A question I’m always asked by my buyers is ‘do you have access to offmarket properties?’.
Whilst a fair number of my purchases are found and bought off-market, I’d like to clarify that not all off-markets are worth pursuing.
To understand whether an off-market property is an opportunity, a trap, or a waste of your time hinges on the motivation of the vendor and sales agent.
Discovering the seller’s motivation is crucial.
Perhaps the vendor isn’t committed. They may be testing the market to find out what their property is worth (for any number of reasons) or have been baited to sell. In any case they don’t want to spend money on marketing and would only trade if someone over pays. Hopefully not you.
Some off-markets are properties recently listed that did not sell. A newly appointed agent will re-list off-market to avoid over-exposure. In this situation an abundance of research and caution must be applied to understand why it didn’t sell the first time ‘round. A poorly executed prior campaign? Opportunity knocks. A nearby redevelopment blocking light and views? Buyer beware.
Sometimes a seller just wants privacy for personal reasons like divorce or financial difficulty. This might present an opportunity because confidentiality becomes more important than financial gain.
Then there are the highly desirable properties that attract ample demand from buyers agents and VIP databases. These off-market opportunities require fast due diligence, quick decision making and a compelling offer to get the deal done. I often hear about these types of properties before the agent is assigned or contract is prepared, and once the word gets out they’ll sell within hours or days.
The above are just a few examples but you get the point. Finding out about off-markets is one piece of the puzzle. Researching vendor motivation and the quality of the property is critical.
If having full market visibility, and spending your precious time only assessing the best property options available appeals to you, perhaps it’s time to talk.
In just a few minutes you’ll learn what it’s like to buy property with a professional in your corner.
You can book a call with me here.
