You probably haven’t heard of 5 Mandy Street in Wishart, but it’s a lovely 1980’s home with four bedrooms and two bathrooms that we have just sold!
You may not have heard of it because we sold it off-market. This is the term used to describe when we sell a property without advertising it publicly. You won’t see it listed on any of the major real estate portals, and we don’t advertise it to the general public.
Our vendors wanted to go for an off-market launch to test the waters, followed by a public advertising campaign if required.
It wasn’t required.
Henry and his team sold the house without it needing to go to market. We got some photos and a floorplan done because many buyers want to see those before they inspect a property. We then contacted our database of buyers who were looking for a two-storey property.
We found an out-of-area buyer who fell in love with the home and paid a price that the sellers were very happy with. The sellers and buyers are onto the next stage in their lives in no time at all!
If you’ve been a follower of the Henry Wong Team® for a while you may notice we often mention ‘off-market sales.’ Today we want to talk a bit more about off-market sales like the one at 5 Mandy Street.
When Should You Consider an Off-Market Sale?
You may find yourself in a number of situations where an off-market sale is preferable. Maybe you’re private people, and don’t want the hassle of home opens where a bunch of strangers inspect the environment you live in. We find that often people with a high profile will request an off-market sale, so as not to create any kind of fuss round their personal lives.
You could be in a position where you want a quick sale without any fuss. Your life situation may have changed and you need to move onto the next chapter quickly. An off-market sale is a great way of going about this, especially when you have the Henry Wong Team® helping you to facilitate a quick sale. Maybe you’re going through an employment change and you don’t want work colleagues to find out you’re moving just yet.
Off-market sales are also suited to a pandemic environment, and we saw quite a few of them happening during the last couple of years whereby people wanted to keep contact with the public to a minimum.
Is an Off-Market Sale Good for Buyers?
Buyers often appreciate an off-market sale, particularly if they have fallen in love with the home. They don’t have to deal with the anxiety of thinking someone else from the open market is going to be the buyer of their dream home. They simply make their offer on the home, and the negotiations proceed from there.
The Benefits of an Off-Market Sale for Vendors
Off-market sales are becoming more and more popular, so there is definitely an appeal to them for vendors. For a start, advertising costs are much lower, because you don’t have to try and standout above the other properties being advertised to the public. Also, you don’t have to get everything completely spick and span every week for a home open! Buyers don’t expect the property to be in as immaculate condition as a home on the open market.
As we said, it’s also a very non-intrusive method of selling your house. No sticky beakers wandering past to have a look, no large groups of people turning up for inspections. Your family’s privacy is kept intact. This anonymity is a major benefit.
There’s always the chance too that you will achieve a premium for your property when you sell off-market. A buyer may fall in love with the home to the extent they’re willing to pay above and beyond what it’s worth to secure it for themselves and keep it from going to public market.
What You Need for an Off-Market Sale to Work Well
If you’re not advertising, you’re basically relying on networking and word of mouth. This is where the skills and knowledge of a good real estate agent come into play.
Leading agents like Henry Wong have spent years building their business relationship networks. He has a massive database of contacts of buyers, both passive and active, that get notified when he lists a property.
This database has been key to his success in selling homes without going to market. Why? Because he notifies everybody in it that he is selling a property that won’t be advertised to the public. Chances are, there is either someone in the database who would be interested, or who would know someone that may be interested. It just gives the off-market listing some traction, and often results in a sale. It’s even led to properties being sold before they had a chance to go to market!
Get in Touch With the Off-Market Experts
Would you like a similar result to 5 Mandy Street? Does an off-market sale sound like the way you’d like to go? Get in touch with Henry and he’ll answer any questions you might have. Chat soon.
