Selling a Secret
The Pros and Cons of Selling Off-Market
“Off-market” What does this mean? Usually means a property has not been listed on online portals such as realestate.com or domain.com. And is offered to a select list of buyers perhaps via a database. If the agency makes all of the properties information public on the internet, this would be considered an on-market listing.
Pros of Off-Market Property Sales for Sellers
Off-Market Sellers Save Money
If you decide to sell off-market, money will be saved on expenses such as photographers, property stylists and listing fees.
Off-Market Sellers Connect with Genuine Buyers ONLY
Open homes attract those that are genuinely interested and let’s be honest, some that are there just for a sticky beak. On off-market platforms, the agents database will pair registered buyers to your property, ensuring they’re genuinely motivated to buy.
List your Property Immediately
When you list a property for sale the traditional way, time is needed to compile the marketing materials, stage a photo shoot and prepare the ad. It typically takes around a week or more for the property to be publicly advertised. Whereas, when you opt into an off-market sale, you can begin the sale campaign immediately.
Sell your Property in Private
Forced to sell your property due to foreclosure or messy separation? A private sale may be just what you’re looking for, as an off-market property sale often means no one but those people registered actually know your property is on the market.
Cons of Off-Market Property Sales for Sellers
Maximizing Enquiry Level
General masses of buyers won’t know your property is for sale, meaning you won’t be approached by passers-by or people browsing online real estate websites. There is no guarantee of a fast sale when selling off-market, as the buyer pool (database) that your agent is presenting your property will be incredibly small. Sure they’re promoting it to their database and prospective buyers on open days, but it’s all on an immensely smaller scale, which means it’ll take longer to find that right buyer.
Miss Out on Driving a Multi Offer Situation
The off-market approach may mean missing out on optimizing on the competition that a multi offer situation brings, especially when this situation could potentially drive the property price up. Competition creates interest and allows the market to set the highest possible price that any buyer is willing to pay. You will never know if someone else would have offered you more for your house. Experience tells, that if one person is willing to meet your price for your house, there is probably someone else out there willing to pay more than that
With this said, if you consider what the Mackay market is like at the moment. A rising market might work in an off-market setting, a flat or falling market will not. But if you are selling in a rising market, why not make the most of it and present it to as many buyers as possible (by advertising it)? Selling off-market means never knowing if you maximised your sold price. Not a great idea in any market, and not a strategy we recommend.
