Skip tracing is the process of locating potential customers for real estate deals. It can also be defined as the insider information of the pool of customers that a real estate agency or an investor can persuade.
Those attuned to the profession of real estate prefer to keep information on stakeholders. It includes having information about their preferences, contacts, property type, property details, and price preferences. Some personal data that may be used to create a bond between the seller and buyer is also part of skip tracing.
Some potential customers, who own property that another must be interested in, are not always open to selling. Sometimes these owners are not ready to join the market and jump in to sell their property.
They are reluctant to be a part of such a volatile market, mostly because of the common misconception about real estate being a fraudulent sector.
Graana.com, Pakistan’s smartest property portal has gathered everything you need to know about skip tracing in real estate.
There are many tricks and techniques that are used to implement skip tracing. It is a way to develop a personal understanding with a potential seller and pitching the idea of selling their property even before they think of it. Skip tracing is all about how well a person’s communication skills are.
The information required to find a person who might be interested in selling their property can be researched from social media accounts, public DMCs, online shopping, and social media handling.
Table of Contents
|Why do we use skip tracing?
|Is skip tracing legal?
|How to perform Skip Tracing?
|Tools and Techniques for skip tracing?
Why do we use skip tracing?
Skip tracing is mostly used by trained professionals such as,
- Private Investigators
- Real Estate Agents
- Real Estate Wholesalers
- Real Estate Investors
Is skip tracing legal?
Yes, skip tracing is legal in many countries, as long as you do not breach the law through coercion or violence. The lawfulness of this matter depends upon the means and measures you take to achieve information for your expected clientele.
If a person uses force to get information out from another person or steals documents from sensitive offices or private spaces, then it becomes a breach of privacy.
The person violating someone’s privacy and identity can be charged with trespassing, harassing, defamation, etc.
Social media is a big source of information about people, their preferences, likings, current financial activities, and even present statuses. Using the right expertise, such information can be extracted and used for marketing and other purposes.
However, if one uses social media as a wrongful means to attain intel, then they could be charged with committing cyber crimes.
How to perform Skip Tracing?
It is a method that can be applied for lead generation in real estate. This is neither a very difficult job, nor is it that simple. The concept of skip tracing comes from police investigations and is a common legal term.
To become a part of the process, you can either do it yourself, develop public relations as sources of information, or you can hire a professional skip tracer who will do the job for you. Professionals either use software or private referrals to get data.
In the current day and age, with the lead of the internet, there are several tools and techniques that can be used as research for skip tracing.
Tools and Techniques for skip tracing?
Skip tracing is all about how efficient you are at understanding the potential customer’s need through the scarce information you have retained.
Listed below are some of the most efficient tools that you can buy for skip tracing services.
Propstream is a common name in the world of real estate. If you have ever researched about the demographics involved in changing a house, then you must know about PropStream.
One of the best things about this application is that you can have estimated results about renovation of a certain property you are interested in.
PropStream gives a free ‘Do Not Call’ list for its users, indicating the private numbers of government and federal employees.
The realtors in the market consider Skip Genie to be the best application for skip tracing. It focuses on two things,
- Data should be brief and understandable
- Data should be fresh, up to date
The software provides free-of-cost guidance about investment, buying, and selling. It helps the user to find all the properties named under the same person and shows their authenticity.
This software is owned by Max Maxwell, a well-known asset distributor and realtor. REISkips uses triangulation technology to find the target customer for the desired seller.
This technology mixes two or more sources of information and chooses the most suitable one of them. The data provided by REISkip is up to date and reliable.
This application provides detailed information about a person, their social standing, private holdings and public assets. The user can have access to data concerning the property and its surroundings.
For example, any landfills in the area, water and sanitary issues, unpaved roads and water pollution in an area can decrease its demand, and become a hazard for potential buyers. Hence, the app provides all these information beforehand to ensure you get the best offer.
Mojo Skip Tracer
Mojo Skip Tracer is a commonly used app, with daily data enhancements and affordable pricing strategy. People widely recommend this app for medium to small scale realtors.
This application provides you with a personal guide or manager who takes your case and helps connect you to your desired deal. It is also available on Play Store as a mobile friendly app, but it is not available in all countries.
Batch Skip Tracing
A real estate company came up with the idea of developing a skip tracing tool for itself and other realtors, referred to as Batch Leads. It is quite affordable, as you have to pay per search.
It provides all the old, new, and relevant data to the user in a readable manner
As evident from the name, it deals with large-scale economic activities. This is a business to business (B2B) property skip tracing tool.
It specifies finding out LLC owners that operate in big numbers. Reonomy has certain filters that can be applied to reach your expected property type on the application.
IDI Data is one of the most expensive tools that are providing skip tracing services. It is officially used by intelligence agencies, private detectors and finance auditors, etc.
It is an international database that has encrypted data about private places owned by well-known people.
It will not be wrong to say that skip tracing is a form of ice-breaking for the buyer and his intended property. The user gets to have thorough information about a property on a real basis, with the pros and cons, and also involving the external factors in property research.
According to professionals, IDI Data is the best option among all other skip tracing software because it has all the information, with a 100% customer satisfaction rate.
Here are some FAQs related to skip tracing in real estate
What is skip tracing in real estate?
Skip tracing in real estate is the process of locating individuals who have skipped or are difficult to find, typically for purposes such as contacting property owners, debt collection, or serving legal documents. It involves gathering information through various methods and databases to track down the desired individuals.
Why is skip tracing used in real estate?
Skip tracing is used in real estate for various reasons. It can help locate property owners for potential sales or rental opportunities, track down delinquent borrowers for loan collections, or find individuals involved in legal proceedings related to real estate transactions.
How is skip tracing conducted in real estate?
Skip tracing in real estate involves using various investigative techniques and tools. It includes searching public records, online databases, social media platforms, conducting interviews, and working with professional skip tracers or private investigators who specialize in gathering information and locating individuals.
What information can be obtained through skip tracing in real estate?
Skip tracing in real estate can provide valuable information such as current and previous addresses, contact numbers, email addresses, employment history, property ownership records, and any legal or financial issues associated with the individual. This information helps real estate professionals make informed decisions and establish communication with the desired parties.
Is skip tracing legal in real estate?
Skip tracing is legal in real estate as long as it is conducted within the bounds of applicable laws and regulations. Real estate professionals and skip tracers must adhere to privacy laws, data protection regulations, and any local or national laws governing the collection and use of personal information.
Are there any ethical considerations in skip tracing for real estate?
Yes, ethical considerations are important in skip tracing for real estate. Professionals should maintain confidentiality, use obtained information only for lawful purposes, and respect individuals’ privacy rights. It is crucial to act ethically, treat individuals with respect, and ensure the responsible handling of sensitive information.
Can skip tracing guarantee locating individuals in real estate?
While skip tracing techniques aim to locate individuals, there is no guarantee of success in every case. The effectiveness of skip tracing depends on various factors such as the accuracy of available data, the individual’s efforts to maintain privacy, and the expertise of the skip tracer or investigator involved.