Most seasoned investors and home buyers know that one way to find a great deal in real estate is to buy properties that are off the market. The reasons why property owners skip the process of officially listing their home on MLS vary but there can be no denying that these hidden gems are there, just waiting to be unearthed.
Nothing can be more frustrating to a homebuyer than finding out that they are swamped with a lot competition for their dream house. What they don’t know is that there are a lot of great properties for sale that are not on the market. These properties are called off-market properties and also commonly known to real estate professionals as “pocket-listings.” Having said that, let’s discuss more ways to find off-market properties to benefit from.
Real Estate Agents
After finding the neighbourhood you want to buy a property in, you’ll want to find the top agents in the area and ask them for any pocket listings they have. Hiring an experienced agent that has numerous contacts with other top real estate professionals is not a bad idea, either. Remember that these real estate agents network with other agents who might have a list of homeowners thinking of selling their homes.
If you’re willing to spend extra cash to lure possible property owners to sell, then direct marketing is another strategy you can use. You can send out direct mail cards or postcards with straightforward messages saying that you’re willing to buy their property. There are a lot of practical tips to do this. One real estate professional even advised to handwrite the name and address of the homeowners your sending the letter to for a personal touch.
Estate and Divorce Attorneys
Real estate and divorce attorneys are also good sources of information about off-market properties. Reasons like death, illness, and divorce often cause people to keep the sale of their home quite so they can avoid the additional stress involved in the selling process.
Joining the local networking groups like BNI or attending auctions are great ways to meet estate and divorce attorneys.
Local builders and tradesmen are great sources of information for finding potential real estate investments. Since they deal and work with people and other investors on a regular basis, they are the more likely to know about homeowners selling their property off-market.
Public Records and Expired Listings
Checking your local newspapers and government websites can help you find properties that will be auctioned soon.
Selling a house can sometimes be frustrating for some sellers when their listings expire. Following an expiration of their listing, sellers might refuse to put their property on the market again. However, this does not mean that the seller no longer wants to sell.
There are many ways to locate great off-market properties. It’s just a matter of finding the one that works for you.