Struggling to deal with the slow housing market? For real estate agents, the secret to success could be finding off-market properties for your clientele.
What Are Off Market Properties?
Off market properties are exactly what their name suggests; properties that are not publicly listed for sale on the Multiple Listing Service (MLS). However, just because a property is not publicly listed on the MLS does not mean it isn’t for sale. In fact, the National Association of Realtors reports that roughly 10% of home sales occur without a property being listed on the MLS. Off market sales are fairly standard in locations where demand outweighs supply, meaning that properties can sell easily without being listed to the public.
How to Target Off Market Properties
1. Direct Marketing Campaigns
Using a direct marketing campaign to reach potential sellers can be an effective way to target off market properties. A direct marketing campaign can include mailers or flyers to reach homes within a particular area to express your interest in buying nearby properties. If you have geographic areas that you want to reach, we recommend Criss Cross by Haines to build your custom lists. With up to 300 searchable data points (such as age & length of residency) you can conduct map searches by polygon, radius or freehand then export the list of addresses, phone numbers and email addresses to support direct or digital marketing. This is a great way to establish a relationship with potential sellers, incentivizing them to reach out to you first, should they decide to sell their home.
2. Network With Other Real Estate Professionals
Fostering positive relationships with real estate agents in your area who specialize in non-MLS properties is one of the most effective ways to find, buy, and sell these properties. If someone isn’t coming to you directly, there might be other agents who have access to properties that are not listed for sale publicly, giving you the unique opportunity to get a first look at these properties. It can also serve as a benefit to them if you end up buying from or selling a property to one of their clients.
3. Get Online
Websites like Craigslist and Facebook Marketplace can be surprisingly helpful when it comes to targeting off market properties. Many sellers list their properties on these platforms as doing so allows them to avoid agent fees or test the general public’s interest level before formally listing their home for sale. Browsing these platforms regularly is one of the best ways to snag properties before they hit the market!
If you prefer to find better leads without waiting for them to come to you, we recommend adopting a marketing & prospecting strategy where you’re in control. Tools like Property Connect and Criss Cross allow real estate professionals like yourself to build customized prospecting lists with hundreds of searchable data points. If you need a substantial amount of information, Criss Cross is the product for you. If you need more detailed information about properties such as commercial & multi-unit owner information, Property Connect may prove more helpful.
Armed with your defined potential leads, you can execute marketing & prospecting strategies to earn more business in off-market properties and other sales.
To learn more about our tools and how we can help you target off market properties in your area, contact us today, or click here to get a free demo.