{"id":9225,"date":"2016-09-01T15:00:28","date_gmt":"2016-09-01T05:00:28","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=9225"},"modified":"2016-09-01T15:00:28","modified_gmt":"2016-09-01T05:00:28","slug":"why-is-off-market-selling-on-the-rise","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/why-is-off-market-selling-on-the-rise\/","title":{"rendered":"Why is off-market selling on the rise? – John McGrath"},"content":{"rendered":"

In his column in\u00a0Switzer<\/a>, John McGrath discusses the rise of\u00a0off-market selling in the\u00a0property\u00a0market.
\n<\/strong><\/p>\n

Here’s what he had to say:<\/h4>\n

You might have heard about off-market selling, where a property is sold without any public advertising.
\n\"mcgrath\"
\nThis only happens with a very small percentage of properties overall, but we\u2019re definitely seeing it a bit more often in major metro markets these days.
\nThere are significant risks for vendors who choose to go this way, because without going on the open market, there\u2019s no way to ensure every possible buyer has seen your property.
\nAnd you need competition to flush out the maximum price that your home is worth.
\nBut for some vendors, this risk is worth it.
\nThere 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.<\/p>\n

Such circumstances include relationship breakdown and financial stress.<\/h4>\n

Other vendors like off-market selling because it enables privacy.
\nThis is often the main priority for prestige clients.\u00a0\"house_coins_02_06\"<\/a>
\nThey typically don\u2019t need a quick deal and are happy to wait for a good offer while avoiding public advertising campaigns and the intrusion of opens.
\nThey will list with an agent who will then work their database to find suitable buyers.
\nSome clients list off-market just to test the waters, in the hope their dream price will be offered.
\nIn the lower- to middle-market, some vendors go off-market because their property is tenanted and they can\u2019t get access to style and prepare the property for a photo shoot.
\nOthers do it purely to avoid the cost of a marketing campaign, but ultimately, I think sellers pay for this strategy with a reduced sale price due to reduced competition.<\/p>\n

So why is off-market selling on the rise?<\/h4>\n

The primary reason is that agents have created the ability to sell without advertising through database marketing.\u00a0\"deal
\nThe old way \u2013 placing ads in the paper and waiting for buyers to come to you, is over.
\nThe best agents are going after buyers themselves and dedicating more time to developing personal relationships with the purchasers they meet at opens and online.
\nAnother reason is the growth of the buyers\u2019 agent industry.
\nThey were once only used by prestige buyers, but today, they are also very popular with time-poor families, couples, and executive singles purchasing in the lower to middle price brackets too.
\nSmart selling agents love buyers\u2019 agents because they\u2019re a direct avenue to highly motivated purchasers ready to buy now.<\/strong>
\nThat\u2019s helpful when your vendor needs to sell quickly, for example.
\nBuyers\u2019 agents are also being increasingly proactive in approaching home owners directly to see if they\u2019re interested in selling \u2013 especially in markets that are undersupplied\"19383767.
\nThis often occurs when a client wants to live on a particular street, or they have identified specific houses that they are interested in.
\nOwners are often open to selling in such circumstances if the buyer is willing to pay big.
\nThere\u2019s also the \u2018bonus\u2019, as the seller might perceive it, of no selling agents\u2019 fees.
\nHowever, this scenario only works if they get a true premium price above market value.
\nMy general advice to sellers is to look carefully at the pros and cons if you\u2019re considering selling off-market.<\/strong>
\nIn my opinion, there are more cons, as you\u2019re highly likely not to get the best price for your property.
\nThere is no doubt that putting your home on the open market, with appropriate print and online marketing, is the best way to achieve the best price.<\/p>\n

If you do go off-market, select your agent carefully.<\/h4>\n

Make sure you\u2019re investing in someone who is going to put in the time and energy to match your property to suitable buyers and call them individually to discuss your home \u2013 not just send a group email with a brochure attached.
\nLastly, buyers can get access to off-market opportunities by engaging with selling agents and having their criteria registered on their databases; or by employing a buyers\u2019 agent.
\nSave<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

In his column in\u00a0Switzer, John McGrath discusses the rise of\u00a0off-market selling in the\u00a0property\u00a0market. Here’s what he had to say: You might have heard about off-market selling, where a property is sold without any public advertising. This only happens with a very small percentage of properties…<\/p>\n","protected":false},"author":176692471,"featured_media":7880,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13,17,27],"tags":[],"class_list":["post-9225","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-story","category-property-investment","category-trends-topic"],"yoast_head":"\nWhy is off-market selling on the rise? - John McGrath - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/why-is-off-market-selling-on-the-rise\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why is off-market selling on the rise? - John McGrath - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"In his column in\u00a0Switzer, John McGrath discusses the rise of\u00a0off-market selling in the\u00a0property\u00a0market. 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