weather icon Clear

Four proven strategies for finding off-market inventory

When there is a high demand for buyers in a low-inventory market, learning to find and create off-market listings can set you apart from other agencies.

“Off-market listings” or “quiet listings” are homes that are for sale but aren’t listed on multiple listing services. My team and I have found certain tactics to be extremely helpful in generating leads and finding sellers who want to remain more low-key. Finding off-market homes requires agents to go above and beyond the normal measures.

By following these four strategies you will be able to create listings in a low-inventory market:

1. Open houses

Open houses are a great way for agents to network and connect with potential buyers. To maximize the success of an open house, agents often go door to door to gather contact information from residents in the area and recruit guests. This strategy allows agents to break down defensive barriers with potential sellers and build personal relationships. By doing so, agents can discuss listing options with residents who may not have been actively looking to sell their home.

This tried-and-true method has generated numerous listings from sellers who may not have listed without the agent’s input. So, if you’re an agent looking to expand your network and increase your chances of generating new listings, hosting open houses is a great strategy to consider.

2. Absentee owners

“If I had a buyer for your house, would you be willing to sell it?” This is the question agents should be asking absentee owners. Absentee owners can be an individual or group that owns a property without living in it or maintaining it day to day. This could be out-of-state owners, landowners using third-party management or a gap tenancy, Commercial Real Estate Investment Trusts (REITs) or property owners on military duty.

By reaching out to absentee owners via postcard or phone and having a preapproved, serious buyer with an offer lined up, agents often have the power to change minds.

3. Approach owners

If your client has a specific home in mind that is not currently listed, don’t worry: There are still opportunities available. As an agent, you can take a proactive approach by visiting the specific home or neighborhood that fits your client’s budget and approaching the owners directly. This strategy is similar to the postcard method, but instead agents go door to door with a deal that is ready to be signed, sealed and delivered.

By taking this approach, you can spark interest and potentially acquire the desired property for your client. Additionally, this method can open doors for owners who may have been interested in selling their home but didn’t know where to start with the listing process.

4. Probates

One final piece of advice for agents is to establish connections and build relationships with local attorneys who specialize in probate law. Probate is the legal process of determining the beneficiaries of one’s property in the case of someone’s death. In some instances, the deceased may not have left a will, which can add to the complexity of the situation. By connecting with attorneys who assist families through the probate process, agents can provide valuable support and guidance to clients who may be looking to transfer or sell a home.

This can help alleviate some of the stress and uncertainty that families may experience during this time. By establishing strong relationships with probate attorneys, agents can provide a higher level of service to their clients and build a reputation as a trusted and reliable resource in the community.

Real estate agents will quickly discover that the success of each method is largely dependent on how effectively it is executed. The key to making any approach work is thorough preparation. Whether you are connecting with potential sellers through door knocking or an escrow list, agents must be equipped to answer any questions a seller may have. Additionally, it’s important to focus on one strategy at a time and master your approach. By anticipating all possible scenarios and staying consistent, you’ll be well on your way to curating off-market inventory in no time.

Jack Greenberg is a licensed broker, Realtor and team lead with the Jack Greenberg Group at huntington &ellis, A Real Estate Agency. With more than two decades of experience serving the Southern Nevada market, Greenberg specializes in residential real estate serving first-time homebuyers, luxury properties and investors.

Don't miss the big stories. Like us on Facebook.
How to better serve Gen Z and millennial homebuyers

Rapid surge in property values has introduced affordability hurdles for many millennials, those born between 1981 and 1996, and Gen Z individuals, those born between 1997 and 2012, making the dream of homeownership intangible. Therefore, understanding how to provide support to these buyers has become increasingly important.

Cultivating a vibrant real estate company culture

In the dynamic world of real estate, success is often measured in numbers — deals closed, properties sold, profits made. But beneath the surface of these metrics lies a vital force that drives a company’s true achievements — its culture.

Demand for luxury apartments continues to increase

According to reports by Coldwell Banker, 2023 will be a record-breaking year for apartment complex completions in Las Vegas as 19 high-end multifamily developments have or will be completed this year or by early 2024 — adding 7,000 units to the city’s inventory. By contrast in 2022, only 882 units came online.

What’s the difference between real estate agent and Realtor?

Lately with the real estate market being so hectic with inventory down and interest rates up clients — both buyers and sellers — have asked me what is the difference between a Realtor and someone else who also has a real estate license but they are just a real estate agent.

What owners, agents should look for in home inspections

A home inspection is a crucial step in the process of buying or selling a property. For both real estate agents and homeowners, understanding what to look for in a home inspection is essential to ensure a smooth transaction and make informed decisions.

Will normal real estate inventory levels return?

The real estate market is experiencing unprecedented dynamics, raising questions about the possibility of returning to normal levels of inventory.

Borrowing from your home equity? Avoid these top 5 mistakes

Borrowing on home equity can be advantageous to many homeowners, but following these main tips and conducting your own research will help avoid any pitfalls in the process.

Summer weatherization tips to keep things cool

We all know that out here in the desert climate, air conditioning is essential; but, with rising costs of seemingly everything these days, there are other ways homeowners can keep their house cool and comfortable and make sure the AC unit isn’t working overtime.

Summer weatherization tips to keep things cool

We all know that out here in the desert climate, air conditioning is essential; but, with rising costs of seemingly everything these days, there are other ways homeowners can keep their house cool and comfortable and make sure the AC unit isn’t working overtime.

Unlicensed contractor complaints on solar and pool projects rise

The Nevada State Contractors Board also sees a significant number of complaints being filed when work performed by unlicensed contractors leaves homeowners with poor workmanship, incomplete projects or no work performed at all.