In the past year, the Fed has raised mortgage rates five times. It’s a trend that is definitely slowing the U.S. housing market, as more and more homeowners are questioning whether or not it makes sense to risk selling their current home if it means they’d have to buy a new one with an even greater borrowing cost. So what do you do if your customers have to buy now or want to buy anyway in a slow housing market? A good option is to look for homes that aren’t technically listed “for sale” or, at least, aren’t listed on the MLS. Take a look at some tips on how to find off market properties during a housing slump:
As with anything in life, it helps to know the right people. If you want to know how to find off market properties, you might decide to look no further than your own circle of friends and professional contacts. Off market properties, by their very nature, aren’t officially advertised; they depend on word of mouth to spread notice of their availability. Ask your friends if they know about any potential owners ready to sell. And ask them to ask their friends. Reach out to previous contacts to see if they’re interested in selling or what kind of offer would make them sell. You might be surprised to discover just how many properties could be for sale right under your nose.
Grab your laptop and start searching. You can try any search engine or obvious sites like Craigslist, NextDoor and Facebook. Or you could look at this site, which compiles a list of over 50 of them! You may find properties that aren’t necessarily on the MLS, but are being listed on social media. Their reach may be lower and that may give you an opportunity to swoop in and help them sell.
Builders and Other Construction Professionals
Likewise, many individuals working in the construction business know about homeowners with properties that need to be offloaded due to a variety of personal situations (their age, financing problems, pending foreclosure, etc.). Collaborate with contractors and others in the building industry so that you, too, can keep abreast of the potential properties in your area.
“Driving for Dollars”
“Driving for Dollars” is a term used by real estate investors that basically refers to the process of driving around town to look for abandoned or neglected properties. Once a property is found, the investor will work to identify its owner and then attempt to make a purchase. While time consuming, “Driving for Dollars” can be a great way to find off market homes.
The Haines Advantage
Of course, the best way to get a leg up with any off market property search is to partner with a trusted lead generation service. For instance, our Haines Property Connect allows users to build customized prospecting lists using hundreds of searchable data points. Our software, in particular, can target absentee owners of multi-unit properties, single-family homes, industrial properties, vacant land, and much more; recent movers; properties in certain geographic areas; and most importantly, phone numbers and email addresses are always included in our lead lists for no additional fee. Indeed, with our database(s), you can easily build a list of prospective leads, allowing you to find off market properties a whole lot quicker and much easier than any of the previous options mentioned here. Please contact us to learn how to find off market properties that match your own specific criteria and, thus, have more potential to bring you success in your real estate search!