Four reasons to sell your home off market

Four reasons to sell your home off market

April 19, 2018 | by DiJones

While previous wisdom held that an auction was more likely to get a good result, we’ve noticed a rise in Ku-ring-gai home owners choosing to sell their home off-market in recent months. It might seem surprising, but off-market is growing as an appealing way to sell.

Here are four reasons Ku-ring-gai home owners are increasingly choosing an off-market strategy to sell their home.

1. What is off-market?

“Off-market” refers to listings that are not found on the major portals, but use other marketing channels to advertise the property.

They occur when a property owner may not be actively looking to sell, but is open to considering offers over a certain price point.

They might also occur at the request of the vendor, particularly if the vendor wishes to keep the sale private or sell quickly, without the hassle of an auction.

Off-market sales are not to be confused with pre-auction sales, where advertised open inspections may have taken place and an offer is made before the auction date.

2. Campaigns are more affordable

One of the major reasons vendors are interested in off-market sales is because the cost of a campaign is significantly reduced.

Without the major advertising portals such as internet and newspaper listings, and without an auction, the campaign can be as low as $1,000.

Of course, without using the major portals, only specific buyers will be aware of the sale, so it is essential to have an agent who has broad connections, knows how to reach potential buyers, and who knows their market inside out.

3. Keeping the sale private

Selling off-market allows home owners to wait until the sale has gone through before releasing the information to the public, thus keeping the seller in control. It also means that the sales figure is not made public, as it would be if the home went to auction.

This is particularly appealing to those on the higher end of the market, or those who may value their privacy.

4. Testing the market

Home owners may choose not to put their home on the market because they are testing the waters to understand whether their home has appeal and gauge the likelihood of a sale.

Sometimes, selling off-market happens almost by accident, when a vendor puts out feelers in this way, and is made an appealing offer which they decide to accept.

Done well, an off-market sale offers the same result as a public campaign without the publicity. But you need to have an experienced agent with a solid database of contacts.

If you’d like to discuss an off-market sale, contact our team today.

Have a question about your property? We invite you to speak with anyone in our team or discover what your home is worth today.