How to Find Vacant Properties and Outsmart the Competition
Here’s how to find vacant properties before they go to market and the bidding wars start.
Vacant properties are hard to find in a hot real estate market that is short 4 to 7 million houses and that has skyrocketing property prices. Even more so when you’re fishing for property in the same pond as every other CRE developer.
If you’re a CRE developer that doesn’t know how to find vacant properties before they’re listed on the real estate market, you risk facing:
- Increased competition due to shortage of properties in good locations
- Inflated prices due to market demand and seller expectations
- Difficulty in value-add opportunities compared to vacant properties below market value
Overcome these commercial real estate challenges by casting a wider net and extending your search strategies to reveal hidden real estate opportunities, from pre-foreclosures to vacant plots and abandoned properties.
We explain how to find vacant properties by:
- Using online real estate platforms
- Leveraging government resources
- Doing field research
- Contacting property owners
Ready to find a good CRE deal? Read on to find out how to find vacant properties.
[Want to move fast on a great CRE opportunity but do you have limited liquidity? Duckfund’s soft deposit financing lets you secure CRE property without dipping into your capital.]
Here’s how to find vacant properties in today’s real estate market
With stubbornly high interest rates and many CRE sectors under pressure, commercial real estate investing isn’t the easy house-flipping scheme it once was. A sharp decline in CRE investment volume reflects that.
The good news is that, paired with this downturn, a drop in property prices brings opportunity to developers who can get their CRE financing in order.
Source: Motley Fool
Additionally, vacancy rates are rising in sectors like office and apartment. What do you do as a CRE developer in such times?
Source: St. Louis Fed
Beat the real estate market by buying underused and vacant properties under market value. Sounds like a good commercial real estate investment strategy, right?
Indeed, buying and developing vacant property can be a great add-value strategy – if you know how to find vacant properties.
Using online real estate marketplaces to find vacant properties
In today’s digital era, motivated sellers and realtors meet online. Look well and you might find a good CRE deal on these three types of real estate platforms:
1. Real estate marketplaces
A lot of property changes hands on real estate marketplaces like Zillow, Realtor, and Loopnet. With 2.5 billion visits in Q2 of 2024 on Zillow alone, you might think there are too many real estate professionals on the platform for any deals to be left.
While you won’t be the first one to stumble upon any of the properties on these sites, these marketplaces do provide an easily accessible and free list of vacant properties with detailed information and contact information.
These are the websites to monitor:
- Zillow.com
As the leading real estate marketplace, Zillow’s huge database can be a great resource for finding vacant properties. Detailed search filters can help you identify property that has been on the market for a long time or have reduced prices, which can be indicators of vacancy. - Realtor.com
Another popular marketplace among real estate agents, Realtor features extensive listings and useful search capabilities. Search for labels like 'foreclosures' or 'bank-owned' to find vacant homes. - LoopNet.com
LoopNet is the biggest online marketplace for commercial real estate. They offer a vast database of commercial properties, including office, industrial, retail, and multi-family assets. - Crexi.com
Crexi also is a newer marketplace for commercial real estate. The platform might not have LoopNet’s volume but is gaining traction with quality listings and innovative search features that can help you track down vacant properties.
Pro tip
Filters greatly simplify sifting through available properties to focus on vacant properties. Set up automated alerts on these platforms for properties matching your criteria. For example, set alerts for properties with extended market times or price reductions – as these may indicate potential vacancies or motivated sellers.
2. Auction websites
Auction websites are particularly interesting for CRE developers looking for vacant or underutilized properties that may offer big value-add potential. These platforms often offer properties at discounted prices compared to general real estate marketplaces.
- Auction.com
Specializing in foreclosure and bank-owned properties, Auction.com facilitates auctions across all states. This platform is a great source for identifying distressed commercial properties that may be vacant.
- Foreclosure.com
This website also provides listings for pre-foreclosures and foreclosed properties, including commercial assets. The platform is an invaluable resource for finding vacant properties before they hit the market.
Pro tip
Regularly monitor these auction sites and study online auctions to understand pricing trends and competition levels in your target markets.
