The property market is still a safe and profitable investment option, however, the competition is high, so you need to stand out and find the best opportunities available. Understanding the different ways to find an off-market property will help you stay ahead of your competition and easily find potential sellers. Below, we’ve listed all the different ways to find an off-market property.
Direct to vendor
Being able to position yourself in front of a vendor is very key in the business of property. Having direct access to the owner of a property provides you with unlimited opportunities to scale your property business. We are in the business of solving problems, and if a vendor has an issue they want solving, you want them and all the people that they know (who also own properties) to come to you. Solving problems means you are making money! Whether you want to buy or sell property, deal source, provide assisted sales, find rent-to-rent opportunities, having access directly to a vendor is unmatched, especially when it comes to finding great deals and opportunities.
There are many ways to find off-market property deals, all of which you have probably come across before. Here are some of the best ways to find off-market deals:
- Social Media
- Direct Mail
- Online Resources
- Estate Agents
- Builders & Contractors
- Property Sourcers
- Land Registry
- Word of Mouth
Social media is highly recommended when it comes to sourcing off-market properties. You have the opportunity to:
- Market yourself to potential investors
- Market yourself directly to property owners
- You can join property groups and network with other people in your business
- You can directly message property owners who want to sell their properties via platforms like ‘Facebook marketplace’.
Utilise social media to target specific demographics and reach potential property owners in a far more cost-effective way. You can obtain a huge number of leads by simply using sites such as Instagram, Facebook, Twitter, and LinkedIn. Plus, social media is completely free to use.
Direct mail marketing
An efficient way to find off-market property is through direct mail marketing. Send out letters or leaflets that express your interest in purchasing their home. Sometimes, homeowners don’t even know they are ready to sell unless presented with an attractive offer. Before implementing this method, be sure to do your due diligence.
Use free advertising sites
Sites such as Gumtree.com, Classiads.co.uk, Facebook marketplace etc, all have a property section, where property owners can advertise their property free of charge. You will have the opportunity to email the advertiser directly, and some platforms provide advertisers with telephone numbers for you to get in contact with them.
Searching for property events in your area is a great place to start. Off-market networking is often the most popular way to identify and acquire good deals. If you are interested in any form of property investing, you need to build a network, particularly if you are seeking off-market deals.
Building relationships with estate agents is very important if you want to make money from property. Estate agents play a vital part in your property business. Benefits such as being alerted to property deals before they are put onto the open market and providing you with exclusive access to property deals before others know about them.
Builders & contractors
In addition to estate agents, builders and contractors are good friends to have if you’re an investor looking to find off-market deals. Local builders are usually “in the know” about properties where the homeowner or investor abandoned the job mid-project because they didn’t have the financing to finish the construction. Contractors and other tradesmen are constantly in touch with people in the business. Let them know you are an investor looking for off-market properties.
Using a good property sourcer is going to save you a lot of time and get your portfolio growing quickly. It might be a one-man band, a small company, or even a large investment company. Either way, they can help you find deals that fit your criteria. By working with a property sourcer, you will be able to find off-market deals and cut out a lot of time.
If you come across a derelict property that has no ‘For sale’ sign in front of it and maybe you have knocked on the door a few times and nobody answers. Then, it is always a great idea to search that property upon Land Registry. Land registry is an online portal that registers the ownership of land and property in England and Wales. It may come at a cost of £3, but you will find who is in direct ownership of the property. In these instances, do not be afraid to contact the owner directly.
Word of mouth
Property investing is a people business. Anyone you encounter should know who you are, what you do, and how to contact you. The more you employ word-of-mouth marketing, the more people will think of you when they see an off-market property. This is like building a network. However, do not shy away from a potential connection simply because they are not directly involved in property. You never know who will lead you to your next investment deal.
Auctions are great for investors because they always have a steady stream of off-market properties to choose from. Once you find an attractive property, confirm its auction status, location, and bidding procedure (and be prepared to act fast). Before showing up to an auction, be sure you’ve done your research ahead of time. Thoroughly research the neighborhood and property specs and set a budget that you won’t exceed.
Find off-market properties with Sourced
At Sourced, our mission is to help anyone succeed in property. By joining Sourced, our franchisees can benefit from investor and property leads sent to them on a daily basis, a network of over 150 offices in the UK, a comprehensive training programme that covers more than 9 property strategies and our in-house funding platform, Sourced Capital. Our support team, is always on hand to provide guidance, tips and smart ways to build a profitable property business. To find out more about our franchise opportunity, download our prospectus.