Real estate agents, from time to time, have a secret stash of properties for sale.
In the business, this surreptitious list is called “off market” and every buyer should know about it.
Off market means that the vendor has not paid for a public advertising campaign, either online or in newspapers and magazines.
Instead, they are relying on their agent’s little black book of contacts to get the deal done.
For some sellers, it is a way to the test the market and see if a buyer will meet them on price, before committing to the expense of advertising (on top of the agent fees). In a market that is shifting gears, such as this, it’s an option in their kit bag.
For that reason alone, you want to be on the roll call of prospective buyers invited to view off-market properties.
This is where intent as a buyer can be so persuasive.
Let’s liken searching for a property to wooing a paramour.
Imagine you are going on a first date. Do you wear cologne or perfume? Do you take them a restaurant? Or do you swoosh along in tracksuit pants, and whisk them through a take-away drive through? It depends how serious you are, right?
The same goes for approaching a real estate agent. Will do you say and do the things that show you mean business?
This starts exactly knowing your budget and perhaps going as far as having pre-approval sorted with a lender.
If you’ve done those things, an agent will see you are a surer bet and show your their off-market selection of properties for sale.
The contracts are signed and exchanged if the parties can agree on an acceptable offer.
In the higher end of the market, up to 70 per cent of properties are traded off market, agents say. This is due to the discreet nature of the transaction (they don’t much fancy their neighbours knowing their business).
However, off market is increasingly more available at every price point.
At the next open for inspection, ask an agent what they have off market at the price, size and type of property you are looking for. And be the one they ring when a new vendor, eschewing an ad campaign, slides the keys across their desk.
Article source: www.nine.com.au