Four Tips for Finding the Best Properties First

Since 2007, the majority of real estate news has been about the housing bubble bursting, foreclosures, and properties sitting on the market for extended time periods.

While this is particularly poignant in comparison to the overheated real estate industry of the late 1990s and early 2000s, even in the worst market, the best properties, priced right, still sell quickly.

As a buyer, the key to getting a desirable property is to be among the first to know about it and being prepared to act quickly. This requires a bit of legwork and some advance planning, but following these Four Tips for Finding the Best Properties First will help you get your dream apartment before someone else snatches it up.

1.  Real life networking

Have a friend in the building you love? Where do your co-workers live? Know anybody in the neighborhood where you want to buy? Tap into these resources to find out when properties might be coming on the market. Tell people that you’re looking to buy and you’d love any leads. Ask them to ask their friends and neighbors if they’re planning to sell or know anyone who is. Ask for contact info of anyone who has a lead. Don’t forget the most valuable resource in any building: the doorman. Asking the doorman if they know of any apartments that may be coming up or anyone in the building who is moving can be one of the most effective ways to get advance notice of property coming up for sale.  Be proactive, and if needed, follow up. Most sellers will appreciate having some of the work done for them by an eager buyer. That said, stalking is illegal.  Don’t set up a stake-out every time you hear an apartment might be hitting the market. Wait patiently and be polite!

2.  Social media

Similar to networking with your real life contacts, social media allows you to spread the word that you’re looking for that perfect property to an expanded audience. Ask around on Facebook. Tweet that you’re in the market for a two-bedroom co-op in neighborhood X. Let your social network know that you’re open to hearing about any properties that they might know of.

3.  Sign up for notifications

Sign up for a platform which allows you to save your searches and receive notifications when new properties matching your search criteria hit the market. Staying on top of which properties are coming on the market will allow you to act quickly so you won't miss out on that perfect home.

4.  Have your finances in order.

While “knowing is half the battle,” the other half is being ready to act. Make sure you have your finances in order including a mortgage pre-approval and the funds for down payment and closing costs liquid and seasoned in your bank account. Depending on your lender and type of mortgage, seasoning of funds can take anywhere from 30 to 90 days so plan ahead!