When you decide to sell your property in Adelaide there are several sales methods to choose from, off-market being one of them.
The best real estate agents in Adelaide will explain the different methods and help you decide to sell by auction, private treaty, best offer by, or off market. Let’s explore the pros and cons of an off-market property sale.
How Does An ‘Off Market’ Sale Work?
When a property is sold by auction, private treaty or best offer by, a range of marketing strategies are employed to advertise the property. But an off-market listing means there is no public sales campaign and therefore no marketing is needed.
When a property is sold off market in Adelaide, a limited number of potential buyers listed on the real estate agent’s database are contacted, and the home is shown privately to those interested parties. The property may also be visible to buyers who browse the real estate agency’s website, IF the property is listed there.
What are the Benefits of Selling a Home Off Market?
There are good reasons to sell a property off-market. These include:
- Saving marketing costs
- Maintaining privacy
- Targeting only serious buyers
Advertising and marketing costs may include copywriting, online and print advertising, signboard, photographer and videographer fees. An off-market sale saves all those costs. And without open inspections you may also decide to eliminate the optional cost of home staging.
Many vendors prefer an off-market sale because it maintains their privacy. Whether you simply don’t want to publicly disclose the sale of your property or you want to limit the ‘sticky-beak’ foot traffic of non-serious buyers through your home, an off-market sale provides more privacy and control over who inspects your home, and when.
Should You Buy Off-Market or Wait for the Property to Hit the Market?
The benefits of buying off market include:
- Less competition
- Less pressure
- The potential to buy for a better price
An off-market sale limits the field of potential buyers so there is less pressure, less competition, and an opportunity to buy a home sooner, often for a better price.
With competition-driven price inflation occurring when it is a seller’s market and also at auction, an off-market sale may avoid the higher sales prices driven by competitive buyers.
With reduced pressure, off-market buyers also have more time to make an informed decision and secure a better deal, so making an offer while the home is off-market is definitely a good idea.
What are the Cons to Selling Off Market?
Extensive exposure via marketing brings more buyers to the table, potentially driving up the sales price. So, with limited buyers introduced to an off-market property, vendors may save marketing costs but lose more by not achieving the highest possible sales price.
What Are the Drawbacks To Buying Off Market?
Buyers who only consider off market properties are limiting their choices as most properties are sold by auction, private treaty or best-offer-by sales methods.
While buyers could score a bargain when they buy off market, conversely they may also pay too much for an off market property. Buyer competition helps to establish a genuine price guide, so without competitive offers buyers may pay more for a property than its true market value.
Whether you’re selling or buying property in Adelaide, it pays to do extensive research and obtain reliable advice from the best real estate agents in Adelaide before deciding how to sell your home, and what to offer as a buyer.
