4 Biggest Benefits Of Off Market Properties
Whether you’re buying or selling a property, there are many reasons you should consider going off market.
In the simplest terms, off market properties are for sale, but aren’t advertised via the traditional channels. While this may seem like a counter intuitive way to sell property, as the reduced competition may result in a lower price, there are many reasons sellers choose this route. And, while off market properties might be harder to find, the buying process is likely to be easier.
If you’re looking to buy a house in Sydney, or considering listing a property for sale in Sydney, here are the top four reasons we think you should consider going off market.
Benefit #1: There is less public visibility
The traditional listed sales process can be quite invasive. In addition to widely advertising details of your personal business, you usually have hundreds of strangers and neighbours touring your home at open for inspections, and thousands more viewing it online. However, if you sell your property off market, you have significantly more control over who gets to see it, or even know that it’s for sale –just serious motivated buyers are inspecting.
This is great news for buyers too, as less competition can often lead to more favourable terms for you. It can also be a lot less stressful, viewing potential purchases at your own pace and without hoards of other buyers around.
Benefit #2: You have more time to make decisions
If you’re looking to buy a house on the Lower North Shore or Eastern Suburbs, then you know how quick you need to move when you find the right place. While this is particularly true when buying at auction, even traditional sales can require you to make quick decisions to beat out other offers. This often leads to budget blowouts or unexpected issues with the property post-sale.Setting your strategy and plan: Your strategy and plan – involves ideas and ways in which will you will maximise the price you achieve.
When you buy off market, time is less of a factor. As there are fewer potential buyers, you can take your time and do your due diligence. Similarly, if you are the seller, you will be able to take your time and properly consider any offers, making sure the terms, conditions and timing suits.
Benefit #3: Better negotiations
Because there are fewer parties involved – usually just the seller, their agent, and one or two (serious) buyers – negotiations are a lot more relaxed. Generally, there’s more interaction between the buyer and seller (or their agent), which makes the process a lot less stressful. It’s much easier to reach a mutually beneficial outcome and to accommodate any specific or unusual terms (e.g. confidentiality of the conditions of sale, longer settlement etc).
Benefit #4: Sales costs are lower
If you are selling a property, going off market can be significantly cheaper. In addition to not paying all the advertising costs – which could be in the thousands of dollars, you will also save on any professional staging, styling, preparing the property for sale or any works/updates required. This also means that, as there are minimal ongoing sales costs, you can let your property sit while you wait for the right price (if you’re not in a hurry to move).
Want more information?
If you’d like to learn more about buying and selling off market properties, Local Agency Co. is here to help. Give us a call on 1300 258 888 to discuss your situation and whether going off market would work for you. If you’re looking to buy, you can also check out our database of off market properties.