Buying a property off-market through a buyer's agent

While there are hundreds of homes listed for sale online at any time, many home buyers don’t realise just quite how many properties sell without ever being marketed publicly.

While there are hundreds of homes listed for sale online at any time, many home buyers don’t realise just quite how many properties sell without ever being marketed publicly.

Off-market property sales, aka ‘silent sales’, come and go in almost every suburb. As a buyer, they give you an opportunity to beat the competition and potentially score a bargain. The challenge is finding them, which is why working with a buyer’s agent can widen your property search, significantly.

Why do sellers choose off-market sales?

Properties can be sold ‘silently’ for many reasons.

1. Privacy

Privacy is one factor. Celebrity or high-profile sellers may not wish their move to be common knowledge. Other sellers may be going through a separation or divorce and do not feel ready for people to get wind of the news.

2. Security

For some sellers, the idea of the general public traipsing through their property may be daunting, for both privacy and security reasons. They are concerned about the safety of their belongings, or they simply don’t want a sizeable crowd of strangers through their front door.

3. High demand

In some suburbs, properties are in such high demand and availability is so low that there isn’t a need to advertise. Some pockets of Sydney have properties that are so tightly held that months go by between sales. In these circumstances, sellers know they will be able to find the right buyer without an extensive advertising campaign, so they opt for a silent sale, or what real estate agents call an off-market property sale.

4. Speed to market

Another scenario is when sellers are looking to sell their property quickly. They don’t want to go through the hassle of having their home styled and photographed, and they don’t want to wait for their property to launch online before people come to see it. The benefit of a quