Tips for Finding Off-Market Commercial, Multifamily, and Single-Family Property Investments
If you're in the market for an investment property, you may have already realized that competition is fierce. That's why savvy homebuyers turn to off-market properties as a way to find single-family, multifamily, and commercial properties before they hit the market.
TL;DR
- Off-market properties are those that are not publicly listed for sale
- With less competition, they offer better deals than properties listed on the market
- Ways to find off-market properties include networking with industry professionals, making direct offers to homeowners, and searching through public records for leads.
What are Off-Market Properties?
Off-market properties, also known as pocket listings, are those that are not listed on the Multiple Listing Service (MLS) or any other public platform. Typically, these properties are owned by people who want to sell their property without advertising it to the general public. It could be because they want to maintain privacy, avoid commissions, or because they are waiting for the right offer to come in.
Advantages of Off-Market Property Investments
Off-market properties can provide a great opportunity for investors, especially those in competitive markets. Since they are not publicly listed, there is less competition for them, which can result in a lower purchase price.
Tips for Finding Off-Market Properties
- Network with Real Estate Professionals
One of the best ways to find off-market properties is by networking with real estate professionals. Reach out to real estate agents, brokers, and property managers and let them know you are in the market for a property. They may have clients interested in selling their property without publicly listing it.
- Attend Open Houses and Auctions
Attending open houses and auctions can also provide an opportunity to find off-market properties. Some sellers may choose to hold an open house for a select group of buyers or auction their property to a private group.
- Direct Mail Marketing
Direct mail marketing can be a great way to find off-market properties. You can send letters or postcards to homeowners in your desired area, letting them know that you are interested in buying a property. Make sure to include your contact information, so they can reach out to you directly.
- Online Real Estate Platforms
Several online real estate platforms specialize in off-market properties, such as PocketList and Pre MLS. These platforms allow buyers to connect directly with sellers who are interested in selling their property without listing it on the MLS.
To find off-market commercial properties, use specialized platforms such as LoopNet and CREXi. Create a profile on these platforms and start browsing properties to see if there are any that fit your investment criteria.
- Drive or Walk Through Desired Neighborhoods
Driving or walking through neighborhoods that you are interested in can also provide an opportunity to find off-market properties. Keep an eye out for "for sale by owner" signs, which indicate that the property is not listed on the MLS. Additionally, you may notice properties that appear vacant or in disrepair, which could indicate that the owner is interested in selling.
- Search Public Records
Public records can be a valuable source of information for finding off-market commercial properties. Look for properties that have tax liens or outstanding tax bills, searching for code violations, probate and divorce records, and tracking pre-foreclosure properties through public notices or online services. It is important to do thorough research before making an offer on any properties of interest.
In addition to these tips, check out our detailed discussion on how to find off-market multifamily properties.
Conclusion
Finding off-market properties can be a great way to invest in hidden gems in a competitive market. Whether you're looking for a residential, multifamily, or commercial property, there are several strategies you can use like networking with real estate agents and brokers, contacting property owners directly, and using online real estate platforms.
Searching for below-market value properties, such as those with tax liens or other financial issues, can also be an effective way to find properties that may not be publicly listed. By being proactive and persistent in your search, you can increase your chances of finding the perfect off-market property investment.
Ready to take advantage of off-market property investments? Our team is here to help you finance your next project and turn your real estate investment dreams into a reality. Contact us today!
