Property Feb 16, 2021

What is an off-market property?

4 min read

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ksenia-balandina-RCF5KSWb7Ms-unsplash

An off-market property is property that has not been publicly listed for sale. These a properties agents have access to, but for whatever reason the vendor has chosen not to advertise that they are selling.

Why sell off-market property?

There are many reasons people may choose not to list or advertise that they are selling. For instance a high profile celebrity or politician may not want everyone to know what they are selling. Or the vendor might not have even been considering selling. The right buyer offering the right price came along and it made sense. Some may prefer not to pay for an expensive marketing campaign if the agent has a very strong list of motivated buyers. Or they are selling by other means – such a privately or through something like Facebook marketplace (yes we’ve even bought through Facebook for clients!).

Why buy off-market?

Buying off-market property doesn’t mean you aren’t still buying quality. You can still negotiate with the vendor, conduct appropriate building and pest inspections and engage a conveyancer for your legal representation.

By purchasing off-market you may be able to buy at a lower price. This is because there are no competing buyers engaged in a bidding war driving the price up.

How do I find off-market property?

This is the hard part. For the average buyer it’s very difficult to find off-market homes. Short of knocking on doors in the street, how do you find these properties? You could do a letter drop in the street you want to buy. This could backfire with the vendor upping the price though. Or you could contact all your local agents and let them know you’re in the market to buy. Again, you might come across a little desperate and show your hand upfront.

We’ve got a solution

You could always try a Buyers Advocate like Entourage Property. They have relationships with many Real Estate Agents and often vendors. Accordingly, they are usually the first to know when a property is available. A Buyers Advocate can let you know what properties might be suitable, or conversely, let agents know what you’re looking for and where.

The best part about using a Buyers Advocate like us, is that we are often notified by agents first. This means you get first look at the property and we help guide you on understanding what the right price should be.

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