Do Off Market Deals Exist Anymore?

Member since 2022 · 10 posts · 12 votes

Wondering if you are still seeing many opportunities for off market deals, more specifically in the multi family space. Our realtor has only brought one to us in the last few months. Just wondering if that is typical, or if there are more off market deals to be considered. I imagine that unless your realtor is the one presented with the off market deal they would be hard to come across? Thank you for your input!

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Michael HaasBusiness Member

Real Estate Agent · Redmond, 🌧️ Seattle Investor-Agent | 🤑 Helped 400+ Clients Invest in Real Estate | 🏘️ Owns 23 WA Rentals & Airbnbs | 🏗️ Built 5 DADU's | 📈 You Can Do It Too · Member since 2016 · 724 posts · 3k+ votes

We've closed 3 off market deals so far in 2022 and have more in escrow or further down in the pipeline - they're definitely out there.

I second what others have said - make sure you're top of your Realtors list - Off market deals can be hairy, so we don't send them to every client, just the ones we feel have the ability to roll with the punches and close the tough ones.

Also make sure your realtor actually invests in off market. They should be spending at least a couple hundred bucks a quarter on direct mail or ads - a lot of realtors who do "off market deals" actually just forward you emails from wholesalers (after adding 3% to the purchase price to cover their commission ;) ).

I'd also check your criteria too - Most realtors that actually invest in off-market are sourcing more than 1 deal per month, but if your criteria are very specific they may be sourcing deals that just don't meet your needs, and thats why you aren't seeing many come across your desk.

Hope that helps & best of luck!

[email protected]408-439-7873

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Logan McKay Zylstra
Realtor · Provo, UT · Member since 2020 · 374 posts · 270 votes
4y
Off-market deals are definitely harder to come by in these market conditions. Most people know that the market is hot and typically want to list on the open market to sell quickly and get the most money possible.
5 Reply
Joshua JanusBusiness Member
Realtor · Cleveland, OH · Member since 2021 · 1k+ posts · 1k+ votes
4y
Quote from @Courtney Kelly:

Wondering if you are still seeing many opportunities for off market deals, more specifically in the multi family space. Our realtor has only brought one to us in the last few months. Just wondering if that is typical, or if there are more off market deals to be considered. I imagine that unless your realtor is the one presented with the off market deal they would be hard to come across? Thank you for your input!

They exist in my market of Columbus and Cleveland, Ohio. That is generally where the best deals are.
[email protected]614-502-5316 Podcast Guest on Show From DoorDasher to $1.5 MILLION in Real Estate (All at 22 Years Old!)
4 Reply
Michael K GallagherBusiness Member
Real Estate Agent · Columbus OH · Member since 2018 · 1k+ posts · 1k+ votes
4y
@Courtney Kelly there could also be the possibility that you are "down" on the list of who your realtor shows deals to first. We all have our preferred buyers who have either bought with us before, or perhaps we have a good relationship with...a little wooing/schmoozing might get you bumped up on that list as far as when you see the deals. This is complete speculation and you might be #1 on the list for all I know! I have to imagine deals on the cape are stupid hard to come bu though.
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8 Reply
Ashley Cross
Lender · Columbus, OH · Member since 2020 · 202 posts · 214 votes
4y
Agreed @Michael K Gallagher I have plenty of off market deals that come across my desk but my realtor also knows if I put an offer on a property I'm going to close without any issues and we've done deals together before. You also have to ensure your realtor is plugged in. If they aren't hustling to build relationships they may not have the deals being presented to them.
5 Reply
Remington LymanBusiness Member
Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
4y
Quote from @Courtney Kelly:

Wondering if you are still seeing many opportunities for off market deals, more specifically in the multi family space. Our realtor has only brought one to us in the last few months. Just wondering if that is typical, or if there are more off market deals to be considered. I imagine that unless your realtor is the one presented with the off market deal they would be hard to come across? Thank you for your input!

