An off-market property is a home that is not listed on the multiple listing service (MLS) with a Realtor in Canada. Both Canadian professional real estate investors and home sellers often think that an off-market property provides a more “exclusive” transaction.
Off market usually means that the property has been taken off of the market for some reason. This means that the property could be back on the market at some later date. If the property was on the market and sold, then the property should reflect “sold” not off the market.
There are several ways to find off market real estate deals for Canadian professional real estate investors. One can learn from Canadian real estate experts by attending Canadian real estate investment strategy apprenticeship.
Top 20 Sources for Off Market Real Estate deals in Canada
- Direct Mail
- Online Resources Kijjiji & Craigslist
- Real Estate Networking
- Expired listings
- Bird Dogs
- Word Of Mouth
- Real Estate auctions
- Driving for Dollars
- Social media
- Tired landlords
- Lawyers and Accountants
- Real estate investors
- Vested properties
- Civil enforcements
- For sale by owners (FSBO)
- Fellow local investors
Some Canadian home sellers may opt for an off-market listing to test the waters while others want a more private sales process to save the commission. Certain Canadian home sellers even think a pocket listing creates an allure that will get them an even higher price. After all, if the home is listed and ends up sitting on the market for more than 30 days, there’s a good chance potential Canadian home investors or buyers may try to make lowball offers. Without the “days on the market” ticker going off, there isn’t a chance that a seller will be undercut.
Off-market real estate listings are properties that are for sale, but aren’t listed on the (MLS) multiple listing services. Many of these properties are exclusive, prestigious listings that a realtor keeps in their back pocket. Off-market listings give Canadian home investors exclusive access to inventory, and a better chance at closing a deal at deep discounted prices. To get access to these listings, Canadian home investors can approach agents or Canadian home sellers directly, or try going online.
A house-hunting means competing with hundreds of other prospective Canadian home investors and buyers. Properties that are for sale off-market means that the buyer is competing with only one or two other people, increasing their chances of closing on the property.
In the highly competitive market of Toronto, Montreal, Ottawa and Windsor – home sellers expect a quick sale. In off-market deals, Canadian home sellers are typically not in a rush to sell, driving the competition down and allowing prospective Canadian home investors to look over the proper thoroughly before making an offer.
As a result of no time pressure, a sweet deal can be made that would never be possible in the open market including vendor take back mortgages at reasonable rates.
Sellers who are thinking of selling in the near future have the option to use an off-market deal to test the buying waters. There is the option to accept an offer if one comes in, or don’t accept and not upset any tenants, family members or neighbors.
Canadian home investors who are looking to gain a competitive advantage and Canadian home sellers looking to keep a sale private should consider the off-market option.
Then again, not all “off-market” deals are worth buying. In fact, a huge portion of off-market deals aren’t on the market because… you guessed it, they want more than the property is worth.
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