4 April, 2016 / Category: Blog
First thing’s first; the explanation. For those who may have heard it come up in conversation but have no idea what an off-market property sale is, it is the sale of a property through means excluding a public advertising campaign. Think of it like a business deal being made over a quiet drink outside the office – a mutually beneficial outcome that’s agreed to privately.
The question on everyone’s lips regarding off market properties is whether it’s a favourable road to travel down for you. Of course, as they’re not advertised, you may not even know where to begin looking! A good buyer’s advocate (cough cough, like us, cough cough) is a great port of call in this case, as they have the connections within the real estate market to remain always ‘in the know’ about all properties that are looking for the right buyer, whether off-market or otherwise.
It most definitely comes across as a more attractive way to approach the real estate game; you can forget about the busy OFIs and crowded auction days where the sale price far exceeds that of what’s been advertised. However, the negotiation stage may be quite difficult and as such it’s probably best if you approached a professional to get you the best result possible. They’ll not only be well-trained and experienced in real estate negotiation, but will also be able to approach the situation free of emotion and provide a psychological advantage.
For sellers, it’s a great way to complete a quick sale if needed, as there’s no need for a 4-week campaign that may end in a passed-in auction result. It will also remove the costs of marketing your property through the media, and you’re keeping the whole process as private as possible without the stream of people walking through each week.
One important factor to consider is to make sure that the price you’re offering (as a buyer) or the price you agree upon (as a seller) is fair and based on comparable sales in the area. Further to this, you also need to remember that if you’re looking to buy off-market, steps such as pest and building inspections and conducting due diligence on the property must not be forgotten.
Ultimately, whether you’re either selling or looking to buy, it is of course your decision. There are definitely some great benefits in going down the off-market property path, and if you’d like to know more we can always assist.