An off-market sale can have its pros and cons, an Illawarra agent says.
The term off-market sale relates to a property that is selling, or has already been sold, without any public advertising/marketing.
One such off-market property is the four-bedroom, two-bathroom home at 9 Craig Mor Way, Keiraville. It has a price guide of $890,000 to $930,000 and is open for private inspection only.
“We wanted to gauge what needs to be done in some regards... The vendors actually had plans in place for a major renovation for this home, but do they need to go down that track if there's someone willing to buy it as is?” selling agent Neil Webster, senior executive residential at Colliers International said.
“That’s the advantage for them - do they spend the money and get it renovated, or do they sell it as is and get a great price that way?”
Mr Webster said some sellers would opt to entertain the prospect of selling off-market in order to get more feedback regarding their property.
“If someone has a home that hasn't been presented or renovated, it's an opportunity to get some feedback from the market to see where the pricing actually sits,” he said.
“As much as a real estate agent can put the research into doing that, sometimes the market will give us a different opinion.”
Mr Webster said while they would often still promote an off-market property via social media, this process enabled the vendor to save money by not paying for an advertising campaign.
“Sometimes it's a timing issue as well; the vendors may have found the ideal home they want to move into, and want to get a quick sale through so they can move on to their next home.”
Mr Webster said an obvious disadvantage for the seller was less public awareness often resulted in less competition for a home.
“It's very important for buyers as well," he said.
"As much as they can search online for properties that pop up, it's very important for buyers to get on a real estate agent’s (database) list, for these opportunities.
“It's also important that when dealing with agencies, that if they do go on a database, they make note of the specific requirements. It's no good getting on an agency's database and just saying, ‘I’m looking for a house from Helensburgh to Kiama'.
“Then you'll get inundated with everything possible, and that's where it gets annoying and frustrating. (It’s easier) if you’re dealing with an agent who specifically knows that you're looking for a four-bedroom house that has to have two bathrooms, a double garage, a garden big enough for the kids and is walking distance to school.
“That helps narrow the field down, and a good agent will keep an eye on those particular properties and come back to buyers with those.”