Ensure You Never Miss Out on Off-Market Listings

 

Off-market opportunities might be rare but they do actually exist. And they’re considered real estate investment nirvana if you can find them.

There are myriad reasons why vendors sometimes choose to sell their properties off-market. They may not want the hassle of open homes, they may want to protect their privacy or their property is listed with an agent with an extensive network of well cultivated buyers.

The self promotion an agent may forego in an off-market sale is often balanced by a smooth, hassle free sales process.

“A private consumer dealing directly with agents, asking if there are any off-market opportunities, I guarantee they are completely and utterly wasting their time. Why would anyone entertain that discussion?” Propertyology managing director and buyers’ agent Simon Pressley says.

“I wish we did more off-market transactions but they’re hard to get. The consumer off the street has got no chance.”

Even though they may be difficult to pin down, one of the secrets to finding off-market properties is to develop strong relationships with agents in the locations where you want to buy.

Another secret to securing an off-market opportunity, if you can get a look in that is, is to understand what it is and what it is not.

Bryce Holdaway, Empower Wealth partner and co-host of Location Location Location Australia, says off-market properties can be the holy grail of real estate but they can just as easily be lemons.

Understanding the difference is crucial, he says, as is being ready to finalise the deal quickly.

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“If you offer an off-market to a buyers’ agent, they understand how valuable it is, whereas if you offer it to a standard buyer, they look a gift horse in the mouth and they don’t realise how unique and special it can be so they might not move quick enough,” he says.

“They are nirvana because if you can avoid competition and you can move quickly and you can secure it and it doesn’t hit the market, that’s great, but all that glitters is not always gold.”

 

Article by: Domain.com.au