Using Digital Camcorders in Real Estate Investing

I’m a real estate investor, and I love technology, and
always look for new gadgets that can make me more efficient or profitable in regards to my real estate investing business. One problem that I have spent much
time thinking over the past years is how to quickly get information about a property that has a FSBO or For Rent sign in front of it.

When I was starting, I
use to carry 3x5 index cards with me and write then down. This was time
consuming, and when the cards piled up, I would forget what house the index card
would refer to. Then I upgraded to a voice recorder, and just read the phone
number and basic details about the house. The problem with such approach was I
would forget where the house was or what it looked like, especially if much time
had elapsed before calling the owner.

What I discovered is that using a digital camcorder with a
memory card is the best solution to this date (at least for me). The latest one
I have been using is only $150 after mail in rebate. The model number is:
DXG-301V. It stores relatively small MPEG 4 files on a SD memory card. The
picture is not high quality, but the goal is to see or hear the sign, house, and
maybe the street address. Your voice is save in the same file as the video, so
you can read the phone number or some reminders in to the camcorder. The voice
is not very clear if you play it from the camcorder, but OK when played back on
your computer. Make sure the radio is turned off when you are recording, or you
will not be able to hear the sound clearly. I have lost a few leads this way.

My procedure is to store files in my general prospecting
database with all files (photos, sounds, videos, efax-es and other documents). I
track events such as outbound phone calls, offers etc... Depending on how the
phone call goes, I mark the motivation level of the prospect (seller in this
case), and then select the follow up date in the software. Many of the FSBO
sellers are initially unmotivated, but moths later the motivation level changes,
and having the video and the software event log, I can clearly remember the
house and be better prepared next time I call the prospect. I have found it very
valuable to see the video and hear the description of the house if I’m calling 3
months later.

The size of average files is less then 3 MB. Keep the files
short, so later if this becomes a valid prospect, you can store the files
together with the other information. Hard disk has become so cheap that you
almost don’t have to worry about running out of space. For example 10,000 houses
at 3 MB is only 300GB and by the time (if ever) you store that much video, 300GB
hard drives will be outdated (people will be buying 1TB drives).

The camcorder is very tiny, so you can permanently keep it
in your car. When you do have leads, all you have to do is take the SD memory
stick and plug it into your computer. I use a Lexar Media JunpDrive Trio to
access the files on my laptop computer. The SD memory stick I use is 512 MB
Lexar. I did try the 1GB but the camcorder wouldn’t read it. I do recommend you
have a few memory sticks so you can swap them, and have one in the car at all
times with your camcorder.

Another factor to consider is getting rechargeable AA
batteries. The camcorder takes 4 AA batteries. What I do is carry a few sets at
all times, as soon as they are gone, they go back to my office for recharging.
So at all times in my car I have the camcorder, fresh batteries and a memory
stick. This way if I spot a sign, I can act on it fast.

Verdict:

This is not a camcorder you can be proud of or show off. If
you Google DXG-301V, you will discover some very bad reviews about the
camcorder, but they are NOT real estate investors. If you use this just to
capture the initial lead, then it’s great. If you fall into the category that
you need a much better quality video, you can upgrade the camcorder to a Sonny
or from some other manufacturer which is $300 or more in price. I would still
recommend you get one that takes both tapes and memory stick, there is a huge
benefit of being able to carry the memory stick and when you have time, you just
plug it into your laptop and review the lead. I think this is a great camcorder
for the price and for it’s function. I love using it.

I am not paid by any manufacture to write this review or
use their equipment. These are the actual tools I use in our real estate
investing business.

So next time you are in Tampa Bay, and someone is driving
slow in front of you, don’t honk, I’m just trying to make a living!