By DeeinAustin™
Use this guide to learn how to find the best off-market deals in Austin or any U.S city by using common online and offline methods.
"Off-market" homes or investments are those not already listed in your
area's Multiple Listing Service (MLS), which is provided by your local
Board of REALTORS®.
If you're an agent, buyer or investor looking for a good deal in commercial real estate, a home or land, non-MLS listings are the holy grail. You should also read our previous article on 33 Ways to find a Motivated Seller.
Top 10 Ways to Find Off Market Deals for the Best Price on a Home, Land, or Commercial Real Estate Property.
NOTE: If you're not an agent, you may need to get one to assist you.
10. "Drive for Dollars". Drive your area every 7 to 10 days to check for changes. Is there a new "For Sale By Owner" sign? Newspapers piling up on a doorstep? Home gone further into disrepair? Home being fixed up a little? You may have an owner ready to sell soon.
9.Out-of-town owners. Check your tax appraisal records for owners with addresses in another state or city. Send them a letter or offer directly. The further they live, the better the deal.
8. "Pocket" Listings. Email or call top commercial or residential agents specializing in your particular area or property type every 21 days to see if they've heard of an upcoming sale. Be first on their list when they have a potential listing.
7. Expired & "Pending" Homes. Pending sales are those with an offer already. If it's a good deal, don't give up! Call the agent or owner to see if the deal is falling through. For expired listings, see if the owner can be more realistic on the asking price.
6. Landlords. Check newspapers, MLS, civil court eviction records, and other rental listing websites. Ask landlords if they'd prefer to sell than lease.
5. Property Managers. Check Craigslist, newspapers, or "help wanted" websites/ads to find property managers. They have an inventory of homes and rental properties. Check back every few weeks to see if they have an owner willing to sell.
4. Forget Craigslist. Waste less time on Loopnet too. Most properties on both are overpriced and on MLS anyway. Besides other methods in this guide, try your cheap, FREE local newspapers. They usually list their classifieds online.
3. Put Friends to Work. Tell all of your friends to keep an eye out for you, especially if they're in the real estate business. Lawyers, financial planners, and CPAs are the best resources.
2. Online Investor Forums. Troll commercial and residential investor forums such as the CreativeInvestor.com, CREonline.com, BiggerPockets.com, REIClub.com. They have property listings or directories. You can also ask a question or get other help.
1. Investor Club Meetings. Even if you don't invest, you can find the best off-market deals by talking to investors. Give them your criteria and keep in touch. You may still have an agent represent you when you're ready to buy.
BONUS: If you really want to step it up, Be the Buyer of Choice. Dominate your area with "Ugly" yellow signs, "yellow letters" or proactive direct mail marketing.
LIKE THIS ARTICLE? READ MORE...
- 33 Ways to Find a Motivated Seller.
- Controversy: Stop Timing the Market and BUY.
- Our Top Home Rehabbing Tips for Investors.
- From the Archives: HUD foreclosures are a bad deal.
- Where to Find Good Private Investors.
- Did you know there's more than one type of listing agreement?
- Check out more online real estate forums.
Great article Dee. I have subscribed to your blog and enjoy getting your input. I'll have to put some of these top 10 tips to work for myself!:)
Posted by: Edward Lui | Wednesday, March 26, 2008 at 12:56 PM
Nice list. One thing I would add. When searching for REO properties, check the local city hall for home that have gone into foreclosure but haven’t hit the market. Getting a jump on the competition will give you a better chance at scoring a deal.
Posted by: Raj C. | Thursday, March 27, 2008 at 10:24 AM
Edward, thanks for subscribing! Your blog is great.
Raj, thanks for the addition. City Hall is a great resource and I didn't really mention it. There's a lot of public records available or you can check the public notices for divorces, death notices, probate, etc.
Most of these tactics are used by investors, so I didn't think a homeowner would do that much. For investors, agents and other real estate professionals, they can really get some good deals by getting to people before they've fully decided to sell.
Posted by: Dee Copeland | Thursday, March 27, 2008 at 12:26 PM