It's everywhere - the quest to find off market deals. I mean, when websites like Domain set up special pages where you can find off market deals before everyone else, you know people are desperately keen to find them.
I get it. Real Estate Agents aren't exactly the most loved people in society, frequently ranking right near the bottom of scales of trust and integrity. So naturally people would prefer to avoid them! Or at least have as little to do with them as possible.
Plus one question I get asked a lot by my students is how they can get access directly to vendors so they can find out what they need. And finding off market deals is a great solution to that problem.
So how do you go about finding off market deals?
The good news is there's lots of different ways to find off market deals. Which means you can choose one or more that feel comfortable to you. Of course I'm going to suggest you should be using ALL of them!
Online Advertised Sites
As things change and evolve, the best sites online for finding deals has changed. Gumtree's dominance has waned quite a bit, and I've now seen people advertising their properties for sale on Facebook Marketplace.
There are also websites specifically dedicated to "For Sale By Owner" listings, which can be a good source of deals where you have the opportunity to talk directly to the vendor.
Development Sites Australia (shameless plug!) is also a great resource for off market deals. And as more people discover it and help it grow, it will get even better.
Door Knocking / Letters
If you've followed my advice in other Property Pulse articles, you will have become an Area Expert in your chosen Council and three suburbs. You can take that insider knowledge, identify specific properties within your area that have all the characteristics you're looking for, then either go and knock on the door for a chat or send the owner a letter.
The good thing about this strategy, particularly if you door knock, is that you immediately establish a personal relationship with the owner. It may not lead to a deal straight away, but by staying in contact on a regular basis (without harassing anybody!) with any luck you'll be front of mind when the owner does start to think about selling.
Sales Agents
Don't have time to go door knocking yourself? You can delegate this job to a local Real Estate Agent. Sounds simple, right? Well, it is, but there's a catch - the agent may take your list of preferred properties and spruik them to list the property with his agency.
So you need to be a bit careful with this one. Either choose an agent you've built up rapport with, who you feel you can trust, or take your shortlist and split it up between more than one agent.
Consultants
Another key element of becoming a Property Developer is building your team. I've talked about this before in articles such as The Importance of Building a Great Team. Surrounding yourself with quality consultants will make your life a lot easier.
But did you ever think about the fact that you're not their only client? Your consultants will most likely be dealing with other developers day in, day out. And sometimes those other developers may well have a site that they want to offload.
Enter you, stage right! Make sure your consultants know you're always on the lookout for good sites, and remind them regularly. You might be surprised to discover what a great source of off market deals they can be.
Serendipity
Also known as "luck", but while on rare occasions there may be an element of luck, when it comes to serendipity it seems to me that it happens a lot more often if you do the work.
And what work is that? Talk to people! And I mean EVERYBODY about what you do and that you're looking for properties that work.
Getting your hair cut? Talk to the hairdresser or barber. Just met someone at a party? Tell them what you do.
If you see someone's eyes glaze over (and not because they've had too much to drink at the party!) then you'll know they have no interest and you can change the subject.
But if they're thinking of selling, or even know somebody who's thinking of selling, luck may be about to smile upon you. Because most people love to help other people solve problems. All you need to do is let them!
Like I said at the start, there are lots of different ways you can source off market deals. And the more strategies you employ, the wider the net you cast, and the better your chance of finding the holy grail - an off market deal.
I get it. Real Estate Agents aren't exactly the most loved people in society, frequently ranking right near the bottom of scales of trust and integrity. So naturally people would prefer to avoid them! Or at least have as little to do with them as possible.
Plus one question I get asked a lot by my students is how they can get access directly to vendors so they can find out what they need. And finding off market deals is a great solution to that problem.
So how do you go about finding off market deals?
The good news is there's lots of different ways to find off market deals. Which means you can choose one or more that feel comfortable to you. Of course I'm going to suggest you should be using ALL of them!
Online Advertised Sites
As things change and evolve, the best sites online for finding deals has changed. Gumtree's dominance has waned quite a bit, and I've now seen people advertising their properties for sale on Facebook Marketplace.
There are also websites specifically dedicated to "For Sale By Owner" listings, which can be a good source of deals where you have the opportunity to talk directly to the vendor.Development Sites Australia (shameless plug!) is also a great resource for off market deals. And as more people discover it and help it grow, it will get even better.
Door Knocking / Letters
If you've followed my advice in other Property Pulse articles, you will have become an Area Expert in your chosen Council and three suburbs. You can take that insider knowledge, identify specific properties within your area that have all the characteristics you're looking for, then either go and knock on the door for a chat or send the owner a letter.
The good thing about this strategy, particularly if you door knock, is that you immediately establish a personal relationship with the owner. It may not lead to a deal straight away, but by staying in contact on a regular basis (without harassing anybody!) with any luck you'll be front of mind when the owner does start to think about selling.
Sales Agents
Don't have time to go door knocking yourself? You can delegate this job to a local Real Estate Agent. Sounds simple, right? Well, it is, but there's a catch - the agent may take your list of preferred properties and spruik them to list the property with his agency.
So you need to be a bit careful with this one. Either choose an agent you've built up rapport with, who you feel you can trust, or take your shortlist and split it up between more than one agent.
Consultants
Another key element of becoming a Property Developer is building your team. I've talked about this before in articles such as The Importance of Building a Great Team. Surrounding yourself with quality consultants will make your life a lot easier.
But did you ever think about the fact that you're not their only client? Your consultants will most likely be dealing with other developers day in, day out. And sometimes those other developers may well have a site that they want to offload.
Enter you, stage right! Make sure your consultants know you're always on the lookout for good sites, and remind them regularly. You might be surprised to discover what a great source of off market deals they can be.Serendipity
Also known as "luck", but while on rare occasions there may be an element of luck, when it comes to serendipity it seems to me that it happens a lot more often if you do the work.
And what work is that? Talk to people! And I mean EVERYBODY about what you do and that you're looking for properties that work.
Getting your hair cut? Talk to the hairdresser or barber. Just met someone at a party? Tell them what you do.
If you see someone's eyes glaze over (and not because they've had too much to drink at the party!) then you'll know they have no interest and you can change the subject.
But if they're thinking of selling, or even know somebody who's thinking of selling, luck may be about to smile upon you. Because most people love to help other people solve problems. All you need to do is let them!
Like I said at the start, there are lots of different ways you can source off market deals. And the more strategies you employ, the wider the net you cast, and the better your chance of finding the holy grail - an off market deal.
