With the COVID pandemic impacting so many Australians careers and way of life, so too has changes emerged within the property market!!! We have seen a shift with more interstate movement with Southerners relocating to the Sunshine State.
With the increase of buyer demand and limited availability of stock, many buyers are chasing the elusive Off Market Property and this has become a buzz word (a bit like pivot)!!
So…. is this a secret underground market of Real Estate??
In short, an off-market property is a property that is readily available to be purchased however is not publicly listed on any real estate specific website or portal. These properties are typically not accessible to the public and access is only available via the listing agent or your buyers advocate.
If found, these property gems can be a win-win for both the seller and the buyer as often conditions and price negotiations are less stressful & competitive, and terms can be reached that are mutually beneficial to both parties.
So why are off markets a chosen method of sale?
- As we live in an often-complex world, there are many personal challenges and situations that impact us all. People are now more aware of keeping their personal affairs to themselves, perhaps the seller is going through a relationship separation, divorce, become a widow, have financial worries etc. For whatever the reason there is an emergence of keeping our personal affairs to ourselves.
- The property is tenanted, and placing a property off market will allow the real estate agent/buyer’s agent to educate the possible buyer that the property is not dressed or styled appropriately and instead encourages them to visualise ahead of the potential.
- The seller has limited VPA funds (vendor paid advertising) and is unable to invest the necessary market dollars to sell the property.
Whatever the reason, these off market listings are like “liquid gold” for a Buyer’s Advocate as we love to have the opportunity to have first glimpse and determine if we have a client brief that matches the property description.