Unless you’re actively involved in buying or selling, off-market properties are somewhat of a mystery. The term is often used describe the process where a property that is selling or sold is done so with minimal marketing. This generally means it has not been published to the public on platforms such as domain or realestate.com.au.
There are different ways to go about an off market property. Some are done completely offline, while some are only advertised on the agencies website. In most cases, buyers who have enquired on previous properties are the first to be notified about off-market properties.
This method of sale has many benefits to both vendors and buyers, however as any approach in real estate, there are pros and cons for those on both sides of the transaction.
Pros for Sellers
- Selling off market removes a lot of stress while saving time and money by cutting down on advertising costs and inspections.
- Photography, styling, websites, signboards and print media are all costs that can be forgotten when selling off market.
- Agents contact their buyers who are red hot ready to go. This often minimises the amount of enquiries from those who are just browsing the market.
- Selling off market allows for a high level of anonymity which is sometimes attractive to those who would like to sell without advertising or publicising it.
Pros for Buyers
- Buying off market can help you beat the rush! It can help buyers avoid competition-driven inflation without the added pressure of possibly losing the place to someone else. This is generally because there are less people who know about the property.
- Buying off the market takes a lot of the stress and anxiety out of buying. Often the buyer has more time to negotiate and examine the property as there are not as many parties involved.
- Time benefits: often the agent will only be dealing with a handful of interested parties and don’t have to arrange viewings based on other buyers.
Do you want to learn more about selling or buying off-market? Contact us today to speak with one of our experienced local agents who can advise you based on your specific situation.