A large portion of my overall sales for over a decade have been off market. The ability to listen and picture a client’s criteria for what they are looking for and then matching them up with exactly that property, has been a skill of mine that has seen me through hundreds of sales. It is great all round for seller and buyer and usually there is a meeting of the minds when it comes to price.
Though, I do question this form of selling while a market is running hot. Our job as an agent is to get our sellers the best possible price achievable. For me, unless I have had some level of competition on a property and more than one offer, I feel we haven’t exhausted a marketplace to see if that was the best price. Granted it may be exactly what the owner wants, though I’m sure an owner would be happy with an extra four thousand dollars or twenty thousand if it was there for the taking.
If you’re thinking of selling and an agent tells you to sell off market, you should take into consideration how many buyers came through your property and really think on whether an offer is the best price achievable if it hasn’t been contended.
As an example, agents sometimes offer the off-market opportunity as a last resort to winning a listing. I had one just the other week. I got the job, but before I could sign up the authority the competing agent went into panic mode and opted to go with an off-market sale, even though they were pitching for an auction. Before, the owners spoke to me again, they had signed a short period authority with the other agent and thought that if there was a buyer ready at their price, they would be happy. There was one buyer and it was the perfect match, the buyer purchased the property for the owners asking price and all was good.
A few weeks later another property, which was nearly identical to the one just sold, went for auction. The final price achieved was forty-eight thousand dollars more than what was achieved with the off-market sale. The owners weren’t so happy anymore when they found out the result of that property. They just realised that they sold the property for a bargain and even though they saved a few thousand dollars in advertising, the lost a hell of a lot more.
If you’re serious about selling, then explore the marketplace, exhaust the buyers and try to attract multiple offers to your property. At the end of a process, whether the outcome was at, above or below what you were chasing, you will have a good level of comfort knowing that you got the best offer available in the current market.