Should you look for off-market properties?
In recent years, we’ve been hearing more about the advantages of buying properties off-market. As a buyers agent, one of our key roles is looking to find properties that represent the best value and aline with your goals. Looking for off-market opportunities allows us to do that even more effectively. However, there are some things that buyers need to remember.
For the most part, an off-market deal doesn’t mean you have exclusive rights to the property. Oftentimes, sales agents will seek out interest early on prior to listing and that usually means there are still other interested parties. This does allow you to get in early and if you’re prepared to make an offer you can often beat out your competition. The other advantage here is that it will avoid having to try and buy a property at auction, which can see prices get driven up.
On the flip side, off-market opportunities don’t mean the vendor is simply going to be giving away their property. They will still likely be represented by a sales agent who will be trying to maximise the value for their client. In some instances, strong interest in an off-market property can even lead a vendor to list because they believe they can get even more money for the home.
Finally, as a buyer, if you’re looking to buy a property off-market, you need to have a very good understanding of what the home is worth. You will likely have minimal information and the home won’t be presented perfectly in terms of staging. So if you’re looking to buy, you need to know your area and how much you’re prepared to be paying.
Buying off-market does significantly increase the number of properties you’re able to look at and as a buyer, you should always be looking to widen your search rather than limit it to what is listed at that moment in time. Buying off-market can be a great way to find quality properties, but it is really just way tool we have to get the best possible deals for your clients.