What is an off-market sale?
At the moment there’s a lot of talk in the property market about off-market sales, but what exactly are they, and how do they work?
An off-market sale sees a property sold without public advertising and, like all methods of sale, it has its own unique pros and cons.
How off-market sales work
An off-market sale happens without the need for advertising and marketing. Instead, an agent might seek to match a property with someone in their database of buyers, or they may approach a property owner on a buyer’s behalf, asking if they’d consider selling.
Off-market sales tend to be a more attractive option for vendors during a seller’s market because buyer demand outstrips the supply of houses.
That’s why the term is getting a lot of air-time at the moment. With many people considering buying and property supply limited, off-market sales can prove a quick and efficient way to sell a home.
So what are the pros and cons?
Off-market pros for sellers
For sellers, an off-market sale can remove the stress of a full sales campaign. There are no open homes, there are minimal inspections and the cost of marketing your property for sale is eliminated.
Meanwhile, it also allows for a quiet transaction where you can anonymously sell your home, and can also be the opportunity to secure a great price should the right buyer be interested in your property.
Off-market cons for sellers
On the flipside, an off-market sale removes the competition of an open market.
With no inspections, there’s less of a sense that others may be interested in the property and potentially this might mean a vendor doesn’t achieve top dollar.
Basically, that’s because the more interest a property receives, the greater chance it has of selling for a good price.
Off-market pros for buyers
For buyers, an off-market sale might be the chance to secure a bargain, but more often it’s the opportunity to secure the home of your dreams.
That’s due to the fact the agent is actively working to match the property with a potential buyer, and the best agents will do that knowing exactly what property features each buyer in their database is looking for.
As we mentioned, an agent might even actively doorknock properties and streets that they know a buyer is serious about purchasing in, asking if the owners would consider selling for the right price.
Off-market cons for buyers
For a buyer, an off-market sale requires patience. If an agent is looking for a home on your behalf, finding it can take time and if they’re approaching potential vendors, those sellers might need additional time to consider whether they’re actually ready to sell.
Looking to buy or sell?
If you’re considering selling your property, our experienced agents are more than willing to walk you through the different sales options and what’s involved in each.
Meanwhile, if you’re considering buying, you can see our available properties here, or reach out to our agents to let them know exactly what you’re looking for in a home.