Most real estate agents are searching for the next big lead source. Sometimes the best opportunities are already sitting inside the MLS.

The key is to stop looking at the MLS only as a place to search for properties. It is also a database that shows you where business is happening, who owns real estate and what people may want to do next.

Here are three overlooked ways agents can use that information to create new clients.

1. Turn a lost offer into a listing opportunity

Every time you write an offer for a buyer and do not win the property, you learn something valuable: your client is serious enough to make an offer and is ready to purchase in that area.

Instead of simply moving on to the next listing, send letters or postcards to homeowners surrounding the property.

The message can be very simple:

“My clients recently submitted an offer on a home in your neighborhood, but unfortunately, they were not selected. They are still very interested in buying in this area. If you have considered selling, please contact me.”

This is more powerful than a generic “I have a buyer” postcard because it is true. You have an active buyer who already tried to purchase nearby. Be as specific as possible to improve conversion. 

You do not need to promise that your buyer will purchase the homeowner’s property. You are simply starting a conversation and looking for another opportunity.

If you send 100 letters after every unsuccessful offer, you may uncover an owner who has been thinking about selling but has not contacted an agent yet. Even if the home is not right for your current buyer, that conversation could still turn into a listing.

A lost offer does not have to be the end of the opportunity.

2. Call investors after they complete a successful flip

Another overlooked source of business is investors who recently completed a renovation and resold the property.

You can find these projects through the MLS by looking for homes that were purchased, renovated and then sold again within a relatively short period.

Call the investor and congratulate them on completing the project. Ask what type of property they prefer and whether they are looking for another opportunity.

Once you know what the investor wants, begin looking for the next property.

You can set up an MLS search and send matching listings directly to them. You can also prospect for off-market opportunities by contacting owners who may be more likely to sell, including absentee owners, people who have owned their properties for more than 20 years and owners without a mortgage.

Your initial phone call does not need to be complicated:

“Congratulations on selling your project. It looks like you did a great job with it. Are you planning to purchase another property? If you tell me what you are looking for, I would be happy to keep an eye out for your next opportunity.”

You are not making a hard sales pitch. You are recognizing their success and offering to help them do another deal. Most will gladly talk to you as they recognize the value agents bring to investors success. 

3. Build relationships with multifamily owners

Owners of apartment buildings are another group that many residential agents overlook.

Start by identifying owners of buildings with six or more units in the areas you want to work. Contact them and ask three simple questions:

• Would you consider selling your current building?
• Are you looking to purchase another building?
• Do you need contractor recommendation?

An owner may not want to sell today, but they could still be interested in adding another property to their portfolio. That makes them a potential buyer.

If the owner is willing to sell, start contacting owners of nearby apartment buildings.

Those owners may already understand the neighborhood, rents, expenses and tenant base. They may want to expand their portfolio by purchasing another building close to what they already own. In many cases, the owner down the street could be one of the strongest potential buyers.

This creates opportunities on both sides of the transaction. One owner may become your seller, while another becomes your buyer.

Multifamily prospecting also requires patience. An owner may tell you that they are not ready to sell, but that can change six months or two years later. Stay in touch and provide useful information about recent sales, rental trends and available buildings.

The agents who consistently follow up are usually the ones who get the call when the owner is finally ready.

Stop waiting for leads to appear

None of these strategies require a huge advertising budget or a complicated marketing system. They require agents to pay attention, recognize signals and take action.

A lost offer tells you that you have a serious buyer. A completed flip tells you that an investor may be ready for another project. An apartment building tells you that its owner believes in owning real estate and may want to buy or exchange into another property.

The opportunity is already there. Most agents simply do not follow it far enough.

The MLS should not only tell you what is available today. Used correctly, it can help you identify where your next client may come from tomorrow..