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Off Market Sales - What are they and are they worth considering?

30 October 2017
Off Market Sale, Secret Listing, Quiet Listing, Pocket Listing, these are all terms to describe a property that is on the market for sale or has already been sold without any of the usual public advertising and marketing campaigns. By means of the increased use of information technology and social media, instead the sales agent will personally search their considerable digital databases to match the property with a potential buyer to achieve an acceptable sale.
 
There are many reasons why a vendor may choose this method to sell a property. In the past, these secret or off market sales listings were the domain of high profile or celebrity vendors who were seeking to avoid publicity surrounding the sale, however there has been a small, but significant rise in this type of sale in the wider sales market. A vendor may seek this method of sale for many reasons, such as relationship break down, financial stress, tricky issues with neighbours, changes in employment circumstances, or the vendor may be the beneficiary of a property through a deceased estate, and have a desire for privacy through a personally difficult time.
 
Whatever the reasons behind the decision to sell, it is important to remember there could be both benefits and pitfalls to using this method of sale.
 
Benefits for the vendor include, less expenditure on advertising and marketing campaigns, it is frequently a faster process through to settlement, less negotiation with purchasers, very little invasion of privacy and potentially stressful Home Opens. This method may also enable the vendor to test the market hoping to secure a buyer at an acceptable price, without going to the expense of a full marketing campaign.
 
Pitfalls for the vendor may include not being sure if the maximum price has been achieved for the sale of the property as it wasn't available to the open market and therefore not exposed fully to the greatest number of potential buyers, which may also lead to any savings made on the initial advertising and marketing outlay effectively being wiped out by the selling price.
 
Depending on your circumstances and your property, an off market listing and sale may be the most favourable option for you.
 
At Northside Residential we ensure that you are placing your most valuable asset in the hands of sales agents who will put in the time and energy to match your property to our database of genuine, suitable and qualified buyers, call them individually to discuss your home then organise a private inspection.
 
If this is a method of sale that interests you please contact Northside Residential today for a confidential discussion. 
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