An off-market property transaction is a sale that hasn't been officially marketed to the public. Moreover, it’s a method of sale that has benefits for vendors and buyers. Moreover, it’s a method of sale that has proven very popular over the last 12 months as markets around Australia have gone into overdrive.
An off-market sale means that a property will potentially sell with minimal advertising or scheduled inspections, which is a significant advantage for vendors, particularly during a pandemic. In other words, vendors can find a buyer by selling off-market while keeping a lid on market costs that might be incurred from a private treaty sale or auction.
Benefits for buyers
On the flip side, purchasing off-market occurs when a buyer presents an owner with an acceptable offer for a property. The benefit to the buyer of an off-market sale is that you might be competing against fewer eyeballs than if it was listed on a website or real estate portal as part of a more conventional private treaty or under the hammer sale.
Some people also consider 'pre-market sales to be off market as well. A pre-market sale occurs when an agent contacts their database of buyers before listing a property to gain interest.
Raine & Horne supports the off-market movement
Off-market property sales are not new. However, as a purchase method, off-market transactions are less common than auctions and private treaty sales but are slowly gaining in popularity.
In recognition of the growing interest in selling and buying properties off-market, we have added an "Off-market" tab under our website's 'Buy' menu.
By creating an account, you'll be able to beat the masses to view our exclusive off-market properties before they are advertised publicly. As part of signing up, registered Raine & Horne buyers will receive an email the moment a new property is listed that matches their requirements.
Off-market regional sales
An off-market sale could be worth considering if you're selling a regional property and you feel the asset might be of interest to investors, according to Angus Raine, Executive Chairman Raine & Horne. “If an investor is looking for a property in regional Australia, you can do that for under $500,000. There's no emotion, and it's a yield play,” he said.
“Alternatively, their accountant might have encouraged them to address a tax issue by buying an investment property.
“With off-market sales, the buyer can address tax problems in days, and the vendor has a sale with minimal fuss.”
To find more about how to sell a property off-market, contact your local Raine & Horne agent today.