It feels like there are no new homes on the real estate websites and no one is selling because there is nothing to buy. So how is anyone managing to buy real estate at the moment? Off market property.
What is off market property? Well, its a secret. Or it has been for many years. But some clever buyers are now starting to become aware of off market properties and how valuable they are in the current market.
Off market or Unlisted Property is simply a home or investment that is not sold the traditional way. Off market property is not advertised to the general public and you wont see it listed on any of the usual online real estate websites. The term off market or unlisted property covers a wide range of real estate transactions. These are the most common:
these are properties that will be sold on the market if they are not sold during an off market campaign managed by a real estate agent. This is a very popular way to sell as it can save the vendor a lot of money on advertising and they dont need to paint the home or style it for sale. If it doesn’t sell for the price they want during the pre market campaign, the property will then be put on the market
these are properties that are most often sold through buyer’s agents. Real estate agents contact buyer’s agents and the property is usually sold within a very short period. Vendors like to sell off market as they save on advertising, photos, signage and styling. They also do not have their home open to the general public and their neighbours don’t get to poke around or ask how much they sold for
these are homes that are sold privately, without the assistance of a real estate agent. It takes time and local knowledge to build the trust needed to manage private sales. At Unlisted Property we are regularly contacted by individuals and families who are looking to sell their home or investment privately and we match these properties with our clients. Private sales are the most valuable of all off market transactions and we are the experts.
In the current market, with levels of stock so low and competition so fierce, having access to off market allows you to view many more properties and see them before the competition.
If you would like to discuss buying or selling off market please contact us.