Have you noticed a sold sign go up on a property on your street without you knowing it was for sale? It’s known as an ‘off-market sale’. You might have heard people talking about it.
Some agents have hyped it as the ideal way to sell: no advertising fees and a quick sale…but does it get the best outcome for the seller?
It’s my opinion that the seller loses every time in an off-market sale. Before I explain why, let’s take a closer look
How an off-market sale works.
Agents keep databases of buyers who are looking for property. It’s relatively easy nowadays to contact a digital database of active buyers. They are buyers who visited the agents open homes and enquired a listing. The seller’s property is offered for sale to only a selection of these buyers.
Database marketing should be expected of any agent. It’s in the seller’s best interest for all buyers active in the market to know their property is for sale – not just a limited number. I think off-market sales are a return to the ‘bad old days’ of real estate practice. We hope the industry moves beyond the ‘quick-sale at any cost’ approach.
Creating competition gets higher prices
To truly get the best out of the market you need to create competition for the home. The best way to create competition is with advertising and marketing. Global corporations like Coca-Cola, Virgin and Facebook make enormous sales on the back of strong advertising & social media. Put simply advertising and marketing works.
The great news is advertising is cost-effective and the difference to the sale price if often tens of thousands of dollars. Using the PILOT marketing plan, I sold one property on the first day of marketing for $82,000 above appraisal (2016). Give me a call on 0433 694 994 to find out more. I promise that I’ll keep your interests ahead of my own.