The off-market method of sale is becoming increasing popular, where qualified and highly motivated buyers are invited to inspect and make an offer on a property before it is formally listed for sale.
In this case, the notice of sale is typically shared with a limited number of property seekers through off-market listing platforms or buyer’s agent networks. This gives the seller control over who can view and inspect the property while reducing the costs of selling and marketing.
The pros of selling off-market.
Potential savings
Selling off-market can save the seller money on the listing. Offers can be submitted, reviewed, negotiated, and accepted before investing in external marketing options or auction fees.
Reach the right buyer
Off-market sales allow sellers to cut through the noise and only invite qualified and highly motivated buyers to inspect a property.
Another way to reach qualified buyers is through online off-market real estate platforms which require buyers to provide specific criteria. If a property matches their criteria, the buyer is notified immediately.
No open homes
An off-market sale means fewer buyers and less foot traffic through a property, reducing the need to prepare and stage the home for potential buyers and open the home for regular inspections.
Test the market price
Selling off-market gives sellers a picture of the property’s saleability, testing the market’s response — both positive and negative—and assessing price expectations.
If a property doesn’t sell off-market, vendors can then take it to the open market with a clear price strategy and realistic expectations.
Less pressure
Because an off-market listing doesn’t have an official start date, sellers can take their time and test the market out without fear of a negative impression from potential buyers. The longer a property spends on the open market, the more lowball offers it will attract.
Get your requirements met
Reduced competition can allow sellers to develop a personal relationship with buyers, in which the buyer can better understand the seller’s reasons for selling and make offers that meet their needs outside of just price.
More privacy
Choosing to go with an off-market listing allows sellers to keep their property away from an open real estate market. No public listing, no auction, and no open homes afford sellers greater privacy.
Faster transaction
By avoiding the length of a typical sales campaign, which can sometimes take several months, sellers can achieve more immediate results.
Learn more
Wondering if an off-market sale is right for your circumstances? Belle Property’s Carolyn Wheatley regularly conducts off-market sales and therefore knows the ins and outs of selling property offmarket, and as a trusted real estate advisor has extensive experience in advising on the right sale type for each vendor. If you are considering this option – call her on 0407 120 483 today.
