In Australia, not all property sales are listed publicly. Some are carried out privately and can’t be found on a real estate website or in the agent’s window.
To access an off market sale, you need to have relationships with local insiders. Here’s what you need to know:
What is an off market property sale?
An off market sale is not advertised. It is usually handled through a real estate agent who will approach potential buyers directly on behalf of the seller.
Some properties are offered off market before a marketing campaign is created. Others are never shared publicly.
Why sell off market?
There are a few reasons why a seller might choose to stay off market:
• A quick sale: Off market sales are often quick because there are fewer interested parties and offers only come in from ‘qualified’ buyers. An off market property will be shared with one or two specific buyers who agents know are ready to move very quickly. There is no need for a drawn-out campaign or auction process. If the home seller wants to make a quick move, selling off market can be the best option.
• Privacy: Sellers may not want their home sale known to the public. They may be a recognisable personality who needs to avoid the exposure.
Some sellers may be put off by the idea of home opens and multiple people visiting their home. Couples who are going through a divorce also often choose to sell off market to avoid unwanted attention.
• High demand: When buyers are queueing up to make a purchase, there isn’t as much need for a huge campaign. The real estate agent will introduce the seller to buyers who have just missed out on buying a home and will be quick to make an offer.
• Specific criteria: It doesn’t happen a lot but sometimes a family has had a property for decades and is more concerned about it going to the right people, instead of selling for the right price. In this case, an off market sale makes sense.
To gauge interest: Sometimes homes are offered off market to get an idea of what buyers may pay. If an offer doesn’t come in that the seller is happy with, the agent will share the property with the public to attract interest from further afield.
How to find an off market home
Finding an off market home can put you ahead of other motivated buyers in your area.
The best way to find an off market sale is to build a good
relationship with your real estate agent. Speak to them about what you are looking for in your perfect home. Let them know as many criteria as you can including size, style, and of course price range.
Think about putting together a property brief with all your new home criteria together and sharing it with your real estate agent. If an off market home comes up, your agent will be in touch.
Don’t forget to have pre-approval for your home loan. Once you have viewed a property ahead of other buyers, you need to be able to make an offer with confidence and act quickly to sign the contract of sale.
Want to get to know a local agent who will help you find your dream home, even if it is not advertised to the public? Reach out today.
