Buyer competition is fierce in early 2021. Wouldn’t it be nice to avoid the competition altogether?
You just need to find deals before they hit the market. Here are 10 ways to find off-market real estate deals.
Pre-foreclosures are homes in which the owners have missed mortgage payments and the lender is issuing a notice of default, threatening to foreclose on the property. Investors can help homeowners avoid foreclosure by purchasing the property before the bank officially forecloses. You can find pre-foreclosures through PropStream’s smart search features.
2. Hold a For-Sale-by-Owner Workshop
For those who know how to sell a home, offering an FSBO workshop is a great way to identify sellers before they list their homes. Provide high-value, actionable advice for your attendees. You might just meet the owner of your next project.
3. Real Estate Brokers
Real estate brokers have a finger on the pulse of the market. They often hear about future listings long before they hit the market. Take advantage by nurturing relationships with local brokers.
4. Divorce Attorneys
It’s a sad fact that divorce often results in the sale of a home. Divorce attorneys often know about potential listings before they hit the market because their clients are negotiating the terms of the divorce before listing the home.
5. Estate Agents
Estate agents are also a good source of off-market real estate deals because they work with families of people who are recently deceased. Of course, you don’t want to take advantage of a grieving family, but a quick sale is often a blessing in these situations where the family is working to sell assets to cover any remaining debts.
Wholesalers get properties under contract (so off-market), then sell the rights to the purchase contract to a buyer for a finder’s fee. Wholesalers have extensive networks of real estate contacts for the inside scoop on upcoming listings. Let them do some of the leg work for you.
7. Contractors and Builders
Contractors and builders naturally know of new listings long before they hit the market since they’re called in early to consult on the renovation or new-build. Networking with contractors and builders can get you leads on off-market deals that will be turn-key upon completion. You could even buy in early enough to influence the project finishes.
8. Flippers and Property Managers
Large-scale flippers and property managers have multiple properties in their portfolio at any given time. And they certainly have projects they’re rehabbing to put back on the market in the near future. Take the time to get to know these industry insiders for tips on off-market real estate deals.
9. Vacant Properties
Why not check with owners of vacant properties to see if they’d be willing to sell? With PropStream’s Targeted Leads Generator, you can get a pre-filtered list of vacant properties in your target neighborhoods. And with our built-in Skip Tracing Feature, you can reach out to these owners directly via phone, email or postcard.
10. Contact High-Equity Owners Directly
Home values have been steadily increasing across much of the country over the past decade. With the frenzied seller’s market of early 2021, sellers with lots of home equity may be ready to cash out. Here again, you can use PropStream’s Skip Tracing Feature to contact these high-equity owners directly to see if they’d be willing to sell.
Instead of competing with the bevy of active buyers in today’s market, focus on finding these off-market real estate deals.