With increasing off market sales throughout the Melbourne Real Estate market, we stop, look and ask ourselves why?
Properties ranging from blue chip residential homes to inner city development sites changing hands for big money – often behind closed doors.
There are many reasons for a property owner wanting to sell their property without any press or fan fair. Often, owners want a smooth property sale without the headache of a marketing campaign, or in some cases owners are relying on their nominated agent to find a buyer through their own databases.
Generally, some Agents prefer to undertake a full marketing campaign to successfully generate the greatest pool of buyers for their vendor’s properties and get the best price.
Agents without the contacts or active databases may sometimes struggle to sell their clients off market properties, however the agents who have experience and have built up a database of clients are often more successful.
Advantages of an off-market sale:
Buyer:
– Best way to find a bargain as there are sometimes little or no competition
– Owners often in a rush to sell so you can possibly buy at below market rates
Vendor:
– A quick sale
– More control over the sale such as terms & conditions.
What are the disadvantages of an off-market sale?
Buyer:
– Harder to find off-market properties
– If you don’t have real estate connections you might not be privy to off market properties
Vendor:
– May not achieve the maximum value of what your property is worth
– Less competition – there may only be one or two interested parties
