Prospective homebuyers face significant challenges in the modern housing market, from rising home prices and limited inventory to stubbornly high interest rates. As a result, a whopping 76% of consumers believe it’s a bad time to buy a home.
In such a challenging market, your network can provide a much-needed advantage, helping you secure valuable referrals and uncover hidden opportunities. Let’s explore how to make the most of your personal and professional connections during your house-hunting journey.
Key Takeaways
- Your network can help you find off-market properties, connect with motivated sellers, and partner with top real estate agents.
- Be vocal about your home search and expand your connections to maximize access to opportunities.
- Look beyond your immediate circles and engage with potentially underutilized groups, like recent homebuyers.
- Social media can be a powerful tool for expanding your reach, increasing visibility, and uncovering opportunities.
Opportunities Your Network Can Open Up
Traditional house-hunting methods—like partnering with a local real estate agent and browsing public listings—can help find you a home, but they may not always lead you to the best opportunities. Agents who don’t have a personal connection to you may not prioritize your needs, and public listings often bring stiff competition.
Your personal and professional connections could be the key to unlocking more—and potentially better—options. Here are some of the most significant homebuying opportunities your network can open up:
- Off-market listings: Also known as pocket listings, some properties for sale aren’t listed on the multiple listing service (MLS). These homes can offer benefits to buyers, such as lower competition and more room for negotiation.
- Reliable agents: Your real estate agent can make or break your house hunt, and personal recommendations often help you find the best ones. An agent from your network may work harder for you than one you have no relationship with.
- Local insights: If you’re looking to buy in a new area, connecting with locals can help you gain a better understanding of the neighborhood through their perspective on matters like safety, schools, and new developments.
- Seller goodwill: A connection to a home seller or their agent can create goodwill. That may help you beat out other offers, negotiate more easily, and secure more favorable terms, such as a flexible financing arrangement or lower price.
Note
The National Association of Realtors (NAR) implemented the MLS Clear Cooperation Policy in 2020, requiring members to submit any listing they market to the MLS within one business day. While this may limit the number of off-market deals, it didn’t eliminate them, especially since NAR membership is voluntary.
Networking Tips for Your House Hunt
Here are some tips to help you leverage your social network in your house hunt.
Publicize Your Journey
Start by letting people know you’re looking for a home and asking them to reach out if they come across any opportunities that might be a good fit. Mention it in conversations with your friends, family, and professional acquaintances. If appropriate, consider bringing it up during casual interactions in your current or target neighborhood.
Social media can also help spread the word. In addition to announcing the start of your journey, post regular updates about your search, such as what you’re looking for or challenges you’re facing. That may encourage your network to engage with your efforts and increase the chances of someone providing valuable insights or recommendations.
Tip
Need help calculating your mortgage once you have secured your home? Check out our tool below.
Expand Your Network
Your existing network is a great place to start your house hunt, but broadening your connections can unlock even more opportunities. Consider attending real estate networking events or investor meetups in your target area. These types of gatherings may put you in contact with agents, brokers, investors, and homeowners, who could have valuable insights or leads.
Digital platforms can also help expand your network. Join local Nextdoor groups, where members discuss their neighborhoods, including events like home sales. Specialized forums like BiggerPockets and real estate communities on platforms like Facebook and Reddit can be another great source of opportunities.
Tip
77% of NAR realtors use Facebook, and 55% use LinkedIn for professional purposes, making these platforms good places to connect with agents.
Engage on Social Media
Don’t stop at connecting with or following new people on social media. Actively engage with their content—especially real estate-related posts—by liking and leaving thoughtful comments. That increases your visibility and helps establish you as a serious buyer. The more familiar your name becomes, the more likely people are to think of you when they come across a relevant opportunity.
In addition to interacting with public content, initiate direct conversations. For example, if an agent or seller posts about a listing that appeals to you, reach out to express your interest and request more details. Even simply reaching out to a real estate professional for advice—such as their opinion on market trends or a specific neighborhood—can help you build rapport and may develop into an opportunity.
Mine Relevant Hashtags
Monitoring real estate hashtags can be an efficient way to sift through social media content. Private sellers and real estate agents often use tags on platforms like Instagram and TikTok to market their listings. Search for general real estate terms—such as #OffMarketListing, #PocketListing, or #ForSaleByOwner—to discover homes that may not be on the MLS yet.
Localized hashtags can help refine your search. For example, if you’re looking for a home in your favorite neighborhoods of Austin, you could combine hashtags like #SouthCongress or #EastAustin with your generalized hashtags to produce results that align with your ideal location.
Tip
Take note of hashtags used in relevant posts and add them to your watchlist. Follow them and set up notifications to jump on opportunities as soon as they appear.
Look for Underutilized Groups
It’s easy to focus on close friends, family, and real estate agents, but you may be missing valuable networking opportunities. Think outside the box and try to find knowledgeable people you might have overlooked.
For example, consider reaching out to:
- Recent homebuyers: Those who recently bought a home often have valuable insights. For example, they might recommend quality properties that didn’t quite work for them or connect you with an agent who gave them exclusive deals.
- Property managers: Property managers oversee multiple rental properties and may know when landlords struggle to turn a profit or start to consider selling. They could alert you to potential off-market opportunities.
- Home service professionals: Contractors, landscapers, and house cleaners work directly with homeowners and often know when a client is preparing to sell. Like property managers, they could offer early insight into upcoming listings.
- Local business owners: Community-facing professionals like coffee shop owners and barbers interact with many residents daily. They often hear about people planning to move and may provide useful tips or connections.
How Do You Find Off-Market Properties?
You can often find off-market properties through your network or by approaching homeowners and real estate agents. There are also websites dedicated to pocket listings, such as Unlisted and For Sale by Owner.
Consider sending personalized letters expressing your interest in their property when contacting homeowners. Targeting distressed owners—such as those behind on property taxes or struggling with maintenance—can increase your chances of finding a motivated seller.
Can You Hire More Than One Real Estate Agent?
You can generally hire more than one real estate agent as long as you haven’t signed a buyer agency agreement, which is a contract that obligates you to work exclusively with a specific agent. However, agents may be less motivated to help if they know you’re working with others since they only get paid if you buy a home through them.
How Do Realtor Commissions Work?
Realtor commissions used to be the responsibility of the home seller. As of August 2024, sellers are no longer required to cover the buyer’s agent commissions. Buyers are now responsible for compensating the agent and must specifically disclose that compensation rate before touring a home.
The Bottom Line
Your social network can be one of your most valuable assets when searching for a home. By making your intentions known and expanding your connections—including to groups others may overlook—you can uncover hidden opportunities, such as off-market listings or agents willing to bring you exclusive deals.
In addition to discussing your house hunt in person, share your journey on social media and engage with others in online real estate spaces. Stay visible and involved so your network keeps you in mind when promising opportunities arise. That may give you the edge you need in today’s competitive homebuying market.
Leave a Reply