and favorable purchase terms for buyers.
• Must Sell: Similar to motivated seller, this indicates urgency on the seller’s part to complete the sale. Buyers may find more flexible pricing and faster closing times with such listings.
• Quick Close: Refers to properties where the seller prefers a fast transaction. This can be beneficial for buyers with ready financing, as they might secure the property at a lower price due to the seller’s urgency.
• Cash Only: Signifies that the seller will only accept cash offers, often due to the property’s condition or financial constraints. Finding Cash buyers and connecting with them can help you leverage such opportunities to negotiate better deals and expedite the purchasing process.
• Investor Special: Targets properties ideal for real estate investors, often needing renovation or offering potential for rental income. These listings highlight opportunities for investors to add value and achieve returns on their investment.
• Distressed: Indicates properties in poor condition or financial distress. Distressed properties often sell at significant discounts, making them attractive to investors looking to rehabilitate and resell or rent. Always be mindful that the costs involved in rehabbing distressed properties varies from property to property and hence do a thorough inspection before making your offer.
• TLC (Tender Loving Care): Refers to properties needing minor repairs or updates. These listings can appeal to buyers looking for homes that require manageable improvements to increase value and personalize the space.
• Renovation: Highlights properties suitable for major upgrades. These listings are attractive to investors or buyers planning extensive renovations to enhance property value and appeal.
• Remodel: Indicates properties that would benefit from substantial reconfiguration or modernization. Buyers can add significant value through remodeling, making these properties ideal for investment or personal use.
• Contractor Special: Targets properties that require professional construction or extensive repairs. These listings appeal to contractors and investors who can handle significant renovations and aim to increase property value.
• Probate: Refers to properties sold as part of an estate settlement. Probate properties can sometimes be acquired below market value, presenting opportunities for buyers and investors willing to navigate the legal process.
• Trustee Sale: Indicates properties sold by a trustee, often related to foreclosures or estates. These sales can offer discounted prices and are attractive to buyers looking for potentially lucrative investments.
• Make Offer: Suggests that the seller is open to receiving offers, potentially below the asking price. This flexibility can benefit buyers looking to negotiate favorable purchase terms.
• Opportunity: Highlights properties with potential for profit or significant value increase. These listings are ideal for investors seeking properties with room for appreciation or development.
• 203k Eligible: Refers to properties that qualify for an FHA 203k loan, which finances both the purchase and renovation costs. This keyword appeals to buyers looking to combine acquisition and renovation into a single mortgage.
• FHA Approved: Indicates that the property meets the requirements for FHA financing. These listings attract first-time homebuyers and those seeking affordable mortgage options with lower down payments.
• Homepath: Refers to properties owned by Fannie Mae and eligible for special financing programs. These listings often come with lower down payments and flexible terms, appealing to a wide range of buyers.
• Homestep: Indicates properties owned by Freddie Mac and eligible for Homestep financing. These listings offer attractive terms for buyers, including reduced down payments and potential renovation loans.
• Fannie Mae: Highlights properties owned by Fannie Mae, often available through special financing programs. These listings can offer favorable purchase terms and appeal to first-time homebuyers and investors.
• Seller Financing: Refers to properties where the seller offers financing directly to the buyer, bypassing traditional lenders. This can be beneficial for buyers who may not qualify for conventional mortgages or seek more flexible terms.
• HUD Home: Indicates properties owned by the U.S. Department of Housing and Urban Development. HUD homes are often sold at a discount and can be appealing to first-time buyers and investors seeking affordable properties.
• Deferred Maintenance: Refers to properties that have not been regularly maintained. These listings can often be purchased at a lower price, offering potential for value increase through necessary repairs and upkeep.
• Sweat Equity: Highlights properties where buyers can add value through their own labor. These listings appeal to those willing to invest time and effort into renovations to build equity.
• Notice of Default: Indicates properties where the owner has defaulted on their mortgage, potentially leading to foreclosure. These listings can be acquired at a discount before reaching the foreclosure stage.
• Blank Canvas: Refers to properties with minimal customization, ready for the buyer’s personal touch. These listings appeal to buyers looking to create a space tailored to their preferences and needs.
• Personal Touch: Similar to blank canvas, these properties need personalization and minor updates. Buyers can add their style and increase the property’s appeal and value.
• Pride of Ownership: Indicates well-maintained properties that reflect the owner’s care and upkeep. These listings often attract buyers looking for move-in-ready homes with fewer immediate repair needs.
• Dated: Highlights properties with outdated features or decor. These listings can be purchased at lower prices, offering potential for modernization and value increase through updates.
• Needs Updating: Similar to dated, these properties require modernization. Buyers can invest in updates to enhance the property’s appeal and market value.
• Cosmetic Updates: Refers to properties needing minor aesthetic improvements. These listings allow buyers to quickly increase value with relatively low-cost renovations.
• Flip Potential: Indicates properties ideal for purchasing, renovating, and reselling at a profit. These listings appeal to investors looking for quick turnaround and profit opportunities.
• Off-Market: Refers to properties not listed on public MLS. Off-market listings can present unique opportunities with less competition and potentially better deals.
• Pre-Foreclosure: Indicates properties in the early stages of foreclosure. Buyers can negotiate directly with owners to purchase these properties at a discount before they reach the auction stage.
• Bankruptcy Sale: Highlights properties sold as part of bankruptcy proceedings. These sales can offer discounted prices and present opportunities for buyers seeking bargains.

On top of the above keywords, combine with other criteria such as location, price range, number of bedrooms, etc., to narrow down your search and include or exclude specific words from your results.

How To Use MLS Keyword Search Without Direct MLS Access?

Now you know the various keywords you can search in the MLS to find hidden opportunities. But what if you don’t have access to the MLS?

Being at the forefront of Real Estate Lead Generation, BatchLeads is now equipped with MLS Keyword Search functionality, which enhances your ability to find keyword-based targeted on-market and off-market property leads, streamline your workflow, and stay competitive in the real estate market through more efficient searches.

You can combine multiple keywords in a single search to find a unique set of listings within BatchLeads Property Search, Then use the list to Skiptrace the list and once you have the contact info, you know what to do :).

Summary

MLS Keyword Search can significantly enhance your ability to find the right properties. By strategically targeting MLS description keywords, real estate investors can uncover ideal investment properties more efficiently. As these keywords act as a filter within the descriptions, it will help you zero in on properties with the highest potential for returns. Incorporate this approach into your investment strategy and watch your portfolio grow with carefully selected, high-potential properties.