Off-market real estate deals can offer investors several advantages. However, due to its desirable nature, many investors may be questioning how to find genuine off-market real estate deals? We recommend following more than one strategy at a time, to ensure the best results.
If you are looking for genuine off market lots in Philadelphia, you can get a comprehensive and detailed list of the same from us.
What is an Off Market Property?
An off market property is such a property that is for sale but not listed on the multiple listing sites (MLS). It is thus a property which the owner wants to sale, but for some reasons hasn’t put it up on the listing sites.
Benefits of an Off Market Property for Buyers
Many real estate investors, myself included, like off-market offers for various reasons. First, and possibly most obviously, there is often less competition. If a property is listed in the MLS, it gets a high degree of visibility from agents as well as potential buyers. However, when it’s not, obviously the competition among buyers will be less and you can crack a good deal as a buyer or investor.
Here are a few ways to find off market properties.
1. Direct Mail Marketing
One of the most effective ways to find off-market real estate deals is through direct mail marketing. Define your target seller and send out postcards or other advertisements that express your interest in buying their home. Sometimes the owners don’t even know that they are ready to sell unless they receive an attractive offer. If you try to implement a direct mail strategy, it’s also important to keep in mind that you may not see results right away. Don’t be discouraged if you find yourself planning more than one direct mail campaign without a response.
2. Online Resources
While several online websites mostly feature properties listed on the MLS, they can occasionally be used to find off-market deals. Some websites allow sellers to list their properties 30 days before the property is listed on the MLS. To take advantage of this, investors should monitor these sites regularly in order to stay one step ahead of the competition.
Networking is arguably the best lead generation strategy in the real estate world, and this is true with off-market properties as well. You may find that networking becomes easier with time and practice so don’t be afraid. When it comes to networking, we recommend that you research real estate events in your area. You can check your local REIA, message boards or Facebook, to find groups that can meet around you. Also, you can ask your existing real estate connections to build your network.
4. Builders & Contractors
Builders and contractors are good friends to have if you are an investor looking to find great off-market deals. Contractors and other traders are in constant contact with the people in the industry. They can lead you directly to pocket adverts in your area, but make sure you are completely transparent throughout all your networking experiences. Let people know that you are an investor looking for off-market properties This way you will begin to gain trust and build respect other real estate professionals in your market.
5. Word Of Mouth
No matter how you look at it, real estate investing is people’s business. Everyone you meet – from family to friends – should know who you are, what you are doing and how to contact you. The more you use word of mouth marketing, the more people will think of you when they see your property outside the market.
This is how to find great off market lots in Philadelphia. Use these tips to your advantage and find great off market deals in which you can invest.