It seems lately that we are doing more “off market” transactions than ever before!
What is an “off market deal”, people are asking me? Well, this is how it works. We have our most important network of special connections locally and in around the U.S. as well as internationally.
As an example, I am selling a home in Voula, Greece, just outside of Athens and another McMansion in Bella Vista, Uraguay, because I am a Certified International Specialist Broker. You might ask, how can I do this, and I will tell you, it’s all about one’s local and global connections.
When you go to the local and national conferences (25,000+ agents come from around the Globe to our National Conference, this year in Boston, Mass Nov. 3-5th, 2018)), that some of us smart Realtors go: June 7, Oct. 11, and Dec. 5-7 you are able to make and create amazing long lasting relationships, that will further your career and the success of your business!
Less than 1,000 agents show up in June At the Crest Hollow Country Club out of 28,000-plus registered MLS agents; so what does that tell you?
In turn, if you do what I do, and take it to another level, and be part of “Habitat for Humanity” and spend an extra day, “paying it forward” and assist in the construction of homes in the locations that need our help, you will also meet very giving, “no limit” brokers, associate brokers and agents, who again, are always, thinking of giving, instead of taking.
I have always said, “Nobody cares how much you know, until, they know how much you care,” which separates those that are so laser-focused on their deals and making money, that they make no time for giving back to their own towns or anywhere else.
By acting and performing in the correct fashion and being the right kind of person and human being, I promise, you will always attract business, as an indirect result of giving; and if you give enough, you will be surprised how it can sometimes come back to you tenfold.
One will also feel a sense of tremendous accomplishment, satisfaction, and the sense of needing and wanting to do “the right thing” while feeling really good about it.
All these suggestions and ideas go a long way in making and building connections and rapport and great relationships to those who have “off market” properties for sale and investment.
The reason I mention these things is that most realtors do not participate in what I would call “the networking” and “connecting” part of our industry; to participate in growing their business.
As I always say, “you are in business for yourself, but not by yourself,” unless you are a wallflower; then you need a job! If your mouth is closed, your business is closed! Building rapport and relationships are the secret and real key to earning a 6+ figure income.
Now to get back to the main subject of making and doing “off-market” deals, one must have those critical and crucial connections first hand to be able to obtain those types of properties.
They are exposed and known to a small group of, what I call “special realtors” which I can say that I am honored to keep company with. These relationships and connections provide many times much more lucrative properties than the exclusive in-house listings that we all have been taking lately, in this unbelievably insane, sizzling hot market.
So, does your broker or agent have them?
Off market properties come from one’s most important relationships in the real estate business with owners and landlords and even other brokers; the more one has, the more potential off-market deals that can potentially be consummated.
Having the correct marketing tools and setup with 3D Tours and crisp, high definition and high-resolution photos for those types of properties is extremely important in the “wow factor” for owners and at the same time, enabling your purchasers to see a different and professional and creative approach and profile of the properties.
This allows your investors to really see and understand the big picture and be able to do their due diligence in determining the cap rates (R.O.I) and whatever is necessary for deciding to purchase or not.
Many deals have to have a phase one, two or three type inspections (to be discussed in a future article or you can contact me for more info) by a professional and licensed expert in commercial inspections or one that only specializes in that specific situation.
In the market today, many transactions, especially in New York City are “off market” and this is the way that many owners want their sale to work. I assume that they do not want their tenants, close associates or whomever, to know their business for whatever reasons they may have. Sometimes, I wonder why?
Will the tenants leave them? Will they lose their friends or business relationships? Would the increase and greater exposure hurt their sale or help it? The more exposure an owner has, the greater the chances that more than one offer would be presented because there will be more “eyeballs” seeing the property online, as I have said, with 3D Virtual Tours, high-resolution photos and excellent descriptions.
There are excellent brokers and brokerages that do provide these superior services to their sellers, but they are far and few between. Owners who want to earn more profit need to expose their off-market properties to a wider audience, especially with the multitude of “cash” purchasers that are out locally and internationally, searching for their next investment.
However, some will not agree with my concept of exposure and I have to respect what they want, even though I believe they might be wrong; but aren’t we in this business to maximize their profits and assist in the process of doing a tax-deferred 1031 exchange within the legal limits?
I want to push the upside as much as possible and that is the job of a professional broker, to earn their seller the most dollars while finding a purchaser that sees the upside and future potential of their investment.
Dealing with off-market properties must be handled with “kid gloves” with respect to honoring the wishes of the seller.
You may not agree with their style or how they want it sold, and the way they want it exposed and marketed.
However, if you explain your method of searching out those special buyers and why you need to do what you need to do, and educate them, as best you can with your methods of doing what you do best; I have found, more than you might imagine, many owners will tend to listen to you, if you are smart in your approach; and the ones that won’t; well, just do your best and try to be on the same page as them, less arguing and disagreeing and then hope for the best.
So, keep your fingers crossed, be a little lucky or as I say,“try to make your luck, by being in the right place at the right time, whatever that might be. Know when to hold and know when to fold, meaning walking away, if the vibes are not right and either is the price, based on your research and comparable sales.
We are not in the business of inventorying properties, but finding buyers to get them sold. Lastly, be and act professionally and be a more knowledgeable as an expert; learn to be a sponge in learning and absorbing and elevating your stature in whatever situation; for we are never done, until we are six feet under.
Do what you love and love what you do!
Phil is the owner of Turn Key Real Estate at 7 Bond St. in Great Neck. He can be reached by email: Phil@TurnkeyRealEstate.Com or by cell (516) 647-4289 to answer any of your questions. To search for any type of properties or to see what your home is worth or homes that have sold in your area, go to:: WWW.Li-RealEstate.Com
Or if you desire a free, no strings attached customized comparative market analysis to see today’s market value, just call me for an appointment.