I am finding off-market deals. I just cold call in Columbus, Ohio
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7 Reply
Shane Kelly
Real Estate Agent · Cleveland, OH · Member since 2021 · 383 posts · 361 votes
4y
Two things will drive you getting off market deals. Making connections with the right people and getting creative. I feel that a lot of markets are oversaturated with people looking for deals the same way as everyone else. If you are using the same strategies as everyone does, in the same markets everyone else is in, you'll be fighting everyone. Find your niche and a place where you have an advantage or leverage and then really dive into that.
6 Reply
Austin McClainBusiness Member
Real Estate Agent · OH · Member since 2021 · 347 posts · 602 votes
4y
It's difficult, but you can find them. I do a lot of cold calling to find deals for myself.
[email protected]614-710-4827
6 Reply
Eliott Elias
Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
4y
Every house you see thats not listed is a off market deal. You never know what someones situation is
4 Reply
Jaron WallingPro Member
Rental Property Investor · Indianapolis, IN · Member since 2018 · 4k+ posts · 4k+ votes
4y
It's difficult to find off market deals right now, but not impossible. Half the battle is convincing sellers you can offer them something they can't get by listing on the MLS. Once you do that don't expect a homerun deal. I made that mistake late last year on a opportunity. We made a cash offer, sellers price was high, we moved up $10k, they wouldn't negotiate, and we walked. It's a painful learning process I guess.

We continue sending grass roots style letters. Some printed but most hand written with a personal touch. There are posts in forums about companies spending $60K per month on marketing... from an investor like myself spending thousands on marketing doesn't make sense. In my opinion saving reserves, adding value to others, and learning other aspects of this business is more important than buying.
3 Reply
Conner Olsen
Real Estate Agent · Austin, TX · Member since 2020 · 1k+ posts · 941 votes
4y
Yes, if you are willing to network and put in the work to find them.
1 Reply
Nicholas MischPro Member
Investor · Broadview Hts, OH · Member since 2016 · 310 posts · 280 votes
4y
On and off market deals are very much available. I have access to on and off market properties here in Cleveland, and while they may not be as plentiful as in a down market they undoubtably exist. Also if your only relying on one source and that source isn't making you the priority, or doesn't even know what to look for themselves you need to find other sources.
3 Reply
Steven Foster Wilson
Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
4y
Quote from @Courtney Kelly:

Wondering if you are still seeing many opportunities for off market deals, more specifically in the multi family space. Our realtor has only brought one to us in the last few months. Just wondering if that is typical, or if there are more off market deals to be considered. I imagine that unless your realtor is the one presented with the off market deal they would be hard to come across? Thank you for your input!

I am still finding lots of multi family deals. I think it is all about persistency, everyone in my brokerage cold calls daily if not weekly to find off market deals. For myself, real estate is one of my passions so finding deals brings me joy.
2 Reply
Ricardo Hidalgo
Real Estate Agent · Member since 2019 · 569 posts · 257 votes
4y
Yes!
Cold calling, mailers, mass text, email and lead generation from social media kills it for us! educate the public and attract the people that will fuel your business.
3 Reply
Paul Camuto
Real Estate Coach · Robbinsville, NJ · Member since 2017 · 185 posts · 99 votes
4y
Are you ready to pay cash? Over asking? The only way I would sell off market is if I could get the deal done and get top dollar. Otherwise I list and let the bidding happen. Focus on finding an investment on what is in front of you.
2 Reply
Bob S.
Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes
4y
In the last 8 years all 500 or so deals I have done ALL have been off market and continue to be. I purchased and flipped 5 just last week all off market. I would have done more but there simply is no inventory in Cleveland. Its ALL about your network and knowledge.

