How to Buy Off-Market
It’s a selling method that’s become increasingly popular across real estate markets, and with the shift in the property market due to COVID-19, off-market sales have become even more appealing.
While off-market sales certainly open a world of opportunity for buyers, the key is understanding how to navigate what can be an unfamiliar process. Here’s what you need to know.
What is buying off-market?
An off-market property is basically a property that is for sale, without being publicly listed and advertised online (or on any of the property portals). Traditionally off-market was a sale method used mainly for high end properties whose owners sought discretion. But its benefits for buyers and sellers mean it’s become much more widely used.
It’s all about connections
The first step to a successful off-market purchase is connecting with the right agents. Not everyone will offer off-market opportunities, so a little bit of research will go a long way.
“Speaking directly with real estate agents in the area you are interested in can also be beneficial. When an agent knows a buyer is serious, they will contact them directly about new off-market properties, putting you in the best negotiating position,” says Nick Boyd, Head of Network Growth, Hockingstuart.
One of the biggest benefits for buying off-market is that it’s generally less stressful. Of course, every property transaction has its pressure points, but when you go off-market there are some things you can kiss goodbye.
“You don’t need to go to several inspections and there is no need to compete at an auction. When it’s off-market, the homes are sent to you and match your set criteria and budget so it can reduce some of the stress of house hunting,” says Nick.
If off-market appeals to you, please contact your local real estate agent about off-marketing opportunities in your area.
You can also check out our recent post on why buying now, means buying for the future for more info on why buying now is a good investment.