Why 2022 is Still the Year of the Off-Market Property
With only two more weeks left in the year 2022, some of you might be asking yourself how, or rather, where you can still find properties during this crazy time in the market.
Guys, it’s been no secret that the market has been in flux for a while now and the response by the Fed has affected everything from gas prices to groceries and yes, real estate.
But as I’ve said in the past, all is not lost and if you’re trying to get one last deal in before the end of the year, there’s one place you may not have looked or even thought to have looked at.
These listings are not only great for you, but for your buyers as well…
The Advantage of Pocket Listings
If you’re relatively new to the business, a pocket listing is a property that hasn’t been or isn’t listed on the MLS, or Multiple Listing Service.
These are also known as “off-market properties” because their listings aren’t up on the MLS usually because a seller hasn’t approached a real estate agent about selling their home.
So why wouldn’t a seller put their house on the MLS?
There can be several reasons why these pocket listings are off-market:
Seller doesn’t want to pay the various fees that come with listing
The seller is in a distressed situation (ie, relocation, medical expenses, financial hardships, etc) and doesn’t have the time to wait for a buyer
Seller doesn’t want to go through the long process
For these types of situation, listing a property off-market is the better solution. Added to that, buyers actually tend to like pocket listings better than their on-market counterparts.
The reason being is that it’s exclusive – off-market properties haven’t been seen by hundreds or thousands of people like they might be when on the MLS. That means there’s less competition for a particular property or home.
This has become very apparent lately, with housing being relatively scarce in some places, and while buyers have been finding properties on the MLS, there is a price stamp associated with appraising the property later on.
With off-market properties, you don’t have that pricing history, which can be easier for the buyer.
I explain this during the latest episode of Wholesale Hotline:
If you’re only looking at MLS listings, you might be missing out on other properties, especially those that might be very attractive to your buyer.
If you’re wondering how to find off-market properties or you’re trying to squad up with other wholesalers, then stop reading and start joining! AstroFlipping, that is, come join us!