How do you find off-market properties?
If you’ve learnt all about off-market property buying and decided it is the right thing for you to do, it’s time to get started!
Before you even start looking for properties, you need to have a good list of what you’re looking for in a property. You’ll find that off-market properties can go quickly, so you need to know precisely what you want and be ready to move when that ideal property falls in your lap.
Some things you may wish to consider include:
- Price range
- Location – close to work, schools, etc.
- Property type – apartment, detached house, etc.
- Property style and floorplan
- Any features that you cannot do without – large backyard, etc.
You can also make a list that includes ideal components or a wish list that includes things you’d like but are not necessarily deal-breakers. For example, you may like having a pool, but it’s not an absolute necessity.
After you’ve constructed your list of must-haves and ideal inclusions, it’s time to make some contacts in the real estate game. You can join a database or off-market subscription list and contact some real estate agents operating in the area. If your local agents know you’re looking for that perfect home, they’ll usually contact you first, aiming for a fast sale before they even bother to list it with the general public.
If you don’t want to do the work yourself, or you don’t have the time available, then securing the services of a buyer’s agent is an excellent choice. Buyers agents are adept at making and nurturing contacts with real estate agents, and they will have a good feel for the market and what homes are currently valued in your chosen location.
In some cases, you may need to adjust your expectations with properties. For example, if you need a backyard pool but can’t find any, you may need to look at properties with enough backyard space to install one later.