Off-market property – what it is and how buyer’s agents get you access

 

What is an off-market property?

An off-market property refers to a property that is for sale but is not publicly advertised or listed on the typical channels like real estate websites, newspapers, etc.. Instead, it’s usually marketed through more discreet means, such as word of mouth, private networks, or exclusive listings with real estate agents (both sales agents and buyer’s agents).

Whilst we are talking definitions, there is also “pre-market” property – this is propetry that is about to go online – it is normal that some sales agents will give VIPs like buyer’s agents early access/advance notice of such properties – if the vendor is keen for a quick sale this can sometimes be an effective method for both the seller and buyer.

Benefits of buying an off-market

Here are some benefits of buying an off-market property:

  1. Less Competition: Since off-market properties are not widely advertised, there’s generally less competition from other buyers. This can give you an advantage in negotiations and potentially lead to a better deal.
  2. Privacy and Exclusivity: Off-market properties offer a level of privacy and exclusivity that public listings don’t. You may have access to properties that are not available to the general public, giving you the opportunity to find unique or exclusive homes.
  3. Potential for Better Prices: Sellers listing their properties off-market may be motivated to sell quickly or discreetly, which can create opportunities for negotiation and potentially lower prices compared to properties on the open market.
  4. Reduced Stress and Time: Since off-market properties are not publicly advertised, you may be able to avoid the stress and time-consuming process of competing in a crowded market. This can lead to a smoother purchasing process and less competition-induced pressure.
  5. Customization and Flexibility: Off-market properties may offer more flexibility in terms of negotiations, terms of sale, and potential customization options. Sellers and buyers can negotiate terms that suit their specific needs without the pressure of public scrutiny.
  6. Access to Exclusive Deals: Off-market properties are often sold through private networks or connections, providing access to deals that may not be available to the general public. This can lead to finding hidden gems or investment opportunities that others may overlook.

Benefits for sellers

As with any commercial transaction there must be benefits on both sides.  For a seller the benefits of selling off-market could include:

  1. Privacy: Some people selling off-market do so mainly for privacy.  They don’t want nosy neighbours to know what they are doing and may want this to be a low key affair.
  2. No public open homes/less disruption and stress: Public open homes can be very disruptive to the people in the home.  Selling off-market generally means less inspections and less disruption to your life.
  3. Save on selling costs:  When you sell off-market you don’t always need to pay a sales agent.  This can save you tens of thousands of dollars in commission as well as thousands in marketing fees.
  4. Save time: Without doing marketing campaigns and public inspections you can sometimes sell an off-market propert faster and in less time.   If the seller is in a rush this van be very attractive.

How do buyer’s agents get access to off-markets?

Buyer’s agents are in a very unique position in the real estate market.

One buyer’s agent has a pool of current and prospective buyers.  Because of this, real estate sales agents will regulalry contact buyer’s agents with details of any off markets they have access to.  This is basic marketing and by doing this they are opening the net (so to speak) to a wider market.

Buyer’s agents also do letter drops and door knocks and can and do find their own off-markets.

Furthermore, buyer’s agents (like sales agents) are contacted directly by the seller to help them find a buyer for their property.  Sellers that do this generally are after privacy and/or to save by not paying the sales commission.

Always seek professional advice

Off-markets are a huge buzzword, but they are not always what they are hyped up to be.  As with any property, it is essential to approach off-markets with caution and conduct thorough due diligence.

Working with a trustworthy buyer’s agent is even better as they can do all the due diligence for you as well as negotiate the price and terms with the vendor on your behalf.

Newcastle off-market property – do you have an off-market property to sell?

Do you have a property in the greater Newcastle and Lake Macquarie region that you wish to try and find a buyer for?  Do you want to have privacy and or save time, and save money by not paying commissions?

If so we may be able to help you.   Fill in this form here and we will be in touch, no obligation, complete confidentiality and your privacy is of utmost importance.

Further insights

For further insights into what an off-market property is visit this page on realestate.com.au.

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