The real estate business is a great way to build wealth, but it also comes with competition. When inventory is tight, investors can look at the same listings on the open market. Avoid bidding wars by getting off-market properties.
Off-Market Property Listing
Homes that are about to go up for sale but haven’t been listed yet offer unique benefits. You can work with the seller on an offer without worrying about other buyers. And you can give sellers the option to skip the hassle of open houses and staging. Now it’s time to learn how to find off-market properties.
- Digital & Direct Mail Marketing
This technique is popular for a reason: it works when done correctly. Figure out your target audience. What neighborhoods do you want to work in, and how can you appeal to the people? Create professional materials to send out. Everything you mail out, from emails to postcards, should have a clean look with easy-to-find contact information so your prospects can reach you.
- Network in the Real Estate World
Build relationships with other real estate investors. At first, they may seem like your competition, but you may find good partnerships. Maybe another investor changed their mind about a project and wants to pass it on to you. Someone might also see a project they don’t have time for but that would be perfect for you.
- Connect with Real Estate Agents & Contractors
Real estate agents and contractors often know a person wants to sell a home long before the property is listed. An excellent real estate agent can let you know about a client preparing to move who wants a stress-free sale. And contractors often get hired to update homes before they go on sale.
- Work with Wholesalers
Remember, there are wholesalers for houses. This kind of investor buys homes quickly and cheaply, then sells them off as fast as possible. By linking up with one, you can get access to their off-market properties for sale.
- Real Estate Auctions
Auctions are full of opportunities for finding off-market homes at low prices. In many places, the properties up for auction ended up there because of unpaid taxes or debts from the previous homeowner. If you’re strategic, you could get the house just for the price of the outstanding bill.
- Hit the Streets
Drive to new areas you haven’t worked in before. Pay attention to the state of the homes. Consider if any look older or maybe a little neglected. Try knocking on the door to talk to the owner about the potential of selling. You can also leave your card or flyer if no one’s home.
- Ask Your Friends and Family
Check with your social circle to see if friends or family know of any sales coming up. Maybe they want to sell their home, and you can make a deal. Perhaps one of their friends or coworkers is looking to sell soon. Use your connections to get access to the property first.
- Track Public Records
Access public real estate records in your area. They often list short sales and other properties up for grabs. Local governments also keep records of tax delinquencies, bankruptcies, property assessments, etc. These could be used to find people who may be motivated to sell their homes.
- Get a Lead Specialist
If you want to save time, work with a lead generation team. This kind of company makes finding off-market deals an art form. They do a lot of the hard work, saving you time. That means you can put more time into your projects and make money faster.
- Create Conversations
A simple way to find off-market homes is to keep an open ear while out and about. If you’re in a waiting room and hear someone chatting about moving, politely start a conversation. Find out how far along they are in the selling process, and give them your contact info.
For investors looking to build their business, understanding how to get an off-market property and make the most of it is essential. Get the right partner to help you start today. Diversifying the way you acquire homes can protect you during market changes. When you put in the work, you’ll see the benefits.