The Off Market - June 20

The insider's guide to off-market properties.

If you’re new here and wondering why you’re receiving this, it’s probably because you interacted with one of our posts on Facebook or Bigger Pockets. If you’ve returned for another edition, welcome back! As a reminder, we break down the latest real estate data, give commentary (and hot takes) on trending topics, and provide resources to help you close more deals. Let’s dive in.

General Update

We’ve intentionally been quiet, really quiet. Our team has been heads down rebuilding our product, from the ground up. And speaking of the team, we’ve grown—now we have a team of six FTEs/contractors on the engineering side and twenty callers who are qualifying leads 24/7.

Qualifying leads? Yep, you read that right! We’re now leveraging the data we collect to find and qualify each of the homeowners we think may want to sell. We want to understand why they want to sell, their timeline for selling, the condition of the property…etc. so we can connect them with the right individual on our side.

For owners in financial distress, we are wholesaling or acquiring the properties at a discount to their fair market value. For owners not in financial distress, we are referring them to our network of listing agents. Speaking of the network… If you’re interested in joining, reach out and we’ll get you added right away.

Last thing, we’re rolling out a self-service data cleaning product. You upload any document (PDF, CSV, XLS…etc.) and we’ll pull out and enrich the information. On the back end, you get a list of addresses, names, and phone numbers that have a 90%+ match rate (they are straight from the credit bureaus). The cost is $49/mo and +$0.25/record skiptraced.

P.S. The uglier the doc, the better the result.

Real Estate Data

Highlights

• 30 YR Fixed-Rate Mortgage: 7.02% vs 7.05% last week (source)
• Mortgage Applications - Purchase: +8.62% WoW, -11.95% YoY (source)
• Mortgage Applications - Refinance: +28.37% WoW, +27.78% YoY (source)

Real Estate Commentary

Apartment Broker Ban Bil Protest in NYC

Hundreds of real estate brokers gathered outside New York City Hall to protest a bill that would prevent tenants from paying fees to brokers hired by landlords. Major agencies like Sotheby’s, Douglas Elliman, and Corcoran were represented, with brokers in matching attire, chanting and holding signs against the proposed Intro 360 bill. The bill aims to shift the burden of broker fees from tenants to landlords, addressing an increasingly criticized practice in one of the few cities that allows it.

California Home Prices Hit All-Time High

According to the California Association of Realtors (C.A.R.), sales have been below 300,000 units for 20 consecutive months, with a 6% drop from May last year. Despite the sales slowdown, the median home price in California set a record at over $900,000, marking an 8.7% increase from last May. This price surge is driven by a tight supply, particularly in affordable homes, with sales of million-dollar-plus homes rising 15.5% year-over-year, now comprising 36.6% of all sales.

Resources

Off Market Podcast: Bridget Potterton, The Only REDS and CDRE in CA

Bridget got her start in real estate with an internship at a commercial broker and a full-time role at an internet-based discount broker. After learning the back-office operations, she went out on her own and became a top 1% producer in San Diego County, and one of the top 1000 Realtors in the US. Bridget is the only real estate broker in California who has both the Real Estate Divorce Specialist and Certified Divorce Real Estate Expert designations. Tune in here.

Off Market Podcast: Brett Rosenthal, Lawyer Turned Tech Salesman Turned Top 1% Realtor

Brett is one of the top agents in Philidelphia and the nation having completed over 150 transactions worth over $75M in the past two years. He was also recently announced by Philadelphia Magazine as a Top Producer in the area. Tune in here.

Off Market Podcast: David Curry, Lawnmower Turned #1 Real Estate Agent in Wisconsin

David is the number one top agent in Wisconsin and has been for the past several years. He’s sold nearly a billion dollars worth of real estate, with over nearly $150M in 2023 alone. He’s a member of the top half-percent of the top 1% of realtors nationwide and has represented many of Chicago's most iconic businessmen, businesswomen, estates, and universities. Tune in here.

The Closing Bell

As always, thanks for reading! If you need introductions to investors, wholesalers, cash buyers, financing (EMD, double closes, rehab…etc.), or title companies you know where to reach us.

• Austin & Max