A smart investor is similar to a hunter, keeping a watchful eye out for opportunities and pouncing on them, while also trying to stay ahead of the competition. There are always multiple methods and ways to find what you are looking for, but in a market as competitive as real estate, there is usually a certain limit of “inventory” you can vie for. You don’t want to have to compete with others for the same property every time, bidding higher and higher. If you want to avoid a bidding war, you want to hunt off the beaten path and look for off-market properties, and this is the perfect guide to help you get started with some basic tips.
Connect With Other Agents
One way you can be sure you will be ahead of others is to connect with other real estate agents or consultants. For example, a Brisbane buyer’s agent can help you stay up-to-date on any up-and-comers, giving you an extra pair of eyes to keep watch. Especially if you are new to the whole process, having someone with experience to give you some pointers and help you can be a huge advantage.
Direct Mail Marketing
A classic, evergreen approach, direct mail marketing is quite an effective and traditional method of finding off-market properties. All this strategy entails is sending targeted mail, such as postcards or ads, to various homeowners, showing that you are interested in buying their property. You can initiate a whole mail campaign, sending these flyers and postcards all over the place. Nowadays, of course, there are more modern and easier ways to achieve this, but it does not hurt to go with the tried and true methods sometimes.
Expand Your Network
Sustaining and growing your own, local, social connections and network is invaluable to a smart investor, as a friend will always come to you first rather than a mere colleague. Meet other people in the industry, learn from them, try and help them when you can, take part in meetings or investor events, share and receive information, cultivate connections, and so on. The more expansive your network, the more of an advantage you have, and the higher your chances of coming across lucrative opportunities and homeowners who wish to sell their property.
Social Media
It is of no consequence what business or industry you are in; social media is one of the most powerful tools at your disposal, letting you get the word out there in the world, letting people know you are in the market, what you are looking for, and making it incredibly easy for any interested parties to connect with you directly through messaging. Not only is this very convenient and easy for you, it also lets people reach out to you more and faster, knowing they don’t have to wait in a line or go through multiple middlemen before they can talk to you; that hesitation is removed. If you aren’t familiar or comfortable with social media, you should get so, or hire someone who does, as you ignore this powerful tool at your peril.
Just Drive
If you have some time on your hands, start “driving for dollars” as it is commonly referred to. This is also an effective strategy for getting up close and personal and letting you make your impression. Just start driving through whatever area you are targeting, and peruse the streets to see what properties look viable, which are perhaps more run-down or look like the owner might want to sell. See what the residents are like, whether they are seniors who have clearly settled down, or perhaps younger people who might be interested in selling and moving somewhere else, being mobile. A good investor knows people first and foremost and can tell at a glance what they are like and what they are interested in, and driving around to observe them is a great way of enhancing this skill.
Peruse Public Records
Public records are an absolute treasure trove of all sorts of information if you just take a look. You will often be able to find opportunities you may not have found anywhere else, like distressed properties that are in the early stages of repossession, for which you will find Notices of Default. Pre-foreclosure listings, tax-delinquent properties, and the like are all off-market opportunities; you would have never found this easily if you hadn’t analyzed the public records.
Being a smart investor entails more than just keeping up with current trends and going with the flow. It involves keeping your eyes open, connecting with others who can help you, and going out of your way to research and reach out to people.
Recent Comments