When you sell your home off-market, you don’t use and traditional advertising channels. This type of sale certainly has its place in the market and in this real estate vlog Henry discusses the pros and cons of going down this route.
“Hi I’m Henry from Remax. We’re here today to talk about selling off market. Selling off market, that means no advertisements whatsoever. You may have some photos, videos done, but no advertisements on any online platforms or offline platforms, today’s newspapers. So selling off market, is a good thing, or is it not a good thing? Well, say for example, some people may argue “look, if you don’t take it to market, that means it’s not worth it”. You probably miss out on someone who would actually pay more money. Well, generally when you sell a property, you have an idea as to where your home lies. You can even get your bank to value where the property is at. And banks these days generally are pretty on par. There’s a false belief that banks value severely under. That’s actually not the case. They’re pretty much on par. So with something off market, say for example your house is worth $1 million. If we were an off market buyer who gave you $1.2 million, no conditions, we say “you know what? I feel good, let’s buy, let’s go to market, we need to sign the contract”, more than likely you’re going to sign the damn contract. With the off market buyers as well, most of the buyers that we deal with are very highly motivated. They say look, we’ve missed out on one property, two properties, three properties. If you come across something like four bedroom, three bathroom, two car in Wishart and it suits our needs, we’ll make an offer. We’ll come in, have a look and if we like it, we’ll make an offer on the spot, no conditions. These are buyers that are highly motivated, they’ve missed out on properties before, they don’t want to miss out again. We use the fact that if you don’t want to buy that’s okay. We’re going to go to market later on. So something off market, also, from a vendor’s point of view, seller’s point of view, it means you don’t need to do any more buyer inspections if you sell it off market. Don’t need to worry about cleaning up the house, worrying about the kids, make sure to put the toys away because you have open homes every single week. It’s also hassle free too. One last thing: when you’re selling off market as well, you don’t need to pay any advertising at all, as we’re not going on market.”