Sourcing development properties might seem a lot more difficult than it really is. Nothing happens without hard work and commitment but the 5 ways we find best in locating those opportunities are:
1. Door Knocking
2. Posting out letters to home owners in a target area
3. Talk to the local real estate agents
Door knocking is a scary exercise for lots of people but when you genuinely are interested in someone’s property or know you have a buyer wanting that location it becomes a lot less invasive. Be obviously mindful of acknowledge landowners requests of no door knockers if that is stated on their property. You don’t want to get the client off side – first up!
If the obstacle is NO DOOR KNOCKING allowed or no one is home then next step would be to send that specific owner a personal letter. Your letter simply needs to state you’re looking for residential development land in the area, whether they have considered selling, offer a no obligation time to meet with them chat about the possibility. These may not lead to success right away but you will be building the connection with the owner and one day they will call you wanting to sell.
Securing off the market development sites is high on the agenda of all developers and their investors. They offer exclusive opportunities to obtain land that no-one else is aware of and therefore competition is minimal.
Building your local agent network is paramount as these guys have first hand knowledge as to what is happening in their local area. Take them out for coffee, connect with them, build rapport with them and let them know what you’re looking for. Tell me… “I’m looking for XYZ type of land development, if you know of anything – let me know!” Have several agents in your back pocket… all strategically located in key areas of interest to you. It becomes a win-win situation as they get to tell you about the site before anyone else knows and they win because they obtain a great sale for the owner in super fast time. Everyone is happy!
Networking is a scary word to some but in this industry you need to be prepared in actually building your network around you. Attend different networking events across your local area, network in groups of similar minded people or cross promotion type of industries that may possibly have your clients before you
Finally but not any less valid is researching through online portals specifically – Gumtree. Owners sometimes want to try the market and wish to go it alone for whatever reason and the easiest and cheapest way to do so is place it on Gumtree. Best way to approach them is being open and transparent from the beginning to open up the communication lines and see where it takes you.
Hope you can implement these ideas and source yourself your next development opportunity.