Most investors look in the incorrect place to locate investment property for sale. Have a quick look on the net for investment properties and you may be thinking that it’s not possible to find a good property on the market that is not over priced. The key when you’re trying to find investment real-estate on the market would be to understand that the best deals aren’t usually advertised. If you’ve read my latest book, “Commercial Real Estate Investing” then you probably already know that the key to finding good deals on real-estate investments is in creating relationships with real-estate brokers.
“Pocket Listings” of Investment Property For Sale
Some of the very most best deals on investment real-estate come from something called a “Pocket Listing “.This is each time a broker knows about a property on the market, but they’ve not even officially announced it to the remaining portion of the buyers who’re looking for a property. With single family homes Semi Detached duplex for sale in Lekki Nigeria, this announcement is usually done with the addition of the property to the MLS or Multiple Listing Service. With a commercial property, the general public announcement may be adding the property to Loopnet.com, mailing a postcard out, or with the addition of the property to the company’s website.
Why All Investment Property For Sale Is NOT Equal
The actual estate brokers job is to get around feasible for the investment property with respect to the owner’s situation. If the owner of a property is in no hurry, and doesn’t have compelling reason to sell quickly, then your broker can price the property aggressively and watch for a retail offer to come in. On another hand, if the vendor is motivated by a divorce or business partnership that is coming undone, or probably the seller is dealing by having an urgent medical condition, then your broker’s job is to get the investment property on the market quickly, even when it indicates lowering the cost or offering some creative financing terms.
So ideally, you will work to produce a situation where in actuality the property needs to be sold quickly, the vendor is motivated, but the broker has not even released the listing to the public. Here is the pocket listing situation that you are looking for. The issue is that you can’t simply call up a broker that that you don’t know and question them “Do you have any pocket listings for me?” The answer will be no.
The explanation for that is that whenever a broker has a pocket listing, typically the broker will call the investors which they know and trust to offer them the opportunity to get a good deal on an investment property before they release the property on the market to the typical public.
Which means that your goal when calling or trying to find commercial property on the market must certanly be twofold.
1) Get the data concerning the property including all the income and expenses
2) Create a connection with and get to understand the real estate broker
Your absolute best deals probably won’t be the advertised commercial properties that you initially call about. Instead, when you produce a connection and rapport with the broker, you’re ready to access pocket listings that will be where some of the very most best investment property on the market may be found.