Off Market Sales

All you need to know about “Off Market Sales”

OFF-MARKET property sales used to be the preserve of the rich and famous, but in recent years even average family homes are being sold this way – and the number is growing. Off-market actually plays to our greatest strengths: a local, independent firm with a high-profile presence, in-depth knowledge of the town and country markets across Central Scotland, database of private ready buyers, and the ability to offer the discreet, individually tailored personal service required. Having established a reputation for success in this field in recent years, off-market sales now account for around 10 per cent of our business.

What is an Off Market Property?

An off-market property, also referred to as a discreet property listing, is where a seller does not want their property name or address to be open to the public, such as on Rightmove, in an office window display or through digital advertising. An off-market sale simply means the property is not marketed publicly. There are no For Sale boards, property schedules, which on the face of it may seem incongruous. How can you sell a property if no-one knows about it? We’ll tell you how!

Why would you want to sell off market?

Sellers choose to sell off-market for two main reasons. One is to protect their privacy, whether for personal or business reasons, but it may just be because they prefer not to have nosey neighbours virtually viewing their home. Another reason may be to test the market to gauge if the initial marketing price is competitive or too high without giving it a date stamp, as happens when a home is registered with a property portal such as Rightmove. Selling off-market means there is no record of the original asking price or how long it remained on the market – which means it could then still go on the open market as a new entry and potential buyers would be none the wiser. Off-market is also less stressful as clients deal with the same people throughout – and don’t have to make time or be available for viewers, which during Covid, was a major advantage. Selling off-market involves fewer people and is therefore more focussed.

Off Market Property Buyers?

If you are thinking of selling your property discreetly, you may be wondering who your potential buyers are and how this will affect your sale. Typically, off-market property buyers are in a good position and are ready to buy, meaning they have the cash funds, have nothing to sell. Those interested are usually in rented or sold properties and cannot find what they are looking for online or are looking for the rarity factor. These buyers are usually in a position where they are prepared to wait until they find the property meeting their specific requirements and buy right away. Many of these buyers like to keep themselves private, similar to the sellers, and do not wish to be hounded by agents trying to sell everything and anything.

How to find an Off Market Property?

If you are ready to buy a property but cannot find the home of your dreams through popular property portals, you may want to consider looking for off-market properties. Here are the main ways of finding off-market properties:

local estate agencies

Look no further than an agent with local knowledge and expertise. Generally, sellers who wish to take advantage of off-market sales will use an agent with a good track record of similar properties. Have a look and see which agent sells the type of property you are looking for, and contact them to see what they have available.

Word of Mouth

Another way of finding a discreetly marketed property is through word of mouth. Sellers wanting to sell privately may explore their contacts through friends and family before marketing it officially. This means they are speaking to like minded people who live in similar properties.

Going Direct to the Home Owner

If you’re a cash-buyer and have found your dream property that isn’t on the market, you can approach the homeowner with an offer. This should be done delicately, as not all owners will welcome or take your offer seriously. For advice, contact our team — we can approach on your behalf or guide you in the right direction.

How does an agent market an ‘Off Market’ listing?

As an Estate Agent, our staff will be working with multiple buyers at any given point, most of whom will be working with a member of staff they have already built a relationship with. Once the estate agent has finalised the ‘soft’ marketing – photos and description – we will begin to contact out buyers to see if they would be interested in such a property, or speak with our colleagues to see if they know of anyone. A good agent should know their applicants and their requirements well in order to secure you a quick and straightforward sale. Your estate agent will contact the appropriate potential buyers directly with your property details and can even get the process moving along much faster.