Did you know there is more than one way to sell a property? If you want to avoid ‘for sale’ signs, would prefer a private transaction and want to deal with genuine buyers only, why not consider an off market sale?
What is off market property selling?
Off market property selling is the opposite of going on the open market. Instead of listing a property on websites, having a ‘for sale’ board outside, featuring it on Rightmove and advertising it in printed publications for the masses to see, off market property selling involves very little or sometimes no public promotion and a lot of discretion.
Who uses off market property selling?
Selling off market has always appealed to high-net worth individuals, public figures and celebrities – groups of people who generally aren’t keen on having their homes and wealth displayed for anyone and everyone to see.
More recently, High Street estate agents have been promoting off market selling to potential vendors. The ‘hook’ is a database of eager and qualified buyers who are just waiting for a property like yours to be made available. Using an estate agent in this way can be successful when there are more purchasers than properties for sale but the reverse is true when buyer numbers are thin on the ground.
What are the advantages of off-marketing selling?
An off-market sale is frequently to someone already waiting in the wings, therefore it can be a simple and straightforward transaction. Buyers on waiting lists are often desperate to purchase, and will usually be in a position to offer and proceed quickly. Many off market buyers are cash investors with no need for a mortgage or they are movers who have made themselves chain-free by living in rented accommodation.
Another benefit of an off market sale is bypassing time wasters. Those contacted directly will more likely be genuine buyers who want to make offers and reach an exchange quickly. There’s less chance of first, second and third viewing requests that don’t materialise into anything concrete, and less waiting time.
Selling off market also offers the ultimate in discretion – ideal if you don’t want your neighbours knowing your decision to sell or if you have sensitive sales circumstances. There is no need for a ‘for sale’ board, no need for photos of your property to be plastered over the internet and, quite possibly, very few people who want to view your home in person.
Can landlords sell off market?
Yes! In fact, selling a buy-to-let off market offers many advantages. Details of the property can be quietly circulated among potential buyers and fellow landlords without causing alarm or distress to the tenants. At Open Property Group we even buy rented properties with sitting tenants on an off market basis – there is no need to start the eviction process or even tell your renters you’re selling.
What are the disadvantages of off-marketing selling?
If you sell off market, you are reaching a limited audience and you won’t be able to test the appetite of the buying masses. Although it can’t be guaranteed, you may achieve a higher sales price when selling on the open market as there could be more interest, more competition and more offers pushing up the price.
Another possible trade off when selling to a keen buyer off market is a compromise on the asking price – a lower figure in return for convenience. If an off market buyer is found very quickly and they offer a straightforward transaction, they may hold the higher ground in terms of negotiating. For many sellers, a simple, certain sale is actually worth a small price reduction.
The halfway house
There is an ‘in between’ method that falls mid-point between off market and the open market. Pre-marketing is often used to test the waters and a guide price. An agent may call potential buyers who are looking for a property like yours, with a brief description and a suggested asking price.
They will use reactions to gauge interest and to help guide an open market value. Once the agent is confident the property will attract buyers, they will take photographs and list the property online. This method, although great for generating interest, can take time and it is subject to changeable market conditions.
Off market sales to a cash buyer
The fastest off market sales are usually achieved when a professional cash buyer is involved. Open Property Group offers a quick, secure and private sales facility without the need for an estate agent. Completion is in as little as seven working days, and the seller pays no fees – no conveyancing fees, no estate agent fees and no EPC fees.
You can start an off market sale to Open Property Group by requesting a free valuation. In return, we’ll provide a cash sales figure. Once agreed, completion can be arranged for when suits you and you’ll receive money directly in your bank account. If you’d like to know more about our service, contact the team.
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