How to access Off Market real estate listings

If you have been searching for the perfect property for a long time and not found the place you’re looking for, an off market property could be the answer for you. But how do you find these secret real estate listings? And what are the benefits of buying in this way?

Here we take a look at everything you need to know about buying an off-market property.

What is an off-market property?

Off market properties, sometimes known as “silent listings,” are properties which are not advertised on the market. They generally fall into three different categories:

1. Pre-market properties

The selling agent gives exclusive first access to their database of contacts. If none of these buy the property, it will then be advertised on the market.

2. Expired listings

These are properties which are still for sale but the advertising commitments have expired, sometimes along with the selling agent’s involvement. This enables interested parties to negotiate directly with the vendor.

3. Genuine off-market properties

Sellers offer these properties off-market and never advertise them, even if they use a selling agent.

Most vendors advertise properties, but some choose to sell off-market for various reasons:

• They want a quick sale.
• The vendor wants to protect their privacy.
• They don’t want to hold open homes.
• They can’t afford the costs of marketing their property.

This offers a great opportunity for people in the know to approach them and make an offer.

How to find properties off-market

By far the quickest, easiest, and most reliable way to find out about secret real estate listings is to engage the services of a reputable buyer’s agent. These highly experienced real estate professionals have a wide range of contacts in the local industry.

As the buyer’s agent has established relationships with all the selling agents in the area, their contact details will be on the databases of the selling agents, so they’ll get to hear of all the local off-market opportunities. It is much harder for buyers to find out about these opportunities themselves.

When you engage a buyer’s agent, let them know all the criteria for the property you are looking for — location, price range, number of bedrooms, and so on. This enables the buyer’s agent to find the ideal property for you. They may even knock on doors to see if there is any chance of buying a house that’s not currently for sale, if it fits the description of what you’re looking for.

In addition, buyer’s agents know if the price of an off-market property is right. They negotiate skillfully, often securing lower off-market offers that vendors may accept on your behalf.

What are the benefits of buying an off-market property?

There are numerous benefits of secret real estate listings for the buyer. These include:

1. Less competition

If a property isn’t advertised, you might be the only interested buyers. This means the negotiations will be quicker and easier, and you won’t need to worry about being outbid. You are much more likely to have your offer accepted.

2. Quick sale

Most people who don’t list their properties on the market are looking for a speedy sale, as they don’t want to go through all the marketing necessary with an on-market sale. This means you may get a better price as they want to move quickly.

3. Fairer price

The prices of on-market properties are often driven up by emotional buyers becoming attached to the property, or a skilled auctioneer persuading people to bid more. As a result, off-market properties can sell for up to 10 per cent less than if they had been advertised on the market.

Find out more about secret real estate listings

There are a lot of advantages for the buyer when finding a property off-market. If you want to buy an off-market property and need our support, please reach out. As highly experienced buyer’s agents, we are always happy to help.