Cost: Currently $4,997.00
ProfitGrabber is a PC-based investor software solution that has some property search, lead generation, and deal-closing tools. You can import just about any property list of foreclosures, vacant houses, divorces and more into the system and the software will organize the data for you. Then, you can target properties to design and deliver direct and drip mail campaigns. When you find a property that interests you, the software can provide a property report and comps based on MLS-like data reportedly originating from large title companies like First American and Fidelity National. The program also enables you to automatically fax lowball offers on hundreds of properties at once—you could make an offer on every property on a list in seconds to engage the homeowner in a negotiation. You don’t even need an agent to close the deal, as ProfitGrabber will autofill the information into all the legal documents you need and fax those, too.
While this all sounds awfully handy and convenient, I have some significant hesitations about ProfitGrabber. First, unless your partner or best friend is a real estate agent, you are going to be spending a good chunk of change acquiring those precious lists. Then, you’ll spend additional time organizing and scrolling through the lists to find a decent investment opportunity—unless you decide to take the company’s apparent advice and spam entire lists with lowball offers without ever having seen the property. The property detail feature seems appealing, but it costs an additional $50.00 per month and the data accuracy is not guaranteed.
My biggest concern with ProfitGrabber, however, is the automated handling of legal documents. Real estate laws vary from state to state and are constantly changing. Once you buy the program, you are stuck with the forms provided—and the legal language that is integrated. Within even a few months, these forms can be outdated for your particular investment region. Missing a legal detail can be tremendously costly for your business.