Have you ever heard of a property selling quietly “off market”? Maybe you are familiar with the term but don’t quite understand the elements of this approach to buying and selling property.
In the current market, with property stock being low, and demand in the Upper Northern Beaches being high, I have many buyers asking about off market listings, and sellers wondering whether listing off market is a good option for their property.
So, what does it mean to sell or buy off market?
There are articles out there explaining in general terms the process of an off market sale, but I thought it would be more helpful to focus on elements specifically relevant to the Upper Northern Beaches. Below are my key points.
What does “Off Market” mean?
Off market in the broader sense of the term typically relates to a listed property for sale, without having the standard marketing material as well as not pushing publicly to online mainstream marketing apps such as realestate.com.au and domain.com.au. With big data now absorbing all the information from these mainstream websites and re-placing this information on public portals, off-market listings relate to avoiding this publicity.
Instead of publicly launching a marketing campaign, as we do with “on market” listings, we focus on communicating directly with our buyers through our buyer networks and database systems.
Off market promotional materials can be as stripped back as desired, however, having photos and floor plans makes a huge difference in communicating the property aspects to our prospective buyers. Here on the Upper Northern Beaches we do include and distribute photos and floor plans in off market listings, to our known client database.
Why do sellers sell off market on the Upper Northern Beaches?
Many articles relating to off market listings or sales, infer the reason for selling this way is generally due to an urgent need to sell, however, here on the Upper Northern Beaches, it is generally a different story.
There are a few key reasons that some owners we work with prefer to sell off market, these are –
PRIVACY – some owners don’t like the idea of a public campaign and would prefer a higher level of privacy.
PRESTIGE – the prestige properties tend to have a select few buyers, we work off our network and buyer database to introduce them in private rather than through a public campaign.
PRE LAUNCH – a scenario where the property has 2 to 3 weeks before going live online and providing an opportunity for qualified buyers to purchase the property before it goes to market.
What are the pros and cons of selling off market?
- privacy of the owner and their sale maintained
- fewer people traffic through the property and coming past the property to ‘check it out’
- the owner may not have to go to the full degree of preparing the house for sale
- marketing costs reduced
- the pressure of the sale reduced
- A limited number of buyers exposed to the property
- Limited offers
- Reduction in the competition of prospective buyers
- The uncertainty that the price that has been offered is the best possible price they could achieve in the current market place
This year alone we have sold 18 properties off market for the total value of $56 million.
Right now, we have several off market listings on our books which we are showing by appointment.
Two examples are:
If you are looking to buy contact me today for more information about our off market properties.