Updated: Jan 9
Experienced real estate investors know that not all multifamily properties are listed in traditional ways. Off-market deals come from brokers who choose not to list the property on their websites or come directly from property owners. They’re often called “pocket deals,” simply because the broker is “holding” the listing in his or her pocket.
What are the benefits of these off-market deals? For a seller, an off-market deal that is usually quicker and goes many times “under the radar”, so it won’t raise concerns with tenants or property managers.
Some buyers feel that their chances of acquiring the property are better with an off-market deal than one that is listed. The reason is simple: less competition – or no competition- means no price war, so buyers can purchase an off-market deal at a reasonable or discounted price.
Creative Idea #1 to Find Off Market Deals:
So how does a real estate investor find the off-market deals that everyone wants to participate in? You have to be creative. If others use non-traditional tactics, then you’ll have to develop your own creative tactics to gain access to those most desired deals.
One idea is to create meetups for owners of multifamily properties. The key is to create value to multifamily owners and make it worthwhile for them to attend. Don’t ask for anything in return. Create valuable content for them (e.g. how to add value to multifamily properties, how to hire the right property manager, etc) or bring in guest speakers to talk about topics that will be of interest to them. You can use the meetup platform to put the word out there that you are always looking to buy properties. Hosting a meetup will help you establish yourself as the go-to person to sell their properties when they are ready to sell.
How do you arrange a meetup? You can create one at www.meetup.com. There are more than 60,000 groups currently listed and many are related to property owners, multifamily owner’s groups and more that are related to real estate investors. You can find them by city, region or other criteria so the individuals within these groups are easy to target and market to.
Creative Idea #2 to Find Off Market Deals:
Create a Blog/Podcast
Many apartment owners voraciously read blog content on many different websites, as well as listen to podcasts of successful syndicators.
Since Google changed its algorithms for rankings to search for valuable information and content, many investors are posting quality information on the web. It used to be ok to simply have appropriate keywords within the articles, but Google changed all of that to the standards that they are using now. That’s why you see so much content available when doing a Google search on a particular subject or topic.