3. Dig through available data
Property and estate sales due to foreclosures and bankruptcies are potentially great investments but can draw the attention of many other real estate investors, resulting in bidding wars.
“Predictions of a huge spike in foreclosures after the moratorium, with the potential for a surge in zombie properties, never came true,” said Rob Barber, CEO of real estate data company ATTOM. “Indeed, the opposite has happened, as abandoned homes in foreclosure continue to get harder and harder to find around the country,” Barber observed.
Instead of joining the fray, we suggest you do your own research to find potential vacant properties before they appear on marketplaces and auctions.
These data platforms help you do that:
- ATTOMdata.com
ATTOM provides premium real estate data and detailed vacant property reports. The platform integrates a rich list of data elements ranging from foreclosure details and valuation, to commercial property zoning details and climate change risks.
While requiring some technical know-how, ATTOM allows you to thoroughly analyze properties and pull vacant property lists from their data pool.
- Propstream.com
PropStream is another powerful real estate data and analytics platform for identifying vacant properties and their owners. It’s also easier to use than ATTOM. Propstream lists real estate with property status filters like vacant, absentee owner, liens, and other relevant statuses.
For effective lead generation, simply save your search and export the data to a spreadsheet that you can use for direct mail campaigns.
- GIS mapping tools
How to find vacant land or property better than with a map? Geographic Information Systems (GIS) can help visualize property data and overlay vacancy information with other relevant data points, such as zoning and development plans. Many cities maintain GIS databases that can be accessed for property research.
Going through GIS data can get technical. Consider doing some GIS training to maximize the utility of these tools. This can help you identify patterns and opportunities that may not be apparent from raw data alone.
Pro tip
Compare and combine data from multiple data sources for a more comprehensive view of the market.
Using government resources to find vacant properties
Want to know how to find vacant properties before other real estate investors? Check the public records of local governments. They keep detailed records of local real estate, homeowner occupancy, and vacant or abandoned properties.
Tap into these three resources to get early insights into potential real estate opportunities:
1. The county assessor’s office
County assessors are responsible for locating, describing, and identifying ownership of all taxable property within their jurisdiction. They do this to determine fair property market value, which is then used to calculate property taxes.
County tax assessors need a whole lot of valuable property data to do their job. That’s why the assessor's office or website is your go-to source for identifying properties with potential vacancy issues and houses. Here's how to leverage this resource:
- Search for properties with unpaid taxes: Properties with delinquent taxes often indicate financial distress or abandonment.
- Look for patterns of non-payment: Consistent failure to pay property taxes over multiple years is a strong indicator of vacancy or neglect.
- Access public records: Many tax assessor offices provide online databases where you can search for properties with tax liens or arrears.
Pro tip
Develop relationships with county officials for early notifications of potential vacancies. Building a rapport with these officials can provide you with insider information on properties that may soon become available.
2. Local housing authorities
Local housing authorities can be a goldmine for finding vacant and abandoned properties. You can find all US housing authorities through the US housing data portal.
So how to utilize this resource?
- Check listings of abandoned or foreclosed properties: Housing authorities often maintain lists of properties that have been abandoned or are in foreclosure.
- Inquire about upcoming property auctions: Many housing authorities conduct auctions for foreclosed or seized properties.
- Explore partnership opportunities: Some housing authorities may be open to collaborating with developers to revitalize vacant properties.
Pro tip
Attend local government meetings to stay informed about property developments and potential vacancies. These meetings often discuss upcoming projects and areas of concern, which can help you identify opportunities before they become widely known.
3. Municipal code enforcement departments
Another creative way of finding vacant houses or properties that may become vacant is going through the data of the local municipal code enforcement department. Here are a few signs you’re looking for:
- Review properties with code violations: Properties with multiple or long-standing code violations are often indicators of vacancy or neglect.
- Focus on long-standing violations: Properties that have unresolved violations over extended periods are more likely to be vacant or abandoned.
- Analyze violation patterns: Look for clusters of violations in specific areas, which may indicate neighborhood-wide issues and potential opportunities.
