Off-Market Home Sales: Reasons Why It’s Not the Best Selling Strategy

There’s a method of selling properties out there called ‘off-market’ selling. Heard of it? Well, it’s when the sales agent tells potential sellers that they have a database of buyers waiting to view properties. The sellers are told that their property can be sold without even going on the open market. This is tempting for a lot of sellers because they are persuaded into believing that their property will be sold quickly, with little hassle. However, sellers, beware. This is NOT in your best interests.

Our Role as Your Sales Agents: Highest Market Price

As sales agents, we work on behalf of you, the seller, and are paid at settlement for negotiating the highest price that the market can offer. Therefore, if we do not put the property on the market, how do you know that you have sold your property for the highest price the market can offer? Not enough buyers have had the opportunity to find out about the property, only the ones in the sales agent’s ‘database’.

Building Momentum: The Importance of Quality Marketing

Quality online marketing campaigns, utilising social media, plus attractive signboards, lead to more buyers finding out about the property and the momentum of the marketing campaign being created. The goal of which is busy home opens. Competition at home leads to buyers paying their highest price, and you achieve the maximum possible for your most important asset.

Home Opens: Creating Competition

As sales agents, it is our fiduciary duty to do the right thing for the seller. This includes launching the property onto the open market with a high-quality, far-reaching marketing campaign. It is our duty to achieve a home open where multiple buyers view the property. It is our duty to invite them to put forward their most competitive offer. It is our duty to negotiate the best price.

Agent Representation: Who Should Pay?

Understanding agent representation in ‘off-market’ property sales is crucial. Normally, if an agent represents a buyer, the buyer should pay the agent’s fee – not the seller. This principle is to avoid potential conflicts of interest and ensure transparent transactions. When a buyer pays their agent, it safeguards that the agent works in the best interest of the buyer without favouring the seller, ensuring all parties have unbiased representation for a fair transaction process.

If you would like any further information on the above or have any other questions about selling your property, don’t hesitate to contact us at Listed Estate Agents.

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Published on 16 February 2024 by

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