Understanding off-market property sales

Things happen. Circumstances change. And you may find yourself in a position where you need to sell your house but you don’t want anyone to know. Or, you may be in a position to buy a house but you don’t want to go through the stresses of auction or compete with other buyers. That’s when off-market property sales come in.

If you’re unsure of what the term ‘off-market’ means, it means properties which haven’t been publicly advertised across mainstream real estate channels. 

How do I find out about off-market properties?

There are a few ways to find out about off-market properties in the area you’re wishing to buy:

• Network – Get your name on as many Real Estate databases as possible. Make sure you talk to the agents about the fact you’re interested in off-market and be honest about what your budget is. As buying off-market is a much quicker process, you should really have your finances pre-approved and ready to go.
• Property matchmaking websites – There are websites that do the hard work for you. They bring together properties for sale from all real estate agencies. All you need to do is register your details (either as a buyer or seller) and they’ll match you up to the relevant person – or property – in their database.
• Buyer’s agent – If you are time poor or looking to buy in an area you don’t live in, a buyer’s agent can do all of the legwork for you – for a fee.

Why would I sell my house off-market?

Off-market property sales are on the rise. In McGrath Estate Agents’ 2017 McGrath Report, John McGrath revealed that off-market selling was taking off across all price brackets but particularly within the prestige sector. But why would you sell your property off-market?

• To maintain absolute discretion – there’s a reason why the more prestige market goes down this path and that’s absolute discretion. Off-market means no public advertising, no open homes, it’s just you, the agent and the few potential (and very serious) buyers.
• To save time – you may be in a situation where you need to sell your property quickly. This may be due to financial or family situations or you may just be ready to move on. Selling your home off-market allows you to avoid the lengthy sales cycle.
• To save money – when you sell off-market you won’t be investing in all of the expensive on-market real estate marketing. Plus, there’s no need to style your home, or declutter and pay for storage to create that ‘wow’ factor. The potential buyers viewing your home will know what they’re looking for and it won’t be whether you have the latest designer furniture.
• Less time-wasters – yes you may be reaching fewer potential buyers but they buyers you do reach, are serious ones. Most will have their finances and pre-approvals ready, they’re just waiting for the right property. They’ll be no weekend open-homes with hordes of people traipsing through your home but none that are serious buyers.

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