Sourcing Real Estate Opportunities When Properties Are Not Yet Listed
The early bird gets the worm — the same could be said for real estate opportunities. You don’t necessarily need to wake up early (or eat worms!), but if you’re waiting until a property is listed to consider it as a lead, you’re at a disadvantage.
Think about it — once a property is listed for sale, it’s up for grabs and you’ll have to deal with tough competition. But if you’re the one sourcing an opportunity, you can set the terms and get ahead of the crowd.
Some of the best real estate leads and investment opportunities can be found outside of listing sites. You just need to know where to look and how to look for it.
The biggest secret to get ahead is property research and evaluation tools. A good tool should tell you:
- Who lives in area.
- The types of properties and owners/tenants.
- The types of residents — religion, ethnicity, etc.
- A property’s legal description.
- What a property is worth.
- Mortgages owed against the property.
- And much more.
This enables you to find real estate investment opportunities quickly and act on them before anyone else even knows they exist.
A good property research tool will also let you search with broad parameters — for instance, if you know a property’s address, you could enter it in, but if you just want to search in a particular area, your research tool should provide you that flexibility. It should also be fast, convenience, and above all accurate.
We can only speak to one tool — ours, GeoWarehouse. With a GeoWarehouse property search, all you have to do is select a Land Registry Office, enter in your search criteria, and your requested information will appear.
You can also search by property owner name, property address, street name, and more. With GeoWarehouse, you can also access a Parcel Register* to see the original registration number at the time a property was purchased. You can use this to request an Instrument Image* and obtain complete contact information for the property owner’s lawyer. With these tools, you can also look at registered mortgages and liens to understand the property owner’s financial position.
Another important step that can help you evaluate properties that aren’t yet listed is finding out their value — you want to know whether this is a good investment or sales lead. An automated valuation model (AVM) can tell you this and more. It will give you an estimated range, which you can use to prepare an offer.
Technology can help you stand out from the crowd, but you want to make sure your data source is accurate and up-to-date. GeoWarehouse is powered by information from the Province of Ontario Land Registration System (POLARIS), so you know you’re getting the best data available.
Learn more about how to access these property research tools and find new real estate opportunities. Become a GeoWarehouse subscriber today at www.geowarehouse.ca.