How to Find Off-Market Multifamily Real Estate Deals Before They Go Public

‍by Trevor Calton - (from my Mentorship & Coaching program)

Do you know more than one-third of multifamily and commercial real estate transactions happen “off-market”?

That means the buyer didn’t have to compete with the general public to make a deal. 

If you feel like all the 'good deals' are gone by the time you hear about them, or if brokers aren’t returning your calls, this is for you. 

Today, I’ll explain how to get on the radar of sellers and brokers who manage both on-market and off-market deals, so you can find properties that fit your strategy

On-Market vs. Off-Market

An “on-market” property is publicly listed on multiple listing services (MLS). The seller has signed an Exclusive Listing Agreement, giving the broker the right to advertise it widely and guaranteeing a commission. This approach attracts a large pool of buyers and encourages competition, which can help the seller get better terms. "Off-market" simply means a property isn't publicly listed for sale.

Why Some Sellers Prefer Off-Market Deals

Some sellers don’t want the public to know their building is for sale because: 

✅ They worry about management slacking off or tenants leaving.

✅ They only want to sell at a high price and keep the listing private (also called "pocket listings").

✅ They have personal reasons such as retirement, divorce, etc.

✅ The property is highly specialized, and only a few buyers would be a good fit.

Brokers often match buyers and sellers privately in these situations because, unlike residential real estate, CRE brokers can represent both parties and keep the full commission. 

‍Off-Market Case Study

Years ago, I had a client who was an out-of-state investor in a 1031 exchange. He let me know that he had to reinvest quickly or face a large capital gains tax. He also said was willing to pay a premium to identify a property and close before the deadline. 

As a broker, I had been calling on a property owner who said his apartment building wasn’t for sale. But he said, “If you can get me $4 million, I’ll sell.” At the time, the property was only worth about $3.7 million. He wanted a premium.

Because my client had taken the steps I’m going to outline for you below, I was able to introduce him to the owner, who agreed to sell for $4 million. Two months later, the deal closed. It was an off-market transaction. No fuss, no muss.

✔ ️ The seller didn’t have to advertise publicly.  

✔ ️ The buyer met his 1031 deadline.

✔ ️ The seller received a price premium.

✔ ️ As the broker, I earned the full commission, paid by the seller.

Just a few years later, that building was worth $6 million.

This kind of deal shows why off-market deals exist, and how important it is to know the right people. More importantly, they know you, especially when timing matters. 

How CRE Brokers Operate

Many brokers cold-call property owners every day to identify potential sellers. At large brokerages, they may be required to make 300+ calls per week. This helps them track:

📌 Which properties are "secretly" for sale, or will be soon.

📌 Which owners might sell for the right price.

📌 Which deals will never move. 

The Three Client "Lists"

When a broker gets a new lead on a property—on-market or off-market—they prioritize potential buyers into three groups:

🅰️ A-List (Actual Clients): Proven buyers who can close deals.

🅱️ B-List (Potential Buyers): Qualified but unproven buyers.

🆑 C-List (Tire Kickers): People who express interest but rarely follow through.

New investors typically start on the C-List. Your goal is to build credibility and move up to the A-List where brokers bring you deals first.

Here's how... 

How to Find Off-Market Deals Before They Go Public

To get access to off-market deals, focus on three steps: 

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Step 1: Create Awareness

✅ Articulate Your Focus – Be specific about the property type, size, and location you’re seeking.

✅ Research the Market – Study listing trends, market cap rates, and property values.

✅ Contact Brokers – Reach out to listing agents to introduce yourself and show your expertise.

✅ Join Mailing Lists – Get added to broker distribution lists to stay updated on new deals.

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Step 2: Establish Credibility

✅ Identify Your Strategy – Explain if you're looking for cash-flow properties, 1031 exchanges, or long-term holds.

✅ Know Your Numbers – Show that you can analyze a property and determine if it's a fit for your strategy. (We offer a free course on this.)

✅ Know Your Limits – Understand your borrowing power, cash reserve needs, and management plan  

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‍Step 3: Build Relationships

✅ Provide Feedback – If a broker sends you a listing, respond with specific reasons why it does or doesn’t fit your strategy. This enables them to refine their search going forward.

✅ Reciprocate – If you find a deal that fits, show it to your broker. This shows that you respect the value of their representation.

✅ Be Responsive – If a broker calls you, call them back. This demonstrates that you are a serious buyer who understands urgency and how deals work.

Brokers won’t send you deals if you ignore their emails or calls. Engage with them, even if a deal isn’t the right fit. 

Final Thoughts

Off-market deals can be a gold mine for savvy investors, but you won’t find them on public listing sites, and don't waste time with mass-mailers or other guerrilla marketing efforts that could be better spent cultivating relationships with true market-makers. All you need are strong broker relationships and credibility to find an endless stream of quality deal flow.

By positioning yourself as a serious, credible buyer, you’ll move from the C-List to the B-List—and eventually to the A-List, where brokers bring you exclusive deals first.

Questions for You

📩 Tell me... What has been your biggest challenge, or greatest success, in finding off-market deals?

Trevor

Real Estate Finance Academy 

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‍Trevor Calton is the Founder of Real Estate Finance Academy and the President of Evergreen Capital Advisors. With over 25 years of experience in commercial real estate, he has closed over $5+ billion in real estate transactions, overseen the asset management of 6,000+ units  and helped countless investors transition from single-family to multifamily investments. For more resources on acquiring and financing multifamily real estate, visit Real Estate Finance Academy.