An off market sale is — well, a bit of a misnomer for one, but more on that later — where a property isn’t marketed or advertised to the general public. Instead, a real estate agent contacts a database of buyers known to be looking for a similar property, and invites them to make an offer.
It’s a bit like a silent auction, only without the auction part — a silent private treaty sale, of you will. Since that doesn’t quite have the same ring to it, they’re known in the industry as off market sales.
Off market properties still ON the market
In an off market sale, the homeowner still appoints a real estate agent, prepares and signs a contract of sale and vendor disclosure agreement, and carries out any necessary pre-sale refurbishments.
The only difference is that the property isn’t publicly marketed, so the homeowner doesn’t have to spend money on photography or marketing and advertising materials — signboards, flyers, listings on real estate portals.
Low-commitment, low-cost sale
An off market sale is a low commitment option for vendors who may be testing the market to see what demand their is for their property. Property marketing fees usually come in at around 1 percent of the value of the property. In addition to being low-commitment, it’s also low-cost.
Off market sales work best for high demand property — a three bedroom house in a blue ribbon Sydney suburb, for example. But not all agents suggest off market sales, because it involves more work — they need to contact their database of buyers, negotiate a sale and still get a price comparable to a publicly advertised property. On the upside, a good agent can negotiate a sale quickly.
What about Fixed Fee or Non-Commission Property Marketing Services
Some very big International names are wading into the no commission real estate agent market and instead these organisations charge a fixed fee and help you manage the sale of your property yourself. Learn more about these organisations.
Should you Contact a Buyers Agent Instead
Buyers Agents have a duty to the buyers so they won’t have you as the person they want to please but they do have databases of clients who have very specific needs and if the market is doing well and your property fits the bill you could be up for a quick sale at the price you want so it is definitely an option to consider.
As seen in..
Our educational blogs are designed to help you understand each of the steps involved in selling your property so whether you choose to work with a real estate agent or do it yourself you'll understand the work involved and be more efficient and aware of what you need to do. Our articles have been seen in these major online news and information portals..
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