According to the Daily Telegraph, agents, particularly in metro arrears are leveraging well-established databases, staying in touch with buyers and dedicating time to developing relationships with the purchasers they meet at opens, auctions and online – all to get the deal done.
Buyers’ agents are also becoming more mainstream – popular with time-poor families, couples and executive singles purchasing in the lower to middle price brackets too.
The article is quick to caveat that this method of sale is risky and only represents a small portion of total sales. But it seems sellers are happy to take the punt.
There are some circumstances where the importance of getting a deal done quickly for a reasonable price outweighs the alternative of going to the open market and negotiating with buyers over several weeks for the best price (think major relationship bust ups and financial stress).
Off-market selling often enables privacy too, especially for prestige clients and possibly generates an air of exclusivity.
For investment property owners it can be an effective way to navigate tricky tenants – especially if they won’t allow access.
If you’re considering selling off-market be sure to look at the pros and cons. Choose your agent carefully and understand that you not every possible buyer will have seen your property.