Pros And Cons Of Selling A Property Off-market
When it comes to selling a property, there are a range of options available to homeowners. While most vendors choose to sell by private treaty or auction, it’s also possible to sell a property off-market.
Off-market normally just means that the property is sold without it ever being listed. This can be with the help of an agent, or privately.
While an off-market sale might be an appealing prospect for some vendors, it’s important to weigh the pros and cons of all potential approaches.
The pros of selling off-market
Selling off-market can save sellers money on listing fees, which can be significant in Australia. Offers can be submitted and negotiated before the need for any marketing or auction fees.
Reach the right buyers
Off-market sales allow sellers to target serious, qualified buyers, reducing time and money spent. Sellers can connect with them via buyer’s agents or off-market real estate platforms that notify buyers when a matching property is coming up.
No open homes
With fewer buyers and less foot traffic, off-market sales reduce the need for staging and preparing the home for inspections. However, it’s still important to make the property as appealing as possible.
Testing the market price
Selling off-market gives sellers a snapshot of the property’s potential saleability, testing the market’s response and gauging price expectations. If it doesn’t sell, vendors can then list it publicly with a clear price strategy.
Without an official start date, sellers can take their time and avoid the negative impression a lengthy listing period can create.
Getting your requirements met
Reduced competition can foster a personal relationship between buyer and seller, potentially leading to offers that satisfy the seller’s needs beyond price alone.
Off-market listings keep a property away from the public eye, offering greater privacy for sellers. This is something that occurs with higher priced properties.
Off-market sales can expedite the sales transaction, avoiding lengthy sales campaigns that can sometimes stretch out for months.
The cons of selling off-market
Risk not finding the best price
A higher number of interested buyers usually translates to greater competition and a potentially higher sale price. Less competition could mean the property fetches less than it might on the open market or through a process like auction.
Potentially slower sale
Typically, an off-market campaign can take longer as individual buyers need to be approached.