Are you looking to buy off market properties?
From lower sale prices to less competition there are many benefits of buying off market. But if you're new or don't have experience with them, you might not know how to find these sought-after prizes.
Keep reading to learn more about how to find off market properties and where to look.
Mail Marketing
This is one of the quickest ways of finding off market properties. Work out your target seller and mail out postcards or ads expressing interest in their home.
Some people won't know they're ready to sell unless they get an attractive offer. But bear in mind you still need to offer the fair market value of property at its current rate.
Online Sites
Sites like Zillow show properties listed on the MLS, but they also can show off market ones. For example, Zillow lets you list a home 30 days before it goes onto the MLS. This lets you see deals before most of the competition.
While looking online is more cost-effective, you might have more luck being proactive. Not to mention that with everyone using the internet, there could still be a lot of competition. After all, the internet is a vital part of property marketing.
Networking
When it comes to lead generation, networking is the best strategy. Look for real estate events local to you via the internet or an REIA bulletin board.
You can also ask your current network if they know of any off market deals that might be worth looking into. Networking is one of the best ways to find off market real estate.
Builders & Contractors
Builders and contractors can be essential allies when looking for off-market properties. Few people are as well placed to know about abandoned builds and renovations. This can give you some pretty hot leads that your competition won't know about.
Real Estate Agents
While real estate agents work most often with the MLS, they can also help find off market deals. To get ahead of your competition, find an agent with experience in the type of property you're after.
Ask around a few experienced agents to see if they're aware of any off market properties. A lot of the time, they already know about properties that are about to hit the market.
Property Auctions
To find a steady stream of off market properties to invest in, head to property auctions. You can check out the auction websites to find potential good deals in advance too. The two types of property to look for are below.
Foreclosures
Often sold "as is" for under the market value. Some are great deals, others have liens or complications that can be an issue if unprepared.
REOs
Real Estate Owned are houses that lenders own. This usually happens when unsuccessful at foreclosure actions. If you do your research, you can get some real steals here. When you find an auction property you like, check its auction status, location, and how to bid. Research the house, the neighborhood. Set a realistic budget that doesn't stretch you and stick to it.
How to Find Off Market Properties the Easy Way
So, there you have it! Now you know where to look, how to find off market properties will be easy.
Mail marketing and networking remain the most efficient way to find an off market deal. But don't rule out the likes of property auctions or asking your local agent/contractor. They're often sitting on a stack of property gems, ripe for you to swipe from the competition.
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