While there are the traditional methods of selling including auction, private treaty, and expressions of interest, the recent property boom has seen more homeowners choose the off market route.
To sell off-market means a real estate agent solely relies on their existing database to promote your property. They will take some photographs and then email a description to everyone who is looking for a similar type of property. This method works off the assumption your real estate agent already has your buyer on their database.
The main benefit of this method is it costs only a fraction of the usual marketing campaign to sell this way. There is no signboard, no online advertising on the major property portals and no auctioneer fees. And if the property is priced realistically, it could sell after the first showing.
If this form of sale is your preferred method, it is important to also consider the potential negative aspects of selling off market. These are the top 5:
- If you sell to the first buyer that comes along, how do you know you couldn’t have achieved a higher price if you showed more people through?
What happens if after a few weeks, nobody is interested at the price you want to achieve? Do you give up and take the property off the market or do you progress to a full sales campaign?
How can you ensure the agent you choose has the best database for your type of property?
- Buyers love an off market sale as they consider it an opportunity to secure a bargain due to the lack of competition against other buyers. Is this how you want your property to be perceived?
- Remember: the agent will still charge you the same selling commission for putting in less effort.
Selling off-market can be a good option to reduce the associated marketing costs that come with a traditional property sale, however is it the best way to maximise your sale price?
Done correctly, an off market sale can have it’s benefits. However the timing, the agent you choose and the correct structuring of the process has a critical impact on the outcome. If you’d like to know whether an off market sale is right for you, speak with one of our Vendor Advocates for free, independent, unbiased advice. We specialise in helping sellers achieve the highest possible price for their home.