Selling a property off-market involves showing the house to a small group of potential buyers rather than listing it publicly. There is something special and unique if you are able to view a property before it is on the open market. Buying a house in this way is sometimes referred to as elitist or exclusive. This applies to both the seller and the buyer.
Why sell a property off-market?
At times it is the vendor who drives the strategy. Many sellers prefer fewer interested buyers to inspect their home rather than a large number of buyers inspecting their property. This is because having fewer buyers allows for a more selective and focused approach to selling the home. It also reduces the potential for overwhelming or disruptive buyer traffic.
By limiting the number of buyers, sellers can ensure that only serious and qualified individuals are viewing their property. This can lead to a more efficient and effective selling process. Vendors will hope to receive a good offer from one of the chosen buyers as they have been given the opportunity to view the property before it is officially on the market.
The benefits of an off-market strategy
Selling off-market can help establish the real value of your property. This process helps to determine if the selling agent has set the price correctly. Too high, and a buying agent might recommend waiting to see the property openly marketed so it will find its correct level. Too low and competitive bidding could be the result.
Many buyers take the view that it is worth putting forward an early bid knowing that they may be offering a premium price to take the property out of the market. This will avoid a competitive bidding situation and secure the sale.
Again, by procrastinating and not making an early acceptable bid, the property may attract multiple bidders. Multiple bidders will drive up the price and you can end up paying above the guide price to secure the right home.
The role of a buying agent with off-market properties
A property buying agent who has a good network and strong relationships in the market will be aware of off-market properties. A buying agent's negotiation skills and expertise will help get ‘the inside track’ on the vendors expectations. Key to the overall strategy is a buying agent's personal relationships with the selling agent. This will help advise the buyers, and give them the best chance of success.
At Premier Property Search we have a proven track record with off-market properties. Our strong network means we are often aware of these properties ahead of them being listed publicly. We view and buy many off-market properties on behalf of our clients. We regularly find country houses, estates and apartments for our clients before they are openly marketed.
Read more on off market properties in our recent blog on the advantages of using a property buying agent to unlock off market properties.
For further information on how we can offer our experience, contact Nigel Sellers – a professional buying agent at Premier Property Search on 01962 793 100 or email enquiries@premier-propertysearch.co.uk
