Forget the conventional ways of buying property, there’s another way to search and it doesn’t require trawling through an online property portal.
While many buyers will flip through their local paper or glance in the windows of a real estate agency in the area they’d like to buy, they’re ultimately casting an eye over the same properties that thousands of other competing buyers are looking at too.
But these aren’t the only ways to hunt for property. In fact, there’s one other way that can not only eliminate some of the stress of buying a house but can also help you save money and it’s called buying ‘off-market’.
What is an off-market property?
An off-market property is a home that has yet to be advertised to the public and therefore is not yet ‘on the market’. The sellers may have already engaged a selling agent and have a price point in mind, but they might be sitting back or taking their time to prepare before taking the property public. They use this time to see if their agent can attract any interested buyers before they have to publicly advertise the property.
Why would someone sell off-market?
There are a few reasons as to why someone may want to sell their property off-market. In most cases it can be cheaper not to have to advertise the property, so this way the sellers are saving themselves a bit of money. They also might not be interested in taking the property to auction or having the hassle of set open for inspections every week. Another reason is because they may want to offload their property quietly, without neighbours of friends knowing that they’re about to sell.
What are the advantages of buying off-market?
From a buyer’s perspective, there are a number of advantages of buying off-market. It means there is less competition vying for the home as less people know the owners are interested in selling. This means less parties will be involved in the negotiations, so there is a reduced chance that the sale price will be pushed beyond the buyer’s reach. It also eliminates the stress of having to attend auctions and open inspections with 20 other interested buyers and can make the experience of buying a property a lot smoother.
How do you find off-market properties?
The best way to find an off-market property is to be on the databases of as many real estate agencies as you can. These databases are lists of potential buyers that an agent will email out to with any on or off-market properties they have for sale. The team at Cohen Handler can easily take care of this for you. They will be on a number of agent databases and can sort through the listings to make sure they’re only presenting you with the properties that fit your brief. And because of their long-standing relationships with their network of selling agents, they are in the box seat to find out about properties that are yet to hit their database.
If there is a property you have had your eye on for a long time, but has yet to be listed for sale, Cohen Handler can even approach the owner for you to find out if they’d consider selling for the right price.
If you would like access to more off market properties contact Cohen Handler on 1300 420 160 or email: [email protected]