Selling your property off-market isn’t just for celebrities or those with luxury homes. It’s a strategy gaining traction in South-West Sydney with a wide range of sellers, and here’s why.
What is selling off-market?
When you sell your property off-market, you do it without publicly advertising it on the open market. This means instead of listing on platforms like realestate.com.au and Domain and holding public open homes, sellers work with agents to privately find potential buyers. It often relies on the selling agent calling on their database of qualified buyers who are ready to act, or industry contacts. This method is often referred to as a ‘silent sale’
Why do it?
There are several reasons why sellers might opt for an off-market approach. Here are some of the most common ones we see:
It’s quick: Some sellers value a fast sale so that they can move on to their next chapter as soon as possible. It can be a way to avoid the uncertainty of the open market and seen as the “quick and easy” way to sell, with the seller potentially not having to prepare the property for photography or other marketing.
Reduced marketing costs: By bypassing the need for advertising, photography and staging, sellers can save a significant amount of money – sometimes as much as $2,000-10,000 in marketing fees.
Privacy: Off-market sales offer a level of discretion that traditional selling methods can’t match. It means no big “for sale” sign, sticky-beak neighbours and fewer strangers wandering through your home. This can be a major drawcard for those who prefer their privacy or in instances like a messy divorce, when the vendors would rather avoid those awkward conversations with neighbours.
Targeted selling: The biggest reason to sell off-market is because your agent may already have a buyer who wants your property – and, hopefully, they might be willing to pay a premium for it. For example, if there’s been a particularly high-priced sale in an area and there are disappointed potential buyers who are desperate to buy in the same building or street.
Fewer open homes: There may be fewer, more targeted viewings with an off-market sale, which can be advantageous for sellers with health issues, mobility challenges, or other commitments that make preparing for an open home and leaving the house for an hour no small feat.
It can dial up the pressure: The exclusivity of an off-market sale can put pressure on buyers to act quickly and meet the seller’s terms, giving the seller an upper hand in negotiations. This may be beneficial when you are seeking specific terms, such as a shortened or lengthened settlement period, a higher upfront deposit, or the ability to rent the property while you secure your next home.
Test the waters: Some sellers are willing to sell – but only for the right price and under the right circumstances. For example, they may be a couple who no longer need their family home but are quite happy to continue living there for another 5 years. In these instances, they might use selling off-market as a way to test the waters.
Is it right for you?
While off-market selling has its advantages, it’s important to weigh these against the benefits of reaching a wider audience through a carefully crafted marketing campaign. Marketing campaigns showcase your property’s best features to a broader audience so that your property is seen by a diverse pool of potential buyers, increasing the chances of finding the right match for your home. This creates a competitive environment, potentially driving up the final sale price by attracting multiple offers and bidding wars. This means that although selling off-market has its benefits, it’s not for everyone, nor is it for every house.
If you’re contemplating an off-market sale in South-West Sydney, our team is here to guide you through the process and connect you with the right buyers. Contact us today to discuss your options and how we can help you achieve a successful sale on your terms.
Prudential Real Estate Campbelltown | (02) 4628 0033 | campbelltown@prudential.com.au
Prudential Real Estate Liverpool | (02) 9822 5999 | liverpool@prudential.com.au
Prudential Real Estate Macquarie Fields | (02) 9605 5333 | macquariefields@prudential.com.au
Prudential Real Estate Narellan | (02) 4624 4400 | narellan@prudential.com.au
