The best price isn’t what you want for your property, it is the highest figure someone will pay for your property after being exhausted against other interested parties. Whether it is in the form of an expressions of interest, best and final scenario, or at an auction, an offer with an underbidder is the only way to feel comfortable that you have received the best price achievable at the current time.
Off market sales are quite prominent throughout the industry. Agents can mix and match buyers with properties and get property sold. It’s great on all accounts as it saves times, hassle and other expenditures. But, is saving a few dollars on advertising and staging costing you tens of thousands of dollars in other interested parties?
Depending on who and how your property is being sold, will depend on whether you will have the opportunity to get the best price. An agent who has serviced an area of the market place and has multiple qualified buyers on the books can organise a sale in the background and still have multiple purchasers making offers. This is the only way you can feel confident that you have exhausted a marketplace. In many cases, because of the exclusivity of the sale, it forces the buyers to perform strongly so they don’t have to risk losing it to the open market.
If an agent simply takes one buyer through your property and brings you an offer, it makes it very difficult to think that it’s the most you’ll get. If the offer is well beyond what you were looking for, then it’s probably a no brainer to go forward with the sale. Though if it’s right on the line, I would draw the process out a little and have the agent seek a few more clients to see if someone else would offer more. It’s always a hard call and I always tell clients not to be greedy, but I always want them to get the best price.
Your safest bet is to only engage an off market sale if the agent has proven that they have multiple clients qualified and ready to purchase your property. This way, you won’t be stuck at the end thinking about whether you did the right thing selling your property off market.
The following advice is of a general nature and intended as an opinion and broad guide. For all legal, financial or real estate advice you should obtain independent professional advice to do with the specific nature of your circumstances before making any legal, financial or real estate decisions.