The real estate inventory is still quite tight. As a potential home buyer, you want to be a step ahead of your competitors, and that is why you may want to find and buy off market property. Typically, these are homes up for sale but are not available on multiple listing services (MLS), which means property owners or agents need to find buyers and not the other way round. If you’re trying to find some off-market properties, here are the best ways to locate them.
Real Estate Agents
Realtors work with both buyers and sellers. Some sellers prefer to speak to realtors when they need to sell off a property in a favorable market condition. Sometimes it’s the agents who call sellers to know whether they are selling their properties. Additionally, agents will have pocket listings–listings which an agent has exclusive rights to sell that are not listed on MLS. Other buyers may never find such properties, and real estate agents will have their list of buyers they will contact first. That means checking with as many as you can find in your area or the area you’re looking to buy property. Once you’ve established yourself as a serious buyer, you will be on their priority list whenever an off-market property is available.
Contractors and Builders
Contractors and builders work closely with property owners and real estate agents. They are not only in the know of the latest property in town but also gather data about some off-market properties in their area. They are constantly in touch with other tradespeople in the businesses. They can lead or connect you to the right people selling off-market properties.
Networking
Networking is quite essential for any business, whether you’re the buyer or seller. Knowing other investors and taking your time to know different real estate agents increase your chances of accessing thousands of properties. If you meet someone who has a property you like to buy, you can get it at a relatively reasonable rate and with less hustle because networking helps you know agents’ inventories, their strategies, and any potential faults with the property.
