As the new year brings changes and uncertainty to the real estate market, it can also bring opportunities. An ongoing challenge for all real estate investors is finding investment deals, whether off-market or not. Will a changing market mean changes to the way investors find deals? There is no doubt that we will see changes in the market as a result of rising interest rates, inflation, and new technologies. Even so, marketing for deals in 2023 can include some tried-and-tested strategies as well as new, creative ways to reach potential sellers.
1. Online Marketplaces
The MLS is always an option, even with the market changes occurring nationwide. Work with a knowledgeable realtor who can send you updates from the MLS when a property that fits your criteria hits the market. Browse expired listings, and you might find a great deal. The MLS is always changing, so be sure to check regularly for new listings and updates on the status of existing listings.
LoopNet, CREXi, and other niche marketplaces are all online locations where you can find properties for sale as well. While they might not have the same selection as a traditional MLS, they can help you find commercial assets that you may want to invest in. If you’re looking to diversify your portfolio, you can find many different types of properties here. You can also search marketplaces that allow investors and brokers to connect, giving you a wider network of professionals to reach out to as you build your business.
2. Participate in Real Estate Clubs
Every week Real Estate Networking events are hosted nationwide, and you can find them easily by following other investors you know and trust as well as searching online for local REIAs. The next time you see an event, go! You will learn a lot from others in your field who have been doing this for years. Networking events offer opportunities to pitch deals, hear case studies, and learn about real estate services that can help you grow your business. You can also meet other investors and learn from their mistakes and successes. If you’re not sure how to get started with your first deal, talk to everyone you know who has experience in the field. Networking is key when investing in real estate because it helps you find out what’s going on in your area as well as connect with professionals who are willing to help you out along the way.
3. Ask Property Management Companies
Although it is not a widely used way of finding deals, connecting with property management companies is just one strategy that can prove profitable in a changing market. These companies already have insight into the asset, the tenant (or tenants), and the condition of the property. Due to their professional relationship with the owner, property management companies may know if an owner is willing to sell and can connect you if the asset fits your buying criteria. They may also be able to give insight into the lease terms and the current owner’s financial situation. Property management companies may also be able to give you a better understanding of changes they see in the local market that will help you decide about investing in the property. As always, building a network of knowledgeable real estate professionals is key to finding deals in every market.
There are many more ways to market, such as driving for dollars, direct mail marketing, and more. Having a network of real estate professionals, as well as tools and marketing strategies to find deals, are an essential part of building your real estate business. Investors will want to know how you are finding deals in 2023.
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