The world of real estate investing is filled with opportunities, and one of the most desired are ones off market listings! This is basically when there is a motivated seller, but the investment property has not been broadcast on the MLS (Multiple Listing Service), and therefore, it doesn’t appear on any national or local real estate sites that advertise the MLS.
A savvy real estate investor always searches for these off market listings mainly because there is less competition for them. Since off market listings are not seen by the public and other real estate investors, the real estate investor who spots them will have an advantage, especially in hot real estate markets where finding investment properties may not be very easy. Another reason why off market listings are desirable by many real estate investors is that these income properties are quickly sold.
So, how does a real estate investor find these off market listings?
Finding Off Market Listings – Real Estate Agents
Real estate agents are the first that come to mind when thinking of ways to find off market listings. After all, these guys are experts! Real estate agents have been in the real estate investing business for a very long time, thus, they’re the best when it comes to the ins and outs of the market and where to find not only off market listings but any type of investment property.
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The best thing for income property investors to do when working with real estate agents is to first find a market or neighborhood in which they’re interested in buying an investment property and then contact real estate agents who work in that market. These real estate agents will be more familiar with the specific market and know where off market listings are located. This will save property investors time when searching for local investment properties for sale.
Moreover, some real estate agents have their own websites in which they share their off market listings! Staying in contact with real estate agents means income property investors can find off market listings before anyone else.
Finding Off Market Listings – Real Estate Wholesalers
A real estate wholesaler works as a middleman between a property seller and a property buyer. How can a real estate wholesaler help finding off market listings? Well, a real estate wholesaler finds distressed sellers who haven’t listed their investment properties for sale yet. The real estate wholesaler then assigns the investment property to a contract, finds buyers, and sells them the contact.
Working with a real estate wholesaler is great because not only do they find off market listings, but they also convince sellers to sell the investment property for a significantly low price! Thus, as a buyer looking for off marker listings, make sure you have a real estate wholesaler in your contact list.
Finding Off Market Listings – Networking
Real estate investing is a people business! Networking is a great way to find any type of investment property, not just off market listings. Someone you know may have a deal up their sleeves or even know someone else who does. Your real estate investment network should include not only personal acquaintances like friends and family but also anyone you meet throughout your real estate investing career. This includes other real estate investors, real estate agents, real estate wholesalers, local contractors, and real estate attorneys, to name some.
The best thing income property investors should do to make use of their real estate investment networks when searching for off market listings is to make their intentions known. You never know who is selling an investment property. Thus, don’t hesitate to inform those in your inner circle that you’re looking for off market listings.
Finding Off Market Listings – Online Websites
As previously mentioned, some real estate agents have their own websites in which they share off market listings. However, there are other websites which income property investors could make use of, such as Zillow and Zenlist. Zillow allows real estate agents and sellers to advertise real estate income properties 30 days before they list them on the MLS and consider them as off market listings.
Using online websites is probably the easiest way to find off market listings because it’s easy to access such sites. Nevertheless, the impact of competition is large. Therefore, if you want to find listings with less competition, you should consider the previously mentioned methods.
Finding Off Market Listings – Direct Marketing
This simply means that real estate investors could send a direct mail or postcard to investment properties sellers (or even advertise in a newspaper) saying that they’re interested in buying income properties. This could be an incentive for sellers of off market listings to contact the real estate investor.
Finding Off Market Listings – Public Records
Examining public records could also lead income property investors to off market listings. Local newspapers and state government websites sometimes mention income properties that will be selling soon. Moreover, newspapers also mention different expired listings. Real estate investors can contact sellers of expired listing and negotiate a good deal, especially if the property sellers are desperate to get rid of the real estate property. Public records can also help you find foreclosed off market listings.
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How to Find Off Market Listings – The Bottom Line
The real estate investing world offers many opportunities to income property investors to find cheap income properties for sale and make money out of them. The best way for a savvy real estate investor to find these cheap investment properties is by looking for off market listings. These income properties will have less competition, and the selling process will be much quicker. Ultimately, this gives the real estate investor who finds off market listings an advantage to stay on top of competition!
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