How to Buy Off-Market Properties? Is it Possible?
At the moment we are selling many properties “off-market.” So, what does selling “off-market” mean?
Firstly, what defines an “off-market” property? An off-market sale is a property that is sold without any public advertising. Often a client contacts and real estate agent to discuss listing their property and while they are preparing the property for sale the agent begins to contact any “A-grade” clients to share this opportunity. For this reason, it could more appropriately be considered a “pre-market” opportunity.
Once shared with the agent’s buyers and database, if there isn’t a satisfactory offer presented the property is then listed online. I have sold several “off-market” properties in the last few months with owners very appreciative of the results achieved. And while this is pleasing for our sellers, buyers are becoming frustrated with many of the properties they come across already sold before they’ve even had a chance.
How do you get on the speed dial of these agents?
Call the agents who are highly active in the area you are wishing to purchase and remain in constant contact with them. On top of that, most agents will have methods of communicating new or upcoming listings with their buyers. For example, I am a big advocate for emailing or putting a few pictures up on Facebook to announce a new opportunity. We’ve sold several properties using such methods which can save our clients time and money from advertising their home.
Pros and cons of selling “Off-Market.
- Save time preparing for open homes and inspections.
- Off-market sellers save money on marketing and advertising.
- Off-market sellers connect with genuine buyers only.
- List your property immediately.
- Sell your property in private.
- You won’t get cold callers interested in your home.
- Miss out on driving auction competition which can result in less competition which may lower the sale price.
