Finding opportunities that are not immediately available to the competition and to the general public is an important source of property development deals. A vendor might not have considered selling until they understand what’s possible from you.
Here are our tips on finding and progressing off-market property opportunities.
Download our informative process diagram image. Or read the transcript below the image.
Process tips for off-market property opportunities
Send a letter
Customise your template in your Pro account user settings. A handwritten signature and addressed envelope will get your letter opened and read!
Follow up in 30-60 days
It’s important to follow up because next time you write, it might be at just the right time. Again, personalise the letter. It goes a long way!
When the vendor responds?
Keep your conversation open, don’t play all of your cards. Find out what is important to them. Is it speed, money, security? Be friendly but professional and start to build trust.
No response? Keep the site on hold and take another look in the future. All you need is to archive the project and set a date for Pro to remind you when to review.
Meet of continue the conversation
Acknowledge what the land owner told you. Let them know you’re interested in exploring further and arrange a follow-up call. Only agree to meet in person if the deal stacks and it’s worth your time.
What is the site worth to you?
Consider a number of options for the proposed scheme. Then run the numbers through the Quick Deal Analysis (QDA) and/or for in-depth analysis, run it through our level 2 appraisal system – The Detailed Financial Appraisal (DFA).
Do what you promise!
Get in touch when you say you will. If you don’t have all the answers yet it doesn’t matter. Keeping in touch will help the seller to build their trust in you.
Continue by following the ‘Getting Started’ process, use the QDA Profit & Cost Breakdown to aid discussions and, once you’ve qualified that the deal stacks, create and submit your offer pack (all available to download in your Pro account).