“I’ve heard the term off-market before but I don’t quite understand what it means, can you explain what an off-market property is in further detail?” – Linda of Kirkland, WA
Off-market is a term used for properties that are not publicly listed. Off market properties are not publicly available for purchase. Off-market properties are acquired when an individual or a real estate broker approaches a seller and convinces them to sell their home or sign a contract to purchase their property from them. The main takeaway is that an off-market opportunity is technically more exclusive (harder to acquire) because it is only available to people who know the seller. A common myth I like to debunk is that off-market properties are better deals than on-market opportunities. I see a lot of great off-market opportunities and I see a lot of off-market opportunities that are absolutely terrible. The way to analyze a deal isn’t by how it is acquired, but rather how all of the numbers play out.