First and foremost, finding off market properties is not easy. Secondly, just because they haven’t been publicly advertised doesn’t mean you are going to get a great deal or that the property is a diamond in the rough. Sometimes, the best deals can be found on market properties that have a high number of Days on Market (DOM) or have shown several price reductions. These are the tell-tale signs of a motivated seller, and a cash offer can help secure a property at a deep discount. Here are some tips to find the best off market properties:
1: Focus on Location and TypeThe key objective is to focus. Do your market research and select an area where market conditions are favorable to renting and allow you to maximize your ROI. Once you focus on an area, be clear about what type of property you are looking for. Is it a single family home, condo, or multiunit?
2. Build a TeamOnce you’ve nailed down a location you need to build a team in the area. The team members will become your eyes on the streets and help you find the perfect off market property. Since you know exactly what you’re looking for, they will keep you in mind when they come across the right thing. Your team should be comprise of, but not limited to, the following:
- Real estate agents – they call these opportunities “pocket listings”
- Property managers – they may know of an investor who is looking to sell
- Divorce or estate attorneys – they may know of properties that will soon be up for sale
- Contractors – maybe one of their clients has mentioned the need to sell
- Public records – for bankruptcies and short-sale opportunities
- Investors – They may know someone that is looking to sell
3: Be Patient but PersistentSince you can’t search for off market properties online, you will need to search for them offline. Once you have built your team, you can check in with them on a weekly basis with a call or quick email to remind them you are still looking and are very interested. I would recommend alternating between calls and emails so you build a good relationship and stay in the backs of their minds. When they do come across someone who is looking to sell, they will surely think of you. Not only are they doing you a favor, but they’re also doing a much bigger favor to their friend/customer.
We hope you have found this blog post on off market properties to be useful. Feel free to comment below or email us with any questions.
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