You know the process of selling a property – list it on the market, hold open home inspections and sell. But there is another option. To sell your property off-market, your property is listed with your agent but it’s not advertised to the public like it would be if it were on the market. Instead, your agent passes on the details of your home to potential buyers, only when they believe it fits their criteria.
There are many reasons why you might consider selling your home off-market. Generally, selling your home off-market is cheaper as you don’t need to worry about marketing costs. Sometimes agents will use the off-market strategy as a pre-market listing which they can use to measure the market interest in your home. However, if those prospective buyers like what they see, they may put an offer in to buy. Another reason why you might consider selling off-market is if you need an urgent sale but you don’t want to spend money on a marketing campaign, or if you don’t want a mass open home inspection of your property. Selling your home off-market is also a great alternative to an auction if you’re nervous about the auction process or the possibility of having your home pass in.
Selling your home off-market can be a great strategy when buyer sentiment is weak or auction clearance rates slide. If you need to sell your property quickly and having the property sell is more important than the sold price itself, selling off-market is also the best method. If you’re located in an area with a high number of properties selling, you’re also more likely to sell off-market quicker. If your agent has sold a similar property recently, there may be buyers who missed out and would be interested in snapping up your property.
An off-market strategy is popular with buyers as the sale transaction is less stressful. Not only does the buyer get to avoid attending multiple inspections at set times, they also don’t have to battle for the property at auction. While the lack of competition can convince buyers they’re in a position to negotiate, it’s not necessarily the case, but it does get them into the buying conversation. Without a hard-date to sell, such as an auction date, the buyer has more time to conduct their due diligence. This can provide an opportunity for buyer and seller to agree on a flexible timing for the settlement.
If you’re looking to sell your house cheaply and quickly, selling off-market may be the right choice for you.