Off-market sales – yes, you can sell a secret

There’s an old saying in real estate that when you’re selling you want to shout it to the rooftops. You want potential buyers to know your home is available and if you don’t advertise, it won’t sell.

But the traditional method of advertising and selling doesn’t suit everyone, with some homeowners choosing an off-market sale.

There’s a lot of reasons.

It can be an issue of privacy. The seller could be high profile or they simply don’t want everyone to know they’re selling.  They may not want to deal with the hassle of preparing a home and presenting it for regular home opens. They may also not want to have lots of people going through their home. Or they may be considering selling at some point but are in no hurry, so they are willing to wait for the right offer to come along.

Selling off market is also a good way to test the market and get an idea of where buyers see value. If this doesn’t meet the seller’s expectations, they can change their mind without the broader market wondering what happened – and without a record of the unsuccessful listing being forever in the internet archives, which may affect future negotiations if they try to sell again.

How do they attract buyers if they don’t advertise?

Usually their agent promotes the property to active buyers in their database. This can often result in a quick sale.

Agents generally contact those buyers they think the home would suit. And whenever they meet new buyers who they think may be interested, they will also mention the property to them as an option.

So what are the pros and cons?

For sellers, it means maintaining privacy and some sense of a normal life, and avoiding scrutiny and speculation if they decide not to sell.

Sellers may also save on marketing costs, avoiding online advertising fees and signboards for example.

Another benefit is the home is only shown to qualified and genuine buyers.

On the downside, widely promoting a property and attracting a lot of buyers usually creates competition and leads to a higher price outcome. Sometimes though, the sale is more important than the price, and a good agent can negotiate the outcome the seller is looking for.

The lack of competition is generally considered a benefit for buyers.

How do I make sure I don’t miss out on these properties?

If you want to make sure you don’t miss any opportunity to buy in the area you’re keen on, register your interest with local agents and ask to be notified when new properties become available. Or you could engage a buyers’ agent. They can do the work for you, contacting sales agents and asking to be kept in the loop about off-market sales.

SOURCE: www.reiwa.com.au