In working with your buyer’s advocate, you’ve undoubtedly been met with a broad spectrum of investment categories, such as off-market properties. Buying property off-market means purchasing a property that is not listed on public marketing platforms or may not even be listed with a sales agent.
Why Do People Want to Buy Off-Market?
There are a number of advantages to buying property off-market. Firstly, off-market transactions usually mean little or no other buyer competition, often allowing purchasers time to properly inspect and consider the property’s potential and suitability.
This may result in derisking the purchase as more is known about the property, which could justify a higher sale price but with more favourable terms and conditions and less risk for the purchasers. It may also result in a lower purchase price.
Why Sell Off-Market?
Vendors choose to sell off-market for a variety of reasons, ranging from feeling they are getting a better deal to saving on sale costs, no agent fees, privacy, and not having the stress of a public listing and the inspections and questions that come with that. Because they are approached “out of the blue”, the price offered seems very good, so they decide to sell without any previous intention to sell. Engaging a vendor advocacy service can help sellers navigate the complexities of off-market transactions, ensuring they get the best possible deal while maintaining privacy.
Understanding the vendor’s situation and motivation makes for a more realistic and smoother transaction, saving both the vendor and buyer time and money.
Buyers’ Agents and Off-Market Properties
Experienced buyers’ agents have well-established relationships within the industry, which gives them an advantage when it comes to helping their clients find off-market properties.
Industry and network contacts can include real estate agents, property managers, property developers, town planners, surveyors, mortgage brokers, past clients, and local social and business contacts. Often, vendors who choose to sell privately will also reach out directly with an opportunity.
Other methods include identifying a suitable property based on the client brief and directly approaching the owners, raising awareness of a property brief from social media posts and direct mail out, if sourcing in a particular area or street.
A successful off-market deal hinges on the right property for the right price at the right time – it can often be difficult to line these three criteria up, but when that occurs, it leads to a great outcome for all parties concerned.
In some cases, consulting with a business advisory service can provide additional insights and strategies to enhance the investment’s profitability, making the process even more rewarding.
Do you want to buy an off-market property? You’ll need a buyer advocate to find those hidden gems and ensure a smooth process. Get in touch with our team for expert buyers’ advocacy services.