Off market properties are often an attractive option for prospective home buyers for a few reasons, some of these include less competition when bidding (because less people are seeing it), better bargains (because of less competition) and sometimes even a faster close. The question is, how do you find these deals? I’ve outlined some strategies below.
Talk to Realtors. Realtors, often times know about a property or have an insider scoop before it’s listed and goes on the market. Therefore, if you can get the scoop from them, you can find out about an off market property before it hits the market, creating less competition for you.
Talk to wholesalers: Wholesalers are people that do the nitty gritty work of finding sellers through various strategies such as cold calling and door knocking. The wholesaler will then put the property under contract and assign it to you for cash or hard money.
Another way to find off market properties is to do the work that wholesaler’s do, things like cold calling, sending mailers, and door knocking (making sure to abide by government laws and regulations). Though these strategies take a lot of time, volume, and effort, they do work.
Facebook groups are also a great way to find off market groups. There are market specific groups that are made for off market deals. You can often find deals posted in these groups, or post what you’re looking for in the group.
Lastly, networking can be a great tool for finding off market properties. The people involved in a real estate transaction such as attorneys, loan officers, title officers, and agents (see above) are great resources for what’s out there, but also for learning purposes. If you can get around these people, provide value to them and gain some value in exchange, this is a great spot to be in. Thanks for reading!