Pro tip
Offer to assist municipalities in addressing problem properties for potential partnership opportunities. By positioning yourself as a solution to their vacant property issues, you can gain preferential access to information and opportunities.
Doing field research to find vacant property
Despite all the resources online nowadays, there’s nothing like doing some old-fashioned field research to spot potential vacant properties.
1. Drive-by surveys
After identifying potential zones through analysis, touring the target areas is an effective method to identify potential vacancies.
What are you looking for when doing a drive-by survey? Key signs to look for include:
- Overgrown vegetation and unkept landscaping
- Accumulated mail or flyers
- Boarded-up windows or doors
- No window curtains
- Lack of visible activity
- Code enforcement tape, posters, eviction notices
Pro tip
Create a schedule for area surveys to track changes over time. Neighborhoods or commercial zones with reduced (commercial) activity might have fresh vacant properties that only show disuse over time.
2. Building local relationships
In the world of real estate, you’re often only as successful as the network you build. Foster relationships with local realtors, contractors, property management companies, and even mail carriers to receive tips about potential off-market CRE deals.
Probate properties left without an heir, absentee owners, and recent evictions are the kind of thing you hear through the neighborhood grapevine.
Pro tip
Reciprocity is the key to building relationships. Offer value to your network by sharing your insights to encourage information sharing. A good bottle of wine or other tokens of appreciation go a long way.
Contacting vacant property owners directly
Now that you know how to identify vacant properties, the next step is getting in touch with the property owners. You might wonder, “How do I find out who owns a vacant property?”.
Often, you can simply use any of the mentioned data platforms to find the property owner. Other times you might need a different approach. Getting the owner’s phone number and other contact details might prove even harder.
Here’s how to find the owner of a vacant property and get in touch with them:
1. Search the public records
Start by going through local county records to identify property owners. These are typically available online or at the county clerk's office. Ways on how to find vacant property owners through public records are:
- Searching property tax records for owner information
- Verifying ownership through title searches
- Checking for any liens or encumbrances on the property
Pro tip
Consider using a CRM (Customer Relationship Management) tool to organize and update owner details efficiently.
2. Skip tracing services
If, after going through all the real estate platforms and public records, you still don’t know how to find out who owns vacant property, consider using skip tracing.
The private detectives of the real estate industry, skip-tracing services use various databases and techniques to locate individuals.
When contacting a skip-tracing service, don’t just share the property address. Share as much information as possible to speed up the search.
Pro tip
Build relationships with skip-tracing professionals for more efficient and cost-effective searches. Regular use of these services can often lead to better rates and priority service.
3. Contacting the owners
Now that you finally have the owner's contact information, prepare for direct outreach. You’ll have to convince the property owner of the benefits of selling the vacant property.
Luckily, your due diligence provided you with arguments for a sale. The more you know about a vacant property, the more tailored your outreach should be.
- For absentee landlords, emphasize the benefits of selling a potentially troublesome property
- For inherited properties, focus on the ease of liquidating an unwanted asset
- For long-term owners, highlight current market opportunities
Persistence and professionalism are your two keywords when contacting property owners. Be respectful of their time and situation, and be prepared to clearly articulate the value you can offer.
Consider multiple contact methods (phone, email, door-to-door) to increase your chances of response.
Pro tip
Instead of only doing painstakingly tailored outreaches, create an email template or automated email flow for vacant properties that are lower on your priority list or that you are unsure about.
Final thoughts on how to find vacant properties
Finding vacant properties in today's competitive real estate market takes a data-driven, dynamic approach. Leveraging online platforms and data sources is a first step towards finding CRE deals – but nothing can replace having a good network and doing field research.
Combine the discussed methods to uncover hidden opportunities before they hit the open market. The key to finding vacant properties is to have multiple sources and be persistent in your search efforts as well as your offers.
[Finding great real estate opportunities is step one – the second is closing the deal. Duckfund's soft deposit financing helps you quickly secure the funds you need when rare CRE opportunities arise.]
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