Off-Market Deal Tactics: What's Your Go-To Strategy?

Question

What are some of your favorite strategies for finding off-market deals in competitive markets?

Stephen Morales · Answer

@Dexter Florendo Kalai AspacioThe easiest way to get into it would be building your own targeted list and cold calling. You would definitely want to use a triple-line dialer to make calls or hire VAs. We find that our users have the most success recently with high equity properties with certain additional filters stacked. If you decide to go this route I'd be happy to provide some insight. Good luck!

Kieron Osullivan · Answer

Get in front of the investors using the big platforms (propstream, propwire etc) and data brokers by getting the off market motivated seller leads before they are listed on those platforms (see below line).They are 2 weeks behind anyone sourcing the leads from the point of origin county records/court records/dockets/notices.Do this by: Getting them yourself(slow, cumbersome, time wasting). Get a VA to do it maually(slow, relatively expensive, finding, training and management stresses)Automate the process(cheapest and  fastest, no stresses except finding somoene who can actually automate the entire process of getting the real data from the actual source). if you want Q's answered, ask away-------------------------------------------------------------------------------------------------Links to the studies I done to prove PS data is behind by 2wks and only 1/3 what is provided by county records. Please download to get full functionality in Excel. If you open it in new tab it is a lot harder to navigate.Any issues with links please contact mePS Preforeclosure Leads Data Is Only a Third of What Is Available from County Recordshttps://drive.google.com/file/d/1vmGk8l_YIcUk5awBIu_D_sp5ifT...PS Preforeclosure Leads Behind County Data Deep Dive Sept 2024https://drive.google.com/file/d/1RNXH3mBgJLq-uJRHJ6nH9OPVZFg...What TX, CA, FL preforeclosure leads are available. Amounts and type (based on 10 yr scraped document counts).https://drive.google.com/file/d/1oeUBp7gLOwWTSR4EU7JwatLu48a...

Ryan Rominger · Answer

Driving for dollars is still one of my go-to’s—paired with direct mail or texts. Also built solid relationships with local wholesalers and contractors who tip me off when they hear about something before it hits the market. Networking at city permit offices doesn’t hurt either.

Drew Sygit · Answer

Why does everyone want to chase strangers – and ignore their own personal network?

Which do you think will be more competitive, buying from wholesalers or your own referrals?

Per this NY Times article, the average American knows around 600 people.
https://www.nytimes.com/2013/02/19/science/the-average-american-knows-how-many-people.html#:~:text=The%20average%20American%20knows%20about,do%20you%20know%20named%20Kevin%3F

Per the US Census Bureau, the average American moves 11.7 time in their life, which based upon an approximate lifespan of 84 years, works out to be about every 7 years.
https://www.census.gov/topics/population/migration/guidance/calculating-migration-expectancy.html#:~:text=Using%202007%20ACS%20data%2C%20it,one%20move%20per%20single%20year

So, if the average American knows 600 people and they each move about every 7 years, that means that the average American knows around 85 people that move in any given year.

How many of those moves do you want to be involved in?

To maximize the number of transactions you’re involved in you will need to:

• Be Top of Mind when they think about moving - which requires consistent reminders.
• Be seen as an Expert – which requires a consistent message and Evidence of Success stories
• Gain their Trust – which requires communicating with integrity

So, start out by CONSISTENTLY posting what you are doing on whatever social media channels you currently use. Not on any? You better fix that! You may also want to figure out which channels your family & friends use the most and get on those if you’re not on them currently.

What should you post?

How excited you are about what you’re doing in real estate investing! Share stories about your successes AND challenges. Then, ask them for their help!

IMPORTANT: do NOT ask people for THEIR business, ask for referrals! Why? Because they will get defensive if they feel you are pressuring them. Remember, they can always refer themselves😊

Use one of the ideas below to trigger who they know that they could connect you with:

• Just inherited a home
• Had a loved one pass away
• Is behind on their mortgage or tax payments
• Has a relative that can’t take care of their house anymore
• Has a house they’re having trouble selling
• Is facing bankruptcy
• Knows a probate attorney
• Knows a bankruptcy attorney
• etc

Putting this in OVERDRIVE

Create a spreadsheet (Excel or Google Sheet) listing everyone you can think of that would recognize your name or face.

Why a spreadsheet?  Because later, you can easily upload to a CRM like Constant Contact to create an email list!

Create columns for Name, email, cell and even Street Address, City, State, Zip and then contact info: Last Contact, Relationship, Status.

Then start calling these people. Divide the number of people on your list by 20 - and that’s how many you want to try to target daily.

Whether you get ahold of them or leave a vm, use 1-3 of the above triggers for referrals.

Why only 1-3 off the list per contact? Because on average, we can only remember three things at a time. If you try to go over the whole list, you’ll lose the attention of the average person and they won’t remember anything!

It should only take you about a month or two to contact everyone on your list and then the tough part – you start all over again.

Be sure to also ask what social media channels they are on and connect with them there.

Why the repetition? Because it takes repetition for people to remember things and you have to be top-of-mind when they encounter a potential client for you!

Have you ever been to McDonalds? Of course you have! So, why is McDonalds still spending billions on advertising?

One more tip – people remember stories that trigger their emotions. So, tell a story of how you (or a fellow wholesaler) helped a seller out with their challenge(s). Change your story each month as different stories will resonate with different people AND use each story to emphasize one of your “who do you know…” questions.

One last thing – we recommended you create a Status column on your spreadsheet, now we’ll explain why. If you find someone that seems to know a lot of people needing your services, wouldn’t it make sense to focus more resources on them? Conversely, you will run into people on your list that just seem to be a waste of time, so you’ll want to avoid them. So, create status codes for both of these and a few in-between codes to help you work smarter, not harder.

Christine Mulkins · Answer

Drive around, find properties that look a little rough - think overgrown landscaping, junk in the front yard, etc. (this is mostly for multi-family properties).  These properties are often time either not being managed well by the owner or the property management company.  Either way, there could be a problem that you could fix by taking the property off the owner's hands.  By not involving realtors, you save the owner money.  If you can work out a seller-financing deal, even better for all parties involved! :)  I also like to search the local property management company's websites for their properties for rent and call the owners.  Property management companies have terrible reputations for nickel and diming their clients.  My husband and I purchased 3 off-market deals from a gentleman who was simply fed up with the property management company and he wanted out.

Off-Market Deal Tactics: What's Your Go-To Strategy?

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