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Selling a property off-market is nothing new, however more and more agents are tapping into the benefits of off-market to provide their vendors with choice and flexibility. Off-market sales can still include all the usual forms of VPA, except for advertising on the mainstream portals.
But, like anything that strays from the norm, there’s questioning and often myths or misconceptions that are perpetuated. Three of the most common myths about off-market sales is that:
- You cannot achieve a premium
- You don’t get as much brand exposure
- You don’t get in front of all potential buyers
Let’s address the first myth…that you cannot achieve a premium with an off-market sale compared to an on-market sale.
There’s often a level of FOMO (fear of missing out) among buyers when it comes to off-market sales. With demand outstripping supply, buyers are acting faster than ever and are often willing to pay a premium to secure a property they love. Agents with excellent negotiation skills will never allow a property to undersell. Often, they find they can set off a bidding war to get the best price because buyers are more serious and not just window shopping online. At the end of the day, if a vendor isn’t happy with the price, they don’t have to accept it.
The second myth is that an agent doesn’t get as much brand exposure with an off-market campaign. Word-of-mouth and referrals are the most powerful form of marketing. What’s more impactful than a vendor telling their family and friends that their agent sold their property in a short timeframe, at a good price while saving them a substantial amount of money in advertising costs?
Many leading agents are maximising the marketing opportunities that an off-market campaign offers. They’re getting vendors’ attention and winning more listings by putting a sign board up with a SOLD sticker on it immediately, rather than the sign board going up and eventually putting a SOLD sticker on it. This strategy is generating buzz and capturing attention.
Social media is an excellent way for agents to share their successes with clients and potential new clients. Off-market is no longer just an industry term and people are more open to learning about new ways to discover their dream home, or to sell their home with less stress, less inconvenience and less invasion of privacy. Case studies and testimonials shared via social media offer votes of confidence and proof of success.
The third most common myth is that with off-market you don’t get in front of all the possible buyers out there. At the end of the day, it only takes one buyer to purchase a property and it’s about finding the right buyer. Buyers that know about off-market properties tend to be more qualified than those simply browsing a traditional portal. They typically have their finances in order and are very specific in what they are looking for.
The quickest and easiest way to identify buyers interested in an off-market listing is when they’re matched to the property via a marketplace like ListingLoop.com.au. These buyers have chosen to register with their name, email address and mobile number so it attracts a better quality of buyer. Smart technology identifies the most suitable buyers in an instant.
The market has changed and the agents that replicate the same marketing strategies as before will get left behind. Not all sales will happen off-market, but it does give you the option to then go on-market if needed. It’s more difficult to achieve a premium and hide the results of an unsuccessful on-market campaign than it is to transition on from an off-market campaign where all information is protected behind a login.
By Rhett Dallwitz, CEO Listing Loop
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