In a nutshell, off-market properties are properties that are up for sale without public advertising or marketing. Often, “off-market” means “pre-market” in the sense that the property simply hasn’t been listed anywhere yet. There are also some true “off-market” opportunities where the vendor doesn’t want to make the sale of their property public knowledge.
Having the opportunity to inspect and make an offer on an off-market property can be a huge advantage for the right buyer. Let’s look into how they work and where to find them.
Why do off-market properties exist?
There are lots of reasons why a vendor might choose to sell a property off the market. Traditionally, properties were usually sold this way if vendors needed to sell as soon as possible, usually as a result of financial difficulties or a change in living arrangements. A home being sold under these sorts of conditions is known as “distressed property”.
Nowadays, though, off-market sales are on the rise across all sectors – especially in the prestige property market where wealthy clientele are prioritising privacy. Selling off-market also gives vendors the opportunity to find a buyer without having to outlay extensive marketing costs that you might incur by working with a traditional real estate agent.
Likewise, forward-thinking real estate agencies are leveraging technology to connect keen prospective buyers with properties before they hit the wider market.
Where to find off-market real estate
Many potential buyers have a vision for their perfect home in mind, only to find that dream property eluding them for months on end. This is where off-market property listings can be especially advantageous.
To find out about off-market properties, it’s critical to get onto email lists of real estate agents in your area and be as detailed as possible about what you’re looking for and how much you’re willing to spend.
Upside Buyer Advantage, for example, is free to sign up to and gives you the first look at properties listed by Upside before they hit the market. So, if you’re looking to buy an off-market property before it becomes available to the general public, Upside Buyer Advantage is an invaluable resource.
As with most endeavours, research is key, so don’t forget to use online property market tools to get an in-depth understanding of your market and what you can expect to pay. There’s a wealth of information and useful resources out there to help you secure that dream home.
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