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Off-Market Property Sales: The Pros And Cons
Off-market property sales – a term used to define a property that is selling or has been sold without any public advertising – are increasingly popular across Australia. And as with any approach in real estate, there are pros and cons for those on both sides of the transaction.
Pros of off-market property sales
Most people think an off-market arrangement is a win for the buyer because of reduced competition, but experts say the non-traditional approach offers potential upsides for both purchasers and sellers.
For buyers
1. Opportunity to get a bargain - can help buyers avoid competition-driven price inflation often seen in the open market. Without the pressure of possibly losing the place to someone else, the buyer can make a “sensible, considered decision that is best in line with their needs and budget.”
2. Much lower anxiety levels - more intangible. It just makes the entire process of buying less anxiety-ridden. You are not competing and it’s so much less stress.
For sellers
1. It’s a “stress less” option. From a vendor’s perspective, the off-market avenue removes the stress factor - by saving time, hassle and money, with no open houses and minimal inspections and avoid exposing yourself to the risks inherent with open houses. You’ll also save on advertising, signage and other marketing costs.
2. The chance to get a great price. Through going off-market, sellers have the potential to achieve a fast sale, at a great price - you can avoid the length of a normal sales campaign and can confidently move forward with planning your move or next purchase.
Cons of off-market property sales
For buyers
1. Limited pool to choose from. Buyers might not have a huge selection of properties to choose from if they strictly want to purchase off-market.
2. Requires patience - ppatience is definitely something you need with this type of approach, as when there is a high clearance rate – like there is currently in most areas throughout Australia – vendors are less keen to adopt an off-market strategy.
For sellers
1. Risk of not getting top-dollar. The most obvious and costly disadvantage of selling off-market 1. Risk of not getting top-dollar. The most obvious and costly disadvantage of selling off-market.
2. Difficulty in judging buyer seriousness - it can be hard to gauge the sincerity of potential buyers with off-market deals, but a good sales agent can usually navigate this.
Posted on 7 May 2023
Disclaimer: This blog post is not to be considered legal advice. If you are seeking specific legal advice we suggest that you consult a legal professional before making any significant decisions in this regard.
Reference: Realestate.com.au