Good luck
2 Reply
Jeremy Kitchen
Investor · Rathdrum, ID · Member since 2021 · 47 posts · 42 votes
4y
The deals are still out there. I'm on a lot of wholesalers mailing lists and they come in quite frequently. They're not all grand slam deals or anything, but they do come in still
1 Reply
Scott AllenBusiness Member
Real Estate Agent · Columbus, OH · Member since 2020 · 449 posts · 471 votes
4y
I find many off-market deals for my brokerage here in Columbus, OH though cold-calling. I focus mainly on duplexes up to 4 units right now. Being presented with off-market deals really depends on who you're working with and if they are networking properly to find them. The biggest piece to closing on something off-market is being able to have an offer presented to avoid the hassle of listing- especially when there are tenants in place that do not want to be disturbed.
[email protected]614-698-1227
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4 Reply
Erin Dorsey RobinsonPro Member
Real Estate Agent · Cleveland, OH · Member since 2020 · 280 posts · 365 votes
4y
@Courtney Kelly I completely agree with those who say yes. In Cleveland, the off market deals are definitely still out here. A member of my team had a couple of contacts bring us about 10-12 of them last week. It's definitely a relationship business. If people know, like and trust you they will bring you opportunities because they want to work with you.
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1 Reply
Steve K.
Realtor · Boulder, CO · Member since 2016 · 3k+ posts · 5k+ votes
4y
@Courtney Kelly I just closed two off-market deals this morning, and about half the transactions I did in the last 12 months were off-market. Everyone knows the market is hot but you’d be surprised how many sellers there are who still choose to sell off market for various reasons. They’re out there, but don’t just rely on your realtor to find them for you. I’d recommend calling owners yourself, driving for dollars, direct mail, networking, etc. as well as working with a good realtor who has access to off-market/ pre-market action. Good luck!
1 Reply
Michael Deering
Rental Property Investor · Lehigh Valley, PA · Member since 2017 · 200 posts · 191 votes
4y
yes. Off market deals in MF are sought not brought. I'm not an agent but imagine they spend their time on the MLS not putting in the work and grinding to find off-market.
0 Reply
Tyler Bushey
Investor · Biddeford, ME · Member since 2017 · 282 posts · 180 votes
4y
Absolutely they do, even in competitive markets. I'm in a hot market in Southern Maine and I'm at 9 deals already this year. My suggestion is double your marketing until you're seeing the results you want.
2 Reply
Nick Benjamin
Real Estate Agent · Kansas City, MO · Member since 2022 · 27 posts · 19 votes
4y
I work for New Western in KC and we get multiple off market deals every week - no shortage on our side of things. All about who you know!
1 Reply
Mike HurneyPro Member
Real Estate Investor · Boston, MA · Member since 2009 · 2k+ posts · 542 votes
4y
@Courtney Kelly

Took me a little while to figure this out but as a fellow Agent you should get it also?

Peabody, MA
Solds last 6 months
Single Family Listings: 72 Avg. Liv. Area SqFt: 1692.26 Avg. List $: $569,549 Avg. List $/SqFt: $356 Avg. DOM: 18.42 Avg. DTO: 9.06 Avg. Sale $: $618,482 Avg. Sale $/SqFt: $385

Active
Single Family Listings: 5 Avg. Liv. Area SqFt: 2,364 Avg. List $: $874,778 Avg. List $/SqFt: $401 Avg. DOM: 38.6
PS I used SFs over MFs because it seems more obvious.
PPS We've got to get out there for results & we're doing very well on the North Shore!

0 Reply
Caelan Houle
Member since 2019 · 7 posts · 8 votes
4y
Quote from @Tyler Bushey:

Absolutely they do, even in competitive markets. I'm in a hot market in Southern Maine and I'm at 9 deals already this year. My suggestion is double your marketing until you're seeing the results you want.

2nd this guy^
1 Reply
Michael HaasBusiness Member
Real Estate Agent · Redmond, 🌧️ Seattle Investor-Agent | 🤑 Helped 400+ Clients Invest in Real Estate | 🏘️ Owns 23 WA Rentals & Airbnbs | 🏗️ Built 5 DADU's | 📈 You Can Do It Too · Member since 2016 · 724 posts · 3k+ votes
4y
We've closed 3 off market deals so far in 2022 and have more in escrow or further down in the pipeline - they're definitely out there.
I second what others have said - make sure you're top of your Realtors list - Off market deals can be hairy, so we don't send them to every client, just the ones we feel have the ability to roll with the punches and close the tough ones.

Also make sure your realtor actually invests in off market. They should be spending at least a couple hundred bucks a quarter on direct mail or ads - a lot of realtors who do "off market deals" actually just forward you emails from wholesalers (after adding 3% to the purchase price to cover their commission ;) ).

I'd also check your criteria too - Most realtors that actually invest in off-market are sourcing more than 1 deal per month, but if your criteria are very specific they may be sourcing deals that just don't meet your needs, and thats why you aren't seeing many come across your desk.

Hope that helps & best of luck!
[email protected]408-439-7873
HouseHack Seattle | Michael Haas & Team572 Reviews
Website View Page
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