No styling, no advertising, no open homes, no stress – real estate agents say selling a home off-market is no longer just a trade secret.
Growing in popularity during what is shaping up to be a record-breaking year for the industry, off-market is a term many may still grapple with.
Stone Real Estate agency principal David Tanchevski says off-market needn’t be a term sellers are hesitant about.
“Off-market selling is a term used to define a property that is selling, or has already been sold, without any public advertising,” he said.
“It’s an alternative to selling by auction, private treaty or expression of interest.
“Contrary to the adage woven into the very fabric of the real estate industry – you can, in fact, sell a secret.”
Based in Merewether, with industry sales experience that stretches throughout the Hunter, Tanchevski says selling off-market can present benefits for both home sellers and buyers.
“Traditionally, selling a home involves a marketing strategy aimed at driving maximum public exposure and therefore maximum profit,” he says.
“As we continue to navigate COVID-19 restrictions, in particular rules around open homes, the option to sell off-market gives vendors (sellers) the opportunity to capitalise on the ever buoyant property market regardless of lockdown measures.
“Record low interest rates and even lower stock, compounded by pent-up buyer demand, have combined to make off-market sales increasingly appealing for vendors and buyers alike,” he says.
The success of an off-market sale does rely heavily on an agent boasting an extensive database of potential buyers.
“Partnering with a trusted agent with an extensive network of high intent, finance approved buyers is the key to off-market success,” Mr Tanchevski told Newcastle Weekly.
“It is critical for vendors to choose a reputable agent with a track record of recent sales within the local area, as selling the property will inevitably hinge on leveraging the agents’ database of prospective buyers.”
The benefits to selling off-market he says, are quicker sales with less fuss.
“It gives vendors the opportunity to sell quickly and avoid a long sales cycle.
“An off-market sale means vendors don’t have to wait for all of the marketing materials such as professional photography and signboards, nor do vendors have to wait for the marketing campaign to scale exposure prior to hosting numerous open homes.
“With off-market sales, the property sale moves quickly without the hassle of a drawn-out marketing campaign or the headache of regular open for inspections.”
An off-market sale is also a strategic move for vendors looking to reduce costs.
“Vendors selling off-market will avoid the need to spend money on added expenses such as styling as buyers seeking off-market properties don’t expect to be wowed by wall to wall style,” Mr Tanchevski says.
“Rather, they’re more likely to be interested in the property because it fits their search criteria whether that be based on location, floor-plan or potential.”
Privacy might also be a factor.
“Another huge draw card with selling off-market is anonymity,” Mr Tanchevski adds.
“For high profile vendors or those who simply value privacy it’s the perfect way to complete a property transaction behind closed doors.
“As with all campaigns, each off-market strategy is unique.
“Your real estate agent will guide you through the process and devise the best off-market strategy for your circumstances.”
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