11 Aug The Secret Off Market Properties Most Buyers Never Hear About
If you’re ready to purchase a premier home in Sydney’s Eastern Suburbs or Lower North Shore, you have probably been flipping through the weekend property magazines to see what is available or keeping an eye on your phone for new listings.
The challenge is only getting access to the properties that you see on the real estate portals. In the current property market, there are still local and overseas buyers vying for the best on-market properties. With so much competition, it can be easy to miss out before you even have a foot in the door (both literally and figuratively).
What many buyers do not realise is the numbers of sales that are taking place behind the scenes. A high number of Sydney properties are exchanged without ever being advertised, often because of the connections between buyers’ agents and real estate agents.
Off market properties tend to be coveted and sell quickly and with little fanfare. Here’s why a silent sale listing is a popular option for sellers and how you can get exclusive access to these homes as a Sydney property buyer.
Off Market Properties Save Time
When a real estate agent is selling a premium property, it is their goal to achieve a quick sale as well as an excellent result on behalf of their client. Before they spend time on a marketing campaign, many agents now promote their listing to a qualified subgroup of buyers via buyers’ agents.
This creates a win on four levels. With an off market property listing:
- Real estate agents quickly connect with qualified, purchase-ready buyers
- Buyers agents have the opportunity to give their clients the home buyer advantage
- Buyers have the chance to secure the property without the need to attend an auction
- Owners can sell their home in weeks rather than months
Off Market Properties are More Convenient
A comprehensive property sale campaign takes a certain amount of money. If the home is in good condition, presents well and is in a great location, the selling agent and their client may make the call to have a silent sale listing.
This reduces the need for property styling, video marketing and social media content. If the seller is interested in a quick and reasonable sale, the off market strategy will minimise the disruption caused by a drawn out campaign.
Post Pandemic Conditions Favour Low Key Campaigns
COVID is still impacting many Sydneysiders and hosting open homes can be a risk factor.
Many home sellers in Sydney’s Eastern Suburbs and Lower North Shore prefer smaller groups to come through their homes. Choosing an off market home sale strategy can make sense for this reason because the property will only be shown to a limited number of qualified and motivated buyers.
Some homes are impressive but determining the value can be tricky because they are unusual in terms of looks, features or location. They may be one person’s dream home but not appeal to a wide audience.
When it’s difficult to estimate the price, inviting a handful of VIPs to look through and make an offer helps the real estate agent to set expectations for the seller. They can then decide whether to take an early offer or proceed with a full campaign.
Privacy and Anonymity
In many circumstances, people don’t feel comfortable with the general public being aware they are selling.
Discretion is key in this situation, which is common at the higher end of the property market in Sydney. Buyers agents/real estate agents work well together to protect people’s privacy. As a home buyer, silent sale listings can give you an advantage.
The reason many homes sell off market is because the owner didn’t plan to sell until they received an offer.
Real estate agents and buyers agents have extensive networks of contacts who they are in touch with regularly. It’s common for them to reach out to homeowners with a potential deal. Sometimes the price and timing can be just right for a quick off market transaction.
Sydney Property Buyers: How to access off market properties
Sydney can be very much about who you know rather than what you know.
You can potentially find out about off market properties by reaching out to real estate agents but it takes time to build your relationship with them.
A buyers’ agent already has the connections you need and has trust established with the selling agent. Once you have worked with your buyers’ agent to clarify what you want and create a brief, they can use it to identify silent sale listings and let you know about them.
There could be as many as 20 off-market homes in the suburb you are most interested in right now. Often, word of these homes goes exclusively to buyers’ agents and the general public never sees a For Sale sign.
If you’d like to be the first to know about a premier home in the Eastern Suburbs or on Sydney’s Lower North Shore, reach out to the Team at Premier Home Finders today.