With buyer competition fierce in early 2024, wouldn’t it be nice to avoid the competition altogether? The key is to find deals before they hit the market. Here are ten effective ways to discover off-market real estate deals.
1. Pre-Foreclosures
Pre-foreclosures involve homes where owners have missed mortgage payments and the lender has issued a notice of default. Investors can help homeowners avoid foreclosure by purchasing the property before the bank takes over. Tools like PropStream’s smart search features can help you locate these opportunities.
2. Hold a For-Sale-by-Owner Workshop
Hosting an FSBO workshop can be a strategic way to identify sellers before they list their homes. By offering valuable, actionable advice to homeowners on how to sell their property, you may connect with potential sellers interested in a quick sale.
3. Real Estate Brokers
Real estate brokers are often aware of upcoming listings before they hit the market. Cultivate relationships with local brokers to get early access to these properties. Their insider knowledge can provide a significant advantage in finding off-market deals.
4. Divorce Attorneys
Divorce often necessitates the sale of shared property. Divorce attorneys are typically aware of these situations early on. Establishing relationships with divorce attorneys can lead to insights about properties that will soon be for sale.
5. Estate Agents
Estate agents work with families of recently deceased individuals, often needing to sell property quickly to settle estates. While it’s important to approach with sensitivity, these situations can provide opportunities for off-market deals.
6. Wholesalers
Wholesalers specialize in securing properties under contract and then selling the contract rights to buyers for a fee. Their extensive networks can provide you with off-market opportunities. Partnering with wholesalers can save you time and effort in finding deals.
7. Contractors and Builders
Contractors and builders are often involved in projects long before they are listed for sale. Networking with these professionals can give you leads on upcoming turn-key properties. Buying in early might even allow you to influence project finishes.
8. Flippers and Property Managers
Flippers and property managers frequently have multiple properties in their portfolios, including projects currently under rehab. Building relationships with these insiders can provide you with tips on off-market deals.
9. Vacant Properties
Reach out to owners of vacant properties to see if they are interested in selling. PropStream’s Targeted Leads Generator can help you compile a list of vacant properties in your desired areas, and their Skip Tracing Feature allows you to contact owners directly via phone, email, or postcard.
10. Contact High-Equity Owners Directly
With home values having increased significantly over the past decade, many owners now have substantial equity. These owners might be ready to sell, especially in a frenzied market. PropStream’s Skip Tracing Feature can help you reach out to these high-equity owners to gauge their interest in selling.
Instead of competing with the multitude of active buyers in today’s market, focus on uncovering these off-market real estate deals. By leveraging these strategies, you can find hidden gems and secure properties before they ever hit the open market.