What is an off market property or an unlisted property? And how can it help me buy real estate in the current market?
An off market or unlisted property is simply a home or investment that is not sold the traditional way. They are not advertised to the general public and you wont see them listed in any online real estate sites. The term off market or unlisted property covers a wide range of real estate transactions including the following:
pre market homes
properties that will go to auction if they are not sold during an off market campaign managed by a real estate agent. This is a very popular way to sell property at the moment as if the property sells pre market, it can save the Vendor a lot of money in advertising costs and they dont need to paint the home or style it for sale. If it doesn’t sell during the pre market campaign however, usually as the Vendor did not get the price they want, the property will go online for the traditional advertising campaign, so the Vendor can feel confident they will reach the price they are seeking prior to or at auction
off market homes
Properties being sold often through buyer’s agents or real estate agents contacting certain clients on their data base. This is a very popular way to sell at the moment as it allows the Vendor to 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
passed in properties
have failed to sell at auction. Believe it or not there are some properties being passed in right now and if you have the contacts and the negotiation skills to act quickly and confidently, passed in properties can be negotiated to a successful sale, usually on the day of the auction
post market properties
have been put on the market but did not sell. These homes were passed in for a variety of reasons including a Vendor asking too much, not presented well, family disagreement or other factors. If you have the local knowledge to know which properties were passed in and why, along with the patience to perserve with the extended negotiations then these properties can often be negotiated to a successful sale, sometimes months after they were originally listed on the market
private sales
these are homes that are sold privately, without the assistance of real estate agents. These transactions require good local knowledge, the ability to build trust and negotiate directly. At Unlisted Property – Buyer’s Agent we are regularly contacted by individuals and families who are looking to sell their home privately.
In the current market, with levels of stock so low and competition so fierce, having access to these off market or unlisted properties literally gives you the key to open more doors and see more homes, giving you access to properties that most people don’t even know about! If you would like to look at off market properties contact us.
