It’s easier than ever before to review property listings, and you can even look at properties all over the world.
With one Google search, you can pull up thousands, if not hundreds of property listings are an area and narrow down the results to exactly the types of properties you’re searching for.
But all of these properties are publicly available, and are therefore considered to be on the market. There’s nothing inherently wrong with that, and real estate investors buy market-listed properties in droves, often to their significant financial benefit.
But it’s also possible, and sometimes advantageous, to purchase off market real estate in areas like northwest Arkansas.
What exactly is off market real estate and why should you consider it?
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What Is Off Market Real Estate?
Off market real estate is any piece of real estate that isn’t currently listed for sale in a public place. These days, there are countless potential venues for listing properties, from popular websites to traditional newspaper listings. If a property appears in any of these mediums or channels, it’s considered on the market.
Sometimes, people attempt to sell properties before formally listing them, through an agent or through their personal network. Other times, people are open to selling without explicitly wanting to move forward, and they’ll entertain bids if they get them.
In any case, off market real estate offers significant advantages to real estate investors.
The Advantages of Off Market Real Estate in NW Arkansas
If you’re looking to invest in property in NW Arkansas, there are many good reasons why you might consider off market parcels and homes:
- More properties to consider. Every publicly listed property is a property you can reasonably consider, but there’s a strict upper limit to the number of properties that fit your criteria. In fact, if you’re adamant about finding a specific type of property in a specific area, there might not be any publicly listed properties that suit you. If you open your mind to the possibility of off market real estate, you’ll have significantly more options to choose from.
- Unique properties. Also, if you start exploring off market areas, you can find more unique properties. People are sometimes reluctant to sell a property if it doesn’t appear marketable or if it has undesirable qualities – but you might be able to tolerate those qualities, and in some cases, you might even be searching for them. For example, a seller might be reluctant to publicly list a property that needs major repairs, but you might be willing to buy that property at a discount so you can fix it up and flip it.
- Less competition. Many investors are motivated to search for off market properties because they’re going to face less competition when it comes to bidding. A property owner who hasn’t listed their property for sale isn’t going to have dozens of offers to sort through, and you, the buyer, don’t have to worry about pushing your bid higher to make it more competitive. You also won’t have to worry about making sacrifices or compromises, like waiving your right to a home inspection.
- Negotiating power. With an off market property, you’ll typically have more negotiating power – and flexibility. There is a bit of a tradeoff here, especially if you make offers on properties whose owners haven’t seriously considered selling. Generally, because there is less competition, and because sellers of off market properties are typically looking for speed and convenience, you’ll have significant negotiation leverage.
- Potentially better deals. People listing their properties for sale across many channels are typically looking to get as much money as possible for their properties. They also typically spend significant time, money, and effort trying to make their properties look their best. Sellers of off market properties are less concerned about price and more concerned about convenience, and they may be less interested in improving the aesthetics of their home. Accordingly, searching for off market properties is a great way to find better deals.
Are There Any Drawbacks?
So are there any drawbacks to focusing on off market real estate?
- Less availability. Most people who want to sell a property immediately move to list it. Most homeowners aren’t going to entertain random offers they get from random people. Accordingly, there are fewer off market properties to choose from, and if you find a property that seems perfect for you, there’s no guarantee the owner will be motivated to sell, even if you make your offer extremely competitive.
- Potential issues. Remember, some people avoid listing properties because they know or have reason to know of issues associated with them. For many investors, this is an advantage. But no matter what, it’s something you need to be aware of.
- Limited discoverability. Finding off market real estate in Arkansas can be a challenge, especially if you don’t know where to begin. The biggest advantage of listing a property for sale is making it visible and easily discoverable, but this isn’t available for off market properties. In our next section, we’ll explore some of the best strategies for discovering and finding off market real estate.
How to Find Off Market Real Estate in NW Arkansas
These are some of the best ways to find off market real estate in NW Arkansas:
- Connections and word of mouth. Perhaps the easiest channel for finding off market real estate is through connections and word of mouth. People in the real estate game often have entire portfolios of properties they might be willing to sell for the right price, and those that don’t typically have connections to those who do. If you know enough real estate agents, investors, and other experts in Arkansas, and you make it clear that you’re in the market to buy a certain type of property, it’s only a matter of time before someone brings your attention doing the off market property that might be for sale. The bigger your network is, the more opportunities you’re going to have, so make it a point to network with as many real estate-adjacent people in the area as you can. Real estate networking events are common, and they happen to be perfect opportunities to trade contact information.
- Private groups. In line with this, you can also join private groups that are dedicated to buying and selling real estate. This is familiar ground for anyone with a penchant for real estate investment. Not only is it a great opportunity to discover new off market properties for sale, but it’s also a great way to get insights and advice that will help you develop as a real estate investor.
- Real estate auctions. Although many auctions are publicly available, properties being auctioned off are technically considered off market, because they aren’t formally listed in mainstream channels. You need to be cautious with auctioned properties, and practice extra due diligence, but this can still be a valuable way to find the next addition to your portfolio.
- Public records. If there’s a specific property you have an eye on, or if you’re exploring a specific neighborhood, you can tap into public records to get contact information associated with the owners. You can then reach out to them directly, tell them you’re in the market to buy property, and potentially make them an offer.
- Direct marketing. With the help of direct marketing strategies, you can appeal to residents of a given neighborhood as well as their connections and create an inbound stream of leads that can lead you to a successful off market property purchase. For example, you can use flyers, posters, and direct mail in growing NW Arkansas neighborhoods to announce your intentions to buy properties in the area – and acquaint people with your name and contact information. If and when people are ready to sell, and if they don’t want to bother with mainstream listings, they’ll reach out to you.
- Online resources. Keep in mind that these strategies are only the tip of the iceberg, and there are many other online resources – including forums and social media platforms – that can help you connect to other real estate experts and discover off market properties.
With the right team of NW Arkansas real estate experts, you can find the perfect off market property for your real estate portfolio – and start getting exposure to some of the fastest-growing neighborhoods in the country.
Everything starts with a free phone call.
If you’re ready to begin, reach out today!
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