51 -Six Tactics for Finding Off-Market Properties
Episode Summary
In this episode of Get Real Wealthy Season 2, Quentin talks about six tactics for finding off-market properties.
Quentin says that these tips are taken from his book, The Finding Properties Toolbox, which can tremendously help you in finding off-market properties. He says that it’s important to find off-market properties because there is little to no competition when you’re dealing directly with the seller. You can get more flexibility in negotiations and different pricing as well. Finding off-market properties can be timing consuming and can cost a lot, but there are five tactics that you can employ to make things easier for yourself. Number one, you need to develop relationships with realtors to get pocket listings; listings that never make it to the MLS. If you have relationships with realtors, and they know you can close on a property, they are going to go out and provide you with these pocket listings.
Number two, look for online listings on Kijiji or Property Guys are similar sites, where you are negotiating directly with the seller. You don’t have the middle person, a realtor, an agent, or a broker. Number three, ‘For Sale by Owner’ signs, when you’re driving for dollars. So, driving for dollars is the term for when you’re driving around an area where you’re looking to buy a property. You can deal directly with the owner. He adds that you should call them as soon as you see them and find out what they want to do. You want to make sure it’s not somebody who’s just trying to cut out the realtor but has another reason for selling the property. Number four is to look for garage sales, and dumpsters. When you see a garage sale, usually it is someone getting rid of stuff, because they’re going to sell the property.
Number five is marketing directly to sellers. You can do marketing campaigns where you have fliers that are going out, door hangers, posters, etc. Perhaps you’re marketing them online through Google or Facebook. Whatever marketing strategy you’re using, it’s going to cost you money, but the more you market, the more you’re likely to be able to find a property. Number six is getting referrals. You can offer people a referral fee for leads to purchase a property. In conclusion, he adds that these are a few of the tactics that will make it easier for you to identify good off-market deals.
Important Links and Resources
• The Finding Properties Toolbox
About the Author Quentin DSouza
Quentin D’Souza is the Chief Education Officer of the Durham Real Estate Investor Club. Author of The Action Taker's Real Estate Investing Planner, The Property Management Toolbox: A How-To Guide for Ontario Real Estate Investors and Landlords, The Filling Vacancies Toolbox: A Step-By-Step Guide for Ontario Real Estate Investors and Landlords for Renting Out Residential Real Estate, and The Ultimate Wealth Strategy: Your Complete Guide to Buying, Fixing, Refinancing, and Renting Real Estate.
