Selling your home off-market means that you’re selling without advertising the property to the public. Agents approach interested buyers from their database privately.
The benefits of selling off-market
Selling your property off market is generally a much cheaper option, as you don’t need to worry about the costs of marketing. If your agent has a strong buyer network, selling off-market can be ideal for a quick sale. This will specifically target people who may have recently missed out on purchasing a similar property and can be a very time effective method of buying and selling for time poor families, executives and those who prefer privacy. It is also ideal for rental properties where there may be little opportunity or time to properly present the property.
Real estate agents and/or buyers can directly approach homeowners who may not be in the market yet, or who are hesitant to sell. Once presented with an offer from a serious buyer, the homeowner can be persuaded to sell.
The risks of selling off-market
The biggest risk of selling off-market is the likelihood of receiving a lower price than if you had advertised. Because of less exposure, you risk not reaching the widest possible audience and consequently the ability to create a sense of urgency or ‘hype’ amongst buyers to present their best offer on your property. This is particularly true of selling by auction. It is essential to find real estate agent who has developed a large network of buyers with whom they have established a good relationship. The best agents are going after buyers themselves and dedicating more time to developing personal relationships with the purchasers they meet at opens and online.
Consequently, you may save on advertising costs, but at the same time, you’ll risk losing thousands or even tens of thousands of dollars on your final sale price.
Should I sell off-market?
If you’re looking to sell your house cheaply and quickly, perhaps selling off-market is right for you. However, if you want to attract as many buyers as possible to your property, choosing to advertise your property is a better option. If you’re looking for advice on whether to sell on or off-market, the best place to start is talking to a local real estate agent. Make sure you’re investing in someone who