With the real estate market still low in various cities across Pakistan, homebuyers need to be quite serious and work smartly to stay ahead of the competition and find the most suitable options before they reach to the masses. This is where off-market property listings come in handy. They are also known as hidden or pocket listings, these houses are available for sale but are not listed on online portals for the people. This means real estate agents who have these properties in their inventory, have to search for buyers on their own.
Initially, off-market property listings might seem counter-intuitive to a seller. After all, there is a higher demand than the inventory, which means customers will have to be quite careful when it comes to bidding. In a seller’s market, the question is, why would a seller want to keep the property hidden, and how can a buyer find them?
Off-Market Property Listings
Listing houses off the market was not often noticed in the past, but lately, it has gained popularity amongst homeowners, making these listings part of a secondary market of sorts, mainly due to ever-increasing demand. Homebuyers are no longer just looking for primary residences, but most of them are in hunt of investment properties to either purchase and flip or rent it ahead.
An off-market listing in the most-desired neighborhood is an excellent way to accomplish investment goals. Positive homeowners think that a pocket listing can create a stir for the possible buyers, and they might get ready to offer an even higher price.
Beat the Competition
For buyers, the advantages of an off-market listing are double. For beginners, it gives them entrance to inventory that the rest of the competitors are unaware of. If you are especially buying in a hot market, pocket listings might be the only way to purchase a house. And in a regular market, pocket listing customers often get a deal partially because they will have to pay lower commissions to the sellers. Buyers who get access to these off-market listings, often end up buying these houses. And now, it is more accessible than before to locate off-market listings.
Real Estate Agents are the key
Getting a traditional, exclusive, off-market house is not as easy as searching on the internet. It demands a little hard work and loads of networking. Moreover, once you pinpoint the neighborhood you want to get in, you will need to come up with a list of best top real estate agents and contact them about any pocket listings they might have. This means sending emails or cold calling to make contact. Some real estate agents also have websites where they showcase their off-market houses.
If there is an area you are especially interested in, one option is to check in with homeowners direct. You might be able to find a lead by door-knocking or through mailers. While it will cost you money and time and would not ensure success, there is a small chance, but at least one person will respond.
Also, do not forget the neglected properties, mainly if you know you can afford to do repairs. Maybe the homeowner might be avoiding the upkeep of the property due to repair costs – finding such property would be a blessing in disguise.
Pakistan, the real estate sector, is always hot with more demand than inventory. Rather than being frustrated, try bidding for pocket listings and pick off-market houses to meet your investment goals.