How Builders And Developers Discover Off Market Real Estate Opportunities October 4, 2017 Home Building By: Vivian Nguyen Share: TwitterFacebookLinkedIn When markets face land shortages, builders and developers need to find new real estate opportunities, including off-market opportunities in order to remain competitive and increase profitability. Getting ahead of the competition means assessing your market quickly and accurately in order to discover and secure the best deals. Given that so many builders and developers spend time using inefficient methods of research and analysis, it’s actually not that difficult for tech-enabled firms to get ahead. You just need to know how to leverage technology that positions you ahead of everyone else. Use Data to Map Out Real Estate Opportunities for Development When you use a powerful GIS platform, finding development opportunities can be as simple as looking at a digital map layered with market information. The data and analytics provided by a GIS platform show users a comprehensive parcel analysis alongside information based on the user’s search criteria for specific data points. GIS technology allows builders and developers to filter their search results and then aggregate data to illustrate the location of opportunities. With everything on one platform, you don’t waste time searching for and analyzing multiple sources of information. The results from your GIS platform provide a detailed, data-backed analysis of your market, helping to reveal new opportunities. Viewing a map of your market alongside full owner portfolios, comparables, property type, hazard data, zoning, lot and/or building size, transaction history, points of interest, and much more, you’ll be able to easily assess where the real estate opportunities are hiding. Where are the Off-Market Opportunities? With the right set of information, finding hidden development opportunities is easier than you might think. GIS technology allows you to get creative with search filters, providing unique insights into your market. For example, a search for multiple properties owned by one person may reveal aggregate parcels of land that aren’t being used to their full potential. Given the market’s land scarcity, owners might be more motivated to sell knowing that they could get a great price for their land. A GIS platform offering complete owner portfolios makes it easy to contact the right person to get the conversation started. Or perhaps a zoning search reveals industrial land that isn’t currently being used but is also zoned for residential. A second search for points of interest could illustrate close proximity to transportation and popular shops and cafes, indicating that this particular piece of land could be a great option for multifamily development and just might be the next hot neighborhood in your market, making it ideal for multifamily development. You can even search for improvement percentages. This analytics data is not readily available to your competitors, but they are something you can easily see and explain when trying to sell off-market opportunities. With multiple search options, you’re only limited by your imagination and knowledge of which factors typically contribute to great development opportunities. Gain the Competitive Edge Despite Land Shortages Leveraging GIS technology means you’ll always find yourself in the right place at the right time, easily discovering development opportunities faster than everyone else. Finding the information you need to discover potential off market development opportunities can be an incredibly time-consuming process when done manually. Builders and developers who use GIS technology are making smart, data-backed decisions when presented with opportunities that others might be missing. In today’s digital workplace, builders and developers have the tools they need for a competitive edge. The ability to easily visualize all of your market data layered over a map allows you to access all the land development options your market has to offer. While everyone else is looking in the same places for the same opportunities, your data-empowered team will be a step ahead, discovering off-market opportunities no else is seeing. To learn more about how you can use GIS technology to land more opportunities and grow your business, check out LandVision. For more information about discovering hidden development opportunities, download our guide: Outsmart the Competition: A Guide to Discovering Hidden Multifamily Opportunities Using GIS Technology. You can also take a look at how WestGate Ventures uses LandVision to identify profitable opportunities!