What is Off Market Property?
If a selection of property professionals were asked the question ‘what is Off Market Property?’ a range of answers might be given depending both on their own experience and on the demands of each of their clients. Whilst the general theme would be one of discretion and thus marketing a property in a discreet manner, there is a full spectrum of reasons behind choosing to sell on an off market basis and thus the ‘marketing’ approach for such properties can vary significantly.
For those property owners requiring nothing less than complete privacy and confidentiality, the company or individual representing the sale of such a property will have little more to work with than a price (or guide price), approximate location and a brief property description. This limited information can then be used to solicit interest within a known group of associates and relevant parties, after which further details can be shared – often providing that an NDA has been signed beforehand.
At the other end of this spectrum, there will be real estate owners whose principal motivator for selling their home as an off market property will be to ensure that the property details (including the images) remain out of the public realm – and in particular not on public property portals. Invariably and for understandable reasons, almost all sellers of off market property are seeking to avoid the creation of a ‘digital footprint’, detailing the initial listing date and initial listing price.
Whatever the underlying reasons, we are confident that our off market property service will help you and your clients promote their off market listings in a more efficient and effective manner. Register Here Now.
What is off market property and what are the benefits of selling this way?
Off market property could be simply described as ‘selling a property in a discreet manner’. Regardless of the exact level of discretion required by each seller, to understand why a buyer might choose to sell their property this way, it is beneficial to consider the main motivations and benefits of using this sales strategy.
Motivations and benefits from selling an off market property
- Avoidance of press coverage (particularly for high profile/celebrity owners)
- Avoidance of a ‘digital footprint’
- Reluctance to alert neighbours for reputational reasons (e.g. in the case of a divorce)
- Reluctance to alert other parties for business/professional reasons
- Possibility of a quicker sale – less time wasting ‘tire-kickers’ seeking to view the property
- An opportunity to test the market’s response to the property
- To ‘pre-market’ a new development (or a single property in the process of being refurbished)
- Less intrusion from a marketing perspective – photographers, videographers etc