Finding good commercial real estate deals doesn’t always mean searching through websites or talking to brokers. Some of the best deals are "off-market", which means they aren’t listed or advertised. Finding these deals can help you avoid competition and get better prices. Let’s talk about some simple ways to find off-market real estate deals that might be perfect for you!
Network with People in Real Estate
Talking to people in the real estate world is a great way to find deals before they’re listed. There are a lot of people who know about properties that might be for sale, even if they aren't advertised.
Brokers: These people help buy and sell properties. Sometimes they know about deals that aren’t online yet.
Property Managers: These are the people who take care of buildings. They often know when an owner might want to sell.
Other Investors: Other real estate buyers might know about deals that aren’t on the market.
Lawyers and Accountants: Professionals like these may know about properties that could be for sale soon.
Send Letters to Property Owners
Another way to find off-market deals is by sending letters to property owners. If you see a building that looks like it might be for sale, you can write to the owner and ask if they want to sell it.
Target Property Owners: Look for buildings that might need repairs or aren’t being taken care of. These owners might want to sell but haven’t listed their property yet.
Personalize Your Letter: Be polite and clear. Let them know you’re interested in buying their property if they want to sell.
3. Cold Calling
If you find a property that looks good, try calling the owner. This might feel awkward, but it’s a great way to find out if they want to sell.
Be Friendly and Simple: Tell them you’re interested in buying their property and ask if they might want to sell.
Ask the Right Questions: See if the owner is ready to sell, what they want for the property, and if they would like to talk more.
4. Drive Around and Look for Properties
Sometimes, the best way to find off-market properties is by driving around neighborhoods and looking for buildings that might be for sale. This is called “driving for dollars.”
Look for Signs of Neglect: Properties with messy lawns, broken windows, or worn-out paint might be owned by people who want to sell but haven’t listed yet.
Take Notes: Write down the address of the property, then look up who owns it and contact them.
5. Build Relationships with Property Owners
Getting to know property owners can help you find off-market deals. Even if their property looks good and they aren’t trying to sell, keeping in touch with them could lead to a future deal.
Offer Help: If you can offer assistance or solve a problem for the property owner, they might think of you when it’s time to sell.
Stay in Touch: Send a friendly note from time to time to remind them that you’re interested in buying their property if they ever decide to sell.
6. Check Public Records
There are lots of public records that can help you find properties that might be for sale. These records are available for everyone to see.
Tax Records: Sometimes, property owners miss paying their taxes, and the property could be up for sale.
Foreclosures: If a property owner can’t pay their mortgage, the property might be sold at auction.
Probate Sales: If someone passes away and their family is selling their property, it might not be listed yet. You can find these sales by checking the local court.
7. Use Online Platforms
There are websites where you can find properties for sale, even ones that aren’t listed on big real estate sites.
Foreclosure Websites: Some websites focus on properties that are being sold because the owner hasn’t paid their mortgage.
Real Estate Investment Forums: Join online groups where people talk about buying and selling properties. You might find an off-market deal there.
Conclusion
Finding off-market commercial real estate deals takes some time and effort, but it’s worth it. By talking to people in real estate, sending letters, driving around neighborhoods, and checking public records, you can discover properties that aren’t being advertised. Using these methods, you can find great deals before other buyers even know about them. So get out there, start networking, and look for those hidden gems!
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