How To Get Access To Off Market Properties

We are currently inspecting a property that is not advertised online and isn’t technically on the market. So how do you get early access to these off market property listings?

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0:00 – Introduction
0:58 – The truth about how to get access to off market listings
2:35 – How to achieve this as an average investor
4:40 – How to talk to the agent at open homes
7:20 – Off market doesn’t mean it’s cheap or good
9:35 – Summary of what to do
11:48 – Creating a win-win outcome
13:55 – Make the most of your time

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Transcription:

Ryan 0:00
So behind us is investment property that we just inspected for a client that is not currently on the market, as you can see, no for sale sign out the front. We’re talking to the agent. And they actually just signed on the paperwork for this thing

Ben 0:15
last night. Yeah,

Ryan 0:17
yesterday. And so we’re the first people through this property, it’s not even online yet. That obviously puts us in an amazing position where we can talk to clients. And if we want to move on this, we can then negotiate on it before anyone’s even had a chance to look at it. So in this episode, I want to talk with Ben Everingham, buyer’s agent from Pumped on Property, about how do you get access to these off market properties. But we do need to move over to another inspection. So we’re going to continue this conversation in the cars we drive. Awesome. Okay, so we are driving now to the next inspection. But we want to talk about how do you get access to these properties that aren’t on the market yet? All right. Do

Ben 0:58
you want the truth or john the bullshit that everyone tells everyone? Oh, I

Ryan 1:01
want the bullshit. No, no, I want the truth. Give us the truth. Let’s drop drop the

Ben 1:04
truth bombs today dropped the T bomb. So there’s no easy ways to get an off market property without working for you. The way that we get off market properties is years and years and years of grinding with the same agents. Yeah. So you would have noticed me walking out of that inspection with that agent? What was the question that I asked them? Have you

Ryan 1:25
got anything else coming up like this in the area? And

Ben 1:28
then she said, I don’t know. And I said, asked her again? And then she also said I’m not sure. And then I almost asked her again. Like it’s just constantly being on these agents. So

Ryan 1:39
that’s the thing. I was in the office yesterday. And then Adam, who’s one of the buyer’s agents on the team here, every phone call with an agent? Is anyone with that question? Whether

Ben 1:50
you have anything similar to this property? Or do you hear anything like that one that you just saw? So

Ryan 1:54
that’s that’s even talking about? Okay, with their booking and inspection, then I’ll ask that question. Is there negotiating for a client and then negotiation, like fall through because someone paid more? It’s like, Okay, well, do you have anything else coming up? Just always, obviously, no, unless

Ben 2:07
you have anything else coming out? Does anyone in your office have anything coming out? And the reality is, it’s highly effective? You know, especially, you know, when you’ve got a property that you want to buy, like that one we just looked at? Yeah, you know, there’s a few issues with the floor plan, but nothing did a little renovation couldn’t fix. And it’s kind of like, do you have anything exactly like these property, because it’s something that they can hold on to. And then, you know, as you said, every single interaction is that way. But if you’re just an average person looking to buy one property, it’s going to be almost impossible. Unless you’re, unless you’re contacting these agents twice a week, every week until you buyer Yeah, to build enough of the relationship with them, or to be annoying enough to just, you know, get the off market listings, like we do.

Ryan 2:52
Yeah, so I think like, my mom purchased her property through an off market listing, yeah, and, uh, you know, waterfront unit in coronella, or water views. And that kind of came through. Again, it’s a relationship with an agent, it’s being extremely clear with the agent as to what you want. And saying, This is exactly what I’m looking for, this is what I want to buy. And being a serious contender, and a serious buyer for that property is going to increase your chances, you know,

Ben 3:21
so if I was, you know, an average person looking to buy a property, I’d jump, I’d find the suburb that I want, then I’d jump on the right my agent and open agent Comdata, you. And I’d find the three top performing agents in the suburb. And I would if I was looking for off market listings, those three agents will be selling 80 to 90% of the product. Yeah. And then I’ll be booking in time to go sit down with them with a list and say, This is exactly what I want. Can you please help me find this, and then I’ll be following each of them up with a two minute phone call, once a week. Just saying, hey, has anything like this come up has anything like this come up, I’d be rocking out to all of the open homes on the weekends. And I’d be asking every agent that I say if they’ve got anything that looks like what it is that you’re looking to buy?

Ryan 4:04
Yeah, and so you need to be specific. Okay, here is my price range, here are the streets that I’m looking for. And then you also have to have really clear communication with the agent. So the agent, if they’re a good agent, and selling multiple properties at a time dealing with a lot of different people, they’re gonna

Ben 4:20
they’re gonna forget about you fully forget about, you’ve got to remember that every property every week, they might get 20 inquiries, they cannot remember who you are, which is why email them with exactly what I want. I text them with what I want. And then I call them once or twice a week, reminding them of what I want until I become such a pain in their bum that they just find me something

Ryan 4:39
and that’s the thing as well when you go to the open homes and if the property is not suitable for you. Agents hate fluff, like they hate people who are just going to mess them around and they’re not sure like the property Yeah, saving not gonna make an offer on it. Be like Okay, thanks so much for showing me this property. It’s not right for me For this reason, you know, and Then again, reader, right? You know, this is what I’m looking for. You know, do you have any asking that question again? Do you have anything like that available? Do you have anything like that coming up? Dude, we are baking in the car.

