What Is Off-Market Property Buying And Selling?
If you have recently wanted to buy or sell property, then you have most likely asked yourself, “what is an off-market property?” Rhett Dallwitz explains the off-market buying and selling process.
If you have recently wanted to buy or sell property, then you have most likely asked yourself, “what is an off-market property?” And, more specifically, “what makes an off-market property unique?” “How does the off-market buying and selling process work?”
Let’s take a closer look at what these “secret” property listings are all about.
What is Buying and Selling Off-Market Property?
Simply put, an off-market property is a property that has been listed for sale but is not publicly advertised on the open market.
While the vendor has confirmed the listing with the agent, the property listing cannot be seen on the real estate portals, in the local newspaper or in a real estate agent’s window.
Instead, the real estate agent may leverage their network of potential buyers to find the most suitable prospects. The real estate agent will consider their buyers’ preferred neighbourhoods, house size and other personal preferences. When a buyer is found, the agent will guide both the buyer and the seller through the sale process until the deal is finalised.
How to Find Off-Market Property
If off-market properties are not widely advertised, how do you find them? You need to be extremely proactive and get in touch with all your local real estate agencies.
Let agents know you’re interested in buying off-market and share your homebuying preferences such as your ideal budget, location and type of home. When a suitable property does show up on their radar, you’ll be one of the first to know about it.
Don’t just contact one or two real estate agents and call it a day. Why? Real estate agents are incredibly busy people who are continually in contact with new buyers and sellers every day. Make the effort to keep in touch on a regular basis so you’re top of mind when the perfect property becomes available.
Benefits of Off-Market Property
From the buyer’s perspective, one of the biggest advantages of buying off-market is that you get first access to just listed properties.
Instead of competing with a large number of buyers – people who are all browsing the same websites, reading the same newspapers and going to the same open homes – you get to bypass all of the conventional routes and take a shortcut. Given this, there’s greater likelihood that you can negotiate on terms that meet your specific needs.
Another great reason to buy off-market is the price. Typically, but not always, a property is sold off-market as a last resort – either due to financial reasons, a relationship breakdown or the client is high-profile and does not want the publicity. Sometimes a quick sale is the most desired outcome allowing you to negotiate a lower sale price.
Aside from being able to achieve a quick and stress-free sale, sellers don’t need to invest in typical advertising costs. This means costs associated with professional photos, videos, drone footage, professionally written property descriptions, print advertising and online property listings.
Furthermore, the pool of potential buyers is more niche and selective, not just the window shoppers looking at properties just for fun.
How to Enter the Off-Market Property Sector
Off-marketing buying and selling has seen tremendous growth in recent times. While off-market properties were once only on offer to the wealthy, the average Australian is starting to reap the rewards of this goldmine of properties too.
Better still, off-market properties can be accessed through platforms like Listing Loop, which are dedicated to helping buyers find their ideal home faster. All you have to do is sign up, indicate what your property preferences are and you’ll be instantly alerted when a suitable property is listed for sale.
To discover just listed off-market properties you need to sign-up, meaning there’s still a level of exclusivity and ‘insider access’ allowing you to be the first to know.