With median prices down and clearance rates hovering below 60% since the start of this year, we’re seeing a significant increase in the number of off-market sales happening across Melbourne.
Selling your property this way means that it’s presented directly to genuine, qualified buyers – without the cost and effort involved with a standard marketing campaign. Traditionally a rare method of sale aside from at the very top end of the market, a growing number of buyers and sellers at all levels are embracing the trend.
Off-market sales are enjoying a resurgence across our network as the subdued property market, the release of the banking royal commission report, changes to tenancy laws and the looming federal election combine to create a great deal of uncertainty.
If you’re looking to buy or sell property this year, it’s certainly worth learning a bit more about the pros and cons of off-market sales so that you can make an educated decision about whether one might be right for you.
Why would you sell off-market?
- It’s less expensive as you won’t need a marketing budget. You can choose to use the money you save to make minor improvements before sale, or pocket it.
- It’s discrete. You can list your home in complete privacy – only a small number of genuine buyers will know that your property’s for sale.
- It’s less disruptive. There’s no need to present your property for photography and twice-weekly open inspections.
- It allows a quick sale as you don’t need to factor in 4-6 weeks for a full marketing campaign.
Why would you buy off-market?
- There’s less competition as only registered buyers will be notified that the property’s for sale.
- It’s more efficient. You won’t need to spend your weekends going to multiple open inspections and auctions.
- You can negotiate contract terms. An off-market sale allows you to discuss and agree settlement period, deposit and other aspects of the sale.
Whether you’re considering buying or selling off-market, it’s essential to build relationships with trusted local agents.
If you’re a vendor, you should find an agent who knows the area and can offer you a large network of genuine buyers who are actively looking for an off-market opportunity. Even better if they’ve sold a property that’s similar to yours recently – they may have a number of buyers who missed out and would be keen to snap up your property. Because choosing an off-market sale means you’re missing the exposure of a standard marketing campaign, you’re relying even more heavily on your agent’s network and negotiation skills to deliver a strong sale price.
If you’re a buyer, you should register with local agencies and ask to be notified of any off-market listings that might suit you. Let them know exactly what you’re looking for, how soon you’d like to buy, and what you want to spend. The more specific you can be about your requirements, the more likely it is that they might help you find ‘the one’.
At Greg Hocking, our experience and strong local networks allow us to match off-market buyers and sellers to deliver great outcomes for both parties. Contact your local office to register your interest in an off-market sale today.