Off market properties are those that are transacted on, serviced, or involved in any business matter without being publicly advertised in the process.
Those deals and services mostly come about thanks to pre-existing industry connections, referrals, and lead generation efforts.
Now, however, brokers, investors, and commercial service providers can all proactively find off market properties fairly easily.
Here, we’re going to show you how.
How to Find Off Market Properties
You might be thinking, “Access to off market data sounds great for investors and service providers, but wouldn’t it hurt brokers in the long-term?”
Actually, no. Not at all.
Off market data might replace the need for a broker for some investors, but many off market deals still include buying and selling agents.
In fact, off market information helps brokers as much as anyone given the level of competition they operate within.
With access to off market property information:
Brokers can identify prospect owners that are likely to buy or sell.
Investors can discover new opportunities by going beyond active listings and searching the entire supply of US commercial assets.
Service providers can also search the entire supply of commercial assets to identify prospects before those prospects are in need of actual work. This allows for proactive lead generation and long-term relationship building.
But again, all of this relies on you actually having access to off market property, market, and ownership-level information.
Below, we’ll run through how you can use Reonomy to navigate any US market and quickly find off market properties.
We’ll look at how to find all of the following off market:
- Commercial Properties
- Multifamily Properties
- Properties Likely to Sell
- Properties in Need of Refinancing
- Properties by Owner Name
- Owner Contact Information
Reonomy Off Market Property Search
From corporate owners with broad portfolios, to local business property owners, everyone has their price.
You can use Reonomy to search and find anything from a multi-hundred unit office building in a major city, down to a standalone retail shop in rural America.
You can also search across a number of multifamily and land sub-classes—all completely off market.
Whatever the case may be, your search will be essentially the same, you’ll just rely on using different search filters.
Let’s get down to it.
Start by adding your market of choice:
That includes any combination of state, MSA, city, county, zip code, neighborhood, and street name.
There’s also the option of searching for an exact address (using the top-aligned search bar).
If you’d prefer to roam your market freely, you can also search by the map.
Polygon and radius tools allow you to search for properties in very confined areas, or in areas that have no single, consistent designation.
Now, with your location set, add filters for whatever assets type(s) you’re looking to find.
Reonomy covers a number of different commercial, multifamily, and land property types.
Finding Off Market Commercial Properties:
Reonomy has filters for office buildings, hospitality, mixed use properties, retail, and general commercial—including many sub-classes of each.
Finding Off Market Multifamily Properties:
Available multifamily filters include those for duplexes, triplexes, quadruplexes, mobile home parks, nursing homes, dorms, and general multifamily (if you’re looking for apartment buildings).
Find Off Market Land:
The third main chunk of filters are for land parcels. Filters for land include general vacant land, as well as commercial, residential, recreational, industrial, and mobile home vacant land.
There are also options for non-vacant parcels like farms, general agricultural, and more.
Off Market Properties Likely to Sell
While owners of off market real estate might not be actively listing their property for sale, it doesn’t mean it’s off the table.
Searching by sales history can help you find the off market properties that have a higher probability of being sold.
For instance, owners that have held their asset for 10 or more years are likely willing to listen to an offer.
Search for properties by their last sale date and amount to see if they’re likely to sell:
Off Market Properties in Need of Refinancing
If you’re looking for commercial or multifamily refinance opportunities, search using Reonomy’s debt history filters.
Search for off market properties by most recent mortgage amount, mortgage origination and maturity dates, and by lender name.
Here, you can search for commercial properties currently in pre foreclosure. Add filters for pre-foreclosure category (or stage) and/or auction date.
Owners who may be coming to terms on their loans may be more eager to sell compared to those who just took out a mortgage.
They might also be willing or looking to refinance for some extra cash on-hand.
Seeing the lender on a property helps you leverage better interest rates and win more business off market.
You can also use debt information to identify properties in distress, furthering your chances of finding an owner likely to sell.
Find Off Market Properties by Owner Name
If you already know the name of an owner, you can very easily search by the name of a person or LLC.
More specifics include the ability to search for in-state owners only, owner-occupiers, and bv an owner’s mailing address.
Combine ownership filters with any of the aforementioned filters, or, search only by owner name to see all of the assets they own across all locations and asset types.
Finding Owner Contact Information Off Market
After any or all of the filters above are applied, you’ll see a list a properties that meet all of the requirements you’ve set.
Click into any of those properties and navigate to the Ownership tab. There, you’ll see the asset’s reported owner name.
By clicking “Unlock TrueOwner,” you’ll be given full access to the contact information of the owners behind the property, including the members of an LLC.
So, from start to finish, whether you’re a commercial broker, investor, service provider, or anything else, you can carry out a full off market property search, analyze a property in-depth, and then reach out to the owner directly.
Tapping into off market properties unlocks an entirely new world of opportunity for all kinds of commercial real estate professionals.
Lastly, we feel it important to cover some of the reasons why off market is beneficial, while distinguishing it from on market listings.
Off Market vs. On Market
On-market listings are the properties that are actively being listed as “for sale.”
Whether through a broker or by the property owner, these properties are being advertised to encourage buyers to make an offer.
Off-market properties are those that are not publicly listed for sale. Considering only a sliver of properties are ever listed for sale, the off-market pool is much larger.
Access to the country’s entire supply of property and their corresponding decision makers expands a real estate professional’s entire scope of choices.
Why Off Market is Important for CRE
Instead of limiting the number of property choices by focusing on those only listed as “for sale” through middlemen, searching for off-market allows commercial professionals to generate outcomes directly with property owners.
For buyers, developers, brokers, and other investors, conducting off-market deals enables the following:
1. Money saved on middlemen fees since they’re working directly with the owners and aren’t getting outpriced by other potential buyers.
2. Flexible financing opportunities from closely working with the owner and negotiating on a personal level.
3. Closing faster deals.
Luckily, off-market data can help expand your potential investment selection. Compared to the properties actively being advertised as “for sale,” access to the off-market sphere opens the door to a realm of possibility that may have been previously overlooked, or more likely, simply not known about.