Ben 5:11
I tend to turn the AC back on. But yeah, like it’s a funny thing, man. Because, you know, like, that’s a question that I’ve just drummed into myself and my team for five years now. And I think a lot of people just forget to ask that question. Like, I had to ask it just then. And my brother was doing the inspections today, and I’m sure he would have asked it, but it’s just the first thing that comes to my mind, like, what else do you have, you know, if it wasn’t suitable, I would have said, Thank you so much, it doesn’t meet our criteria for 123. Then I would have texted him later tonight, and said, thanks so much for your time today, I appreciate you coming out.

Ryan 5:45
These didn’t meet our criteria, but this is what we’re looking for, just let us know. And it’s, it’s painful, but it’s so effective, because we might be able to buy that property. Like she just told us that, you know, low to mid fours, which means low fours, which means low, low fours. And and that’s, that’s a really good piece of land in a good location for low fours. And that’s the thing, saying that off market then gives us the opportunity to negotiate. And now we’ve talked about negotiating and lots of different videos, I’ll link up to the one me and Ben did on the exact process for negotiating. But what we’ll do with those off market properties, if it is very suitable, you can put time pressure on the agent to say, I want to make an offer on this property. But we need to close this deal before the open for inspection. And get get them moving or you know, if it’s a colder market, you can take more time than that and

Ben 6:33
just peeling back the curtain. There’s no such things as off market properties in a hot market. When markets get hot agents get really lazy. They just put it on realestate.com get 30 groups through the first weekend and they sell it good agents even in a non non hot market, we’ll still bring that property to me like we had a property last weekend that we purchased. They brought it to us on the Wednesday we saw it we had an offer on it by the Thursday, they took it to the Saturday on the weekend because the agent wanted the market to set the the sellers expectations. You know Allah who was good at ultimately bought the property, but she still wanted the market to educate them that the property is not worth what they think it is. Yeah, you know, there’s so many different ways that this particular game is played. But the other thing that like a lot of people go is I want to buy an off market property Why? What you really want to buy it is not the right property that takes your criteria. at the right price point, sometimes the best properties in a suburb come to realestate.com. Yeah, sometimes the best properties are sold off market like we would get bought 20 off market properties away. And we’d inspect one of them because 90% of them are just the same old rubbish, that is just a normal property so special,

Ryan 7:44
it’s very important to know that off market doesn’t mean cheap. And it doesn’t mean good. It doesn’t mean good. It doesn’t mean it meets your needs, it doesn’t mean that it’s under market value, or that you can get it for under market

Ben 7:55
property that’s not on realestate.com

Ryan 7:57
Yeah, it just it buys you that little bit of time massively.

Ben 8:00
You want to be non competing with other people. And then

Ryan 8:03
that’s the thing, sometimes you can negotiate and you can close them before the open home. But then you’re also working with the real estate agent to get the deal done. And part of getting the deal done is setting the owners expectations and the owners being okay with the price. And so the agents like I need to take this to an open home. Just to say that owners expectations, sometimes you got to play that game. And sure that could mean that someone loves it at the open home and they offer more and you lose that property as a result, you know, and sometimes, and sometimes it means you go to an open home, there’s no offers on it, or the offers are below ours, which means we get so off market. Yeah, it doesn’t mean cheap doesn’t mean good. It just buys you that little bit of extra time. And it’s very important to have your strategy and know what you’re looking for. Don’t just go and inspect a property because it’s off market.

Ben 8:50
Yeah, just don’t go and inspect a property that doesn’t meet your criteria. Like so many people that I talked to go running around to 10 or 15 inspections every single week when they’re buying for themselves and spend months doing that. And that’s kind of that’s the hard way to get yourself educated, like, you know, at the inspection, we’ll just that which maybe you can link to the video, you know, we talked about just the fact that 90% of the heavy lifting in terms of what the property is, is researched. Before we get there. Simon is physically saying the property to make sure you know, these extra criteria are swayed, but it’s more just that, okay, this actually works. And that’s exactly what we thought it was or, hey, there’s something that we couldn’t see online or couldn’t say through the research and therefore we need to walk away from it.

Ryan 9:35
Yeah. So how do you get access to off market listings? It’s not easy. You need to build a relationship with the agents. You need to tell them exactly what you want. You need to stay in contact with them and remind them you need to continually ask continually ask, do you have anything else coming up that is like this, because they’re just going to forget about you otherwise and not bring it to you. You also need to be a serious buyer and just not waste their time and So having something like a pre approval in place can help as well.

