There’s many ways to find property that is on the market or will be on the market. For example, streeteasy allows you to save buildings and save searches so that when an apartment comes to the market you can pounce on it. You also have your broker who watches out for property on the market for you in case you are too busy. However, in the event that you don’t want to compete with 20 people at a crowded open house, then there’s off market deals or “whisper listings“.
Whisper listings are properties that are not yet on the market and they may or may not even ever come to the general market. For many reasons, the sellers choose to not to list and pursue the entire market place. The opportunity for you as a buyer is to find something with less competition. Here are 3 ways that you can find that elusive NYC apartment based on my experience of 15 years as a real estate agent and broker. I find my own apartment using these techniques and with the help of my canine.
1- Mail postcards or handwritten notes to potential sellers. Let’s say that you covet a particular brownstone block on the Upper West side. You can easily send a handwritten note to each of thse owners. Some sleuthing may be required here if you believe the occupants are not the owners and are just renting. You can unearth the owners using a website like propertyshark or streeteasy or geodata. Since people get so many solicitations, a handwritten note expressing your interest may better catch their attention. At least handwrite the to and from on the envelope if that sounds like too much work.
2- Speak to the super and doorman at the building where you have interest. If you can establish some rapport with them maybe they will contact you with potential sellers. Speak to anyone that you know in the building that you are interested in. Maybe you have a friend or colleague who lives there. If your search is not limited to a particular building but is an area and you are fortunate enough to live in that area then tell everyone you know that you are looking to purchase and give them your contact info.
3- If that sounds like too much work, then find a buyer’s broker to represent you who employs creative techniques to find properties not yet offered for sale. Typically when I don’t have appointments in the afternoon, I will go knock on doors in Harlem and meet potential sellers. I have also contacted and mailed postcards to people in my building on behalf of buyer clients. Find a real estate broker like that who will unturn all of the stones to find that gem of an offmarket deal for you!
Comment here or email me if you would like more ways to find whisper listings.