Welcome to the third installment of our real estate wholesaling series, where we uncover the secrets of off-market properties in Nigeria and learn effective strategies to find, secure, and negotiate the best deals. With the right tools and tactics, you'll be able to identify distressed properties and maximize your profits.

Off-market properties are hidden gems not publicly advertised for sale, making them less competitive than on-market properties. These often include distressed properties, such as foreclosures, pre-foreclosures, and properties with motivated sellers who need a quick sale. As a wholesaler, tapping into off-market properties allows you to find better deals and increase your profit margins.

Unlock the potential of off-market properties in Nigeria by combining several approaches. Kick off with direct mail campaigns targeting homeowners with high equity or financial challenges. Simultaneously, network with real estate agents, attorneys, contractors, and fellow wholesalers to uncover hidden opportunities. Round off your efforts by exploring neighborhoods firsthand, "driving for dollars," to identify distressed or vacant properties displaying signs of neglect.

Online tools are indispensable in wholesaling. If you are in Nigeria, you can use platforms like Nigeria Property Centre, Private Property Nigeria, PropertyPro.ng, and Hutbay to access comprehensive property data and identify potential off-market deals.

Once you've found an off-market property, master these effective negotiation tactics to secure the best deal:

Establish Rapport: Build trust with the seller by being empathetic, genuine, and respectful. Understand their situation and show that you're offering a win-win solution.

Research: Arm yourself with as much information as possible about the property and the seller's circumstances to tailor your offer and negotiation approach.

Make a Competitive Offer: Present a fair, well-researched offer that reflects the property's condition and the seller's motivation. Be prepared to justify your offer with comparable sales data and repair estimates.

Be Flexible: Adjust your offer and terms to accommodate the seller's needs, such as altering the closing date, offering a leaseback option, or providing a cash advance.
Practice Patience: Don't rush the negotiation process. Give the seller time to consider your offer and be prepared to walk away if the deal doesn't align with your goals.

Mastering off-market properties and negotiation strategies are crucial components of a successful real estate wholesaling business in Nigeria. By leveraging local tools and platforms to identify distressed properties and employing key negotiation tactics, you'll be well on your way to securing the best deals and maximizing your profits.


Lukman Shobowale