Concerns were raised within the real estate industry last week that off-market sales don’t net the vendor the same amount of money as an on-market sales campaign with advertising.
While we’re not against on-market campaigns as we believe there’s a place for them, off-market sales, if implemented correctly, can achieve the same, if not better, results. A good agent will never allow a property to undersell.
Off-market sales have become so popular that they now account for 30%-35% of many agencies’ total sales and appeal to all property buyers whether they’re a first-home buyer, investor or someone looking for their dream home.
Here’s why.
Off-market benefits
- No upfront marketing fees
- Marketing options are still available if you choose
- Vendor privacy
- Less stress
- Serious, ready-now buyers
Off-market sales usually come with a lower price outlay because you can list your property for sale without investing in expensive upfront advertising and associated requirements such as home staging or professional photography.
However, a vendor’s agent can still utilise social media, direct marketing initiatives and word-of-mouth referrals to generate buzz and attention in place of advertising on mainstream portals.
This means more cash in your hand which can go towards your next mortgage loan. A more attractive bank account can also discount the need for LMI (lenders mortgage insurance) and contribute to higher lender approval.
Off-market sales offer added vendor privacy and anonymity as no open for inspection times or for sale boards are needed. This is turn means less stress for vendors who don’t need to worry about preparing for last-minute open for inspections.
As well, off-market sale prices are more discreet than on-market opportunities, ensuring no one need know what your sale price is, including your neighbours. Off-market vendors also have the option to change their price at any time without buyers knowing this which leaves it open to buyers trying to negotiate a better price for themselves.
Another common off-market myth is that potential buyers won’t be able to see or find your property. But buyers who seek out off-market properties tend to be more serious and committed to finding a property often more so than their on-market counterparts. Off-market buyers are tired of missing out on their dream property, tired of spending their weekends attending open for inspections and as such, they often have no hesitation in snapping up a property ASAP.
Helping out such buyers are marketplaces like Listing Loop, which now make finding off-market properties easier by bringing together listings in the one convenient place. Users are matched to properties that suit their specific needs and are alerted in real time when new, relevant and suitable properties hit the market.
Why wait?
At the end of the day, off-market sales enable vendors to sell their home with less stress, less inconvenience, less invasion of privacy and in most instances, less financial outlay.
With all of this in mind, it’s important to plan for your sale but also be a step ahead for your next move. Do you have finance approved for your next home?
Give us a call today and we can help matchmake you with your perfect lender suited to your specific needs.