Ben 10:03
And hearing having like a list of, Okay, this is what the ideal property looks like. So you can go, this is the land size I want. These are the types of areas in the suburb I want, you know, I want three bedrooms, two bathrooms, or four and two, or whatever it is, like this is the cookie cutter model model that you can give to them and say, you know, here’s two or three properties that have recently sold that are exactly what I was after yesterday, something they can anchor on again, I know that one Yeah,

Ryan 10:27
yeah. So like the agent at the last inspection that is very similar to what we want to buy for a bunch of clients. And so it’s like whether or not that one’s going to be perfect will be up to the client. And the feedback Simon provides. We didn’t do the full inspection. But it is very close to what we’re looking for. And so yeah, she can latch on to that tangible asset and see it in her mind. And so when something comes up similar, she’s more likely to remember us and to bring it to us. Exactly. And so that’s a when you go to the inspections, giving them feedback on what is good, what you don’t like, you know, and even if you like something and negotiate on it and lose out on that property, you can still ask them, have you got anything else coming up, because they want to do more deals, they want to

Ben 11:08
sell more properties, or say do they want easy deals, agents are so lazy, you know, effectively, they want the best possible price for their client in the shortest period of time. And if you can go to an open home or, you know, sorry, not an open home, but a pre market listing, and they have a client who’s open to selling it off market, like I saw properties off market, the last thing I want to do is take it to realestate.com. If I don’t have to,

Ryan 11:32
then it’s just done. It’s just simple

Ben 11:33
money’s in the bank, their cell is happy, they’re happy, you know, their boss is happy. And you know, ultimately, we’re happy and our clients happy because everyone has one. And you know, a lot of people looking for off market listings or looking for, you know, a negotiation process that is I win, and someone else has to lose for me to win. And that’s just not the reality, like everyone has to win in a real estate transaction. In a normal market like this, the only time people win and others loses in the GFC, which comes around once every Blue Moon, you know, or the peak of the market,

Ryan 12:07
when it’s about to

Ben 12:09
enter the market, you know whether the actual sell is winning, the buyers losing. But yeah, you know, it’s about creating Win Win outcomes, it’s not about screwing someone down.

Ryan 12:18
And that’s the thing, even this property that we just looked at the agent made aware to us that the owner has recently purchased a business and is looking to liquidate some of their assets because of that business purchase. So there’s a win win opportunity, there were a simple deal for that owner, to get the deal over the line with someone that’s not going to fall through on them, that’s going to close it mean they might take a bit less money because it’s just simple. And then it’s a win win for everyone because, you know, they need that to move on with their lives and their business. Awesome point, man,

Ben 12:47
you know, I really love buying off market. It’s my preference, obviously, like everyone watching this, but it’s not a silver bullet. It’s certainly not a unicorn rare property, off market deals 50% of what is sold in any market is completely off market. It’s just about you tapping in and building those relationships while you’re looking to buy to make it work in your advantage. And as Ryan said, it’s often not even a you know, you don’t often get a price reduction, it just gives you time to negotiate around price around terms and to do good due diligence, before the fear of God is put into in the first open home and you’re competing against 10 other people, some of them being very emotional, that will push prices up,

Ryan 13:28
it also means that you’re seeing more properties in the area that you might not see otherwise, because they might sell off market. So it’s definitely worth trying for it. It is difficult. But using these tips, you should be able to at least get to see some off market listings and targeting those agents who do most properties in an area is, you know, going to at 20 or leverage, leverage your time because you’re only you’re only pestering three people rather than 15 agents.

Ben 13:54
And you think about it like that. Like I think everyone watching this that has a job or a business is time poor, like every single person is time poor, like in one way or another and I would much you know, I talk to people that are sitting on realestate.com. And looking at everything every single night across heaps of areas and talking to all these agents in suburbs that don’t matter and going to all these open homes on the weekend. And I think they’re educated. Where if you just jumped onto the sold section, narrowed it down to one suburb sold section of domain or realestate.com got a really good idea about where the markets at started just calling those three top agents Hey, let us know if anything like this is coming up. Do you have anything like this right now? And instead of going to 10 open homes on a weekend for two months, go to one property midweek when no one else is there. build a relationship with the agent get all of that information that that chick just shouldn’t have given us like how many things did she just tell us that she shouldn’t have? Because she has a relationship with us and she just told us what we could buy it for what’s going on with the seller what’s going on with the person renting the property, you know when they signed it up? what their expectations around sell timeframes are and it’s just it all comes out over time

Ryan 15:05
and that’s the thing also that opportunity viewing that property we’re able to build a relationship with that agent and ask that question he’ll be more likely to remember us whereas if you go into an open for inspection and she’s got 10 or 20 people through there’s no way she’s gonna remember you on that day so

Ben 15:20
there’s a reason they write a list of the 20 people’s names and numbers because they cannot remember who anyone is yeah

Ryan 15:26
they’ll get back on tuesday when they’re back in the office and i didn’t

Ben 15:29
sell it are you still interested

Ryan 15:31
yeah no i don’t know who you are but yeah so yeah we hope that this has been helpful to you obviously the buyer’s agency team over here at pumped on property do this for a lot of clients and this is something that you’re interested in investing in these areas in southeast queensland and you do want their help then you can book a free strategy session with them so go to onproperty com.au to learn more about their service and to book a time with them over the phone so you can talk about your goals where you’re at and whether or not working together makes sense or if you can just take some advice that they give you and then go out and do it yourself so go to onproperty com au to learn more about that and to book a time that suits you otherwise until next time stay positive

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