OFF MARKET: HOW TO START

Purchasing Off Market:
How to Start.

In this new normal, ‘off market’ listings have increased exponentially much to the benefit of many homebuyers. It is imperative to have some degree of knowledge about buying a property off-market because not every buyer is familiar with the process. Even if they are, this route is best explored when you have an expert by your side. Buyers who are used to public listings and participating at auctions may find themselves confused when they try to join the off-market bandwagon.

Why Vendors Sell Off the Market

Off market listings are not publicly promoted and their sale is legit. Property sellers move in this direction for a following reasons:

  1. They want to sell their property quietly
  2. The auction process is tiring for them
  3. They prefer to sell at their own pace and wait for the right buyer with the right price offer
  4. They think publicly advertising a property during the new normal is costly and uncertain

Where to Start

A successful ‘off-market’ property purchase depends on a number of factors. The first point of consideration is the location. Find out where off-market properties for sale near you or in your preferred areas.

Knowing where these properties are usually requires the assistance of a well-connected seasoned buyers agent for a fee (rates vary depending on property value). Buyers may also opt to get in touch with licensed real estate agents in the locality. Forging a working relationship with said real estate agents may also be in order. They need to be clear about what they want in a property and provide specific requirements for better matching. The agent will then store all the given information to their database and notify buyers once they find a suitable property.

Off Market Property in Canberra: The Reality

Off-market transactions take time. This approach is not for everyone, especially buyers who adhere to certain standards. However, it is one of the best options for buyers unable to find a property in the regular market.

Nowadays, there are platforms and portals where you can access hundreds and thousands of off-market properties for sale in your area or anywhere in the country. You may choose to subscribe to these websites and receive a notification whenever an off-market listing is up.

What Buyers Must Do

After you, the buyer, were notified of an available off-market property for sale in your area and discussed your plans with a real estate agent, here are the steps you must take to make a successful offer to short-listed vendors:

  1. List down your requirements. Be clear about what is non-negotiable and negotiable for you.
  2. Let the vendor know what you are looking for in a property, especially requirements you will not compromise on.
  3. Ask your contracted buyers advocate to help you schedule a private inspection with the properties on your list.
  4. Make sure the property fits your requirements and does not have hidden defects before you do your due diligence.
  5. If the property sparks your interest, let the vendor know without committing to anything.
  6. Offer a price only when you are ready. Or, in the case of pushy sellers, set a budget range instead.

Key Takeaway

When your local property market is too competitive for comfort, purchasing off-market property in Canberra is the way to go. This option is low-key, allows more room for negotiation and, in more ways than one, provides mutual benefits for both buyer and seller. A successful off-market sale depends on several factors. However, working with a legitimate experienced buyers agent will reduce attendant risks and increase your chances of landing a good home at the right price.