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Off-market is no longer just an industry term and more and more vendors are curious about this approach for selling their property. While all agents know how to pitch VPA, selling the benefits of an off-market campaign requires a different strategy that many are still getting their head around.
Off-market is not just about saving your vendor expensive upfront marketing fees. It’s about avoiding a Google property search history, it’s about selling now without delay and it’s about leveraging a looming on-market campaign to secure a premium.
One of the biggest benefits and low risk factors of an off-market campaign is that you can eliminate the property showing up in Google searches – or in other search engines such as Bing. This is particularly ideal for vendors that wish to remain private, but most importantly, it disguises any changes that need to be made to the listing, such as a reduction in price. With off-market, buyers can’t go online, search and see this change.
On the other hand, with on-market, people can easily Google the property, discover a drop in price and take advantage of this to negotiate an even lower price. A failed on-market campaign can take over a year to clean up, whereas an off-market campaign can go online the next day without the masses knowing the property’s history.
The Australian real estate market is no longer seasonal and timing is no longer relevant because of the constant demand. Restrictions on international travel, state lockdowns and expats returning home are all contributing to this. Vendors looking to sell no longer need to wait until spring and can utilise off-market to sell now. Even if they haven’t painted the house, renovated the bathroom or tidied up the garden. Off-market sales often attract more serious buyers that are tired of missing out and are fully invested in finding their next home as soon as they can. They don’t care about stylised spaces or professional photographs. They’re more concerned about snapping up a home before someone else does.
An off-market campaign can be used as a huge leverage point for a looming on-market campaign. If a buyer really wants a property, they can be enticed to pay a premium before the property goes on-market and is seen by other competing buyers. Leading agents are utilising this angle as a bargaining tool to get the best possible price for their vendors.
Off-market sales are made easier through tools such as ListingLoop.com.au, Australia’s leading marketplace for pre-market and off-market listings. Agents are using ListingLoop.com.au to win more listings and sell properties faster by getting their properties online the same day they list.
Rhett Dallwitz is the CEO of ListingLoop.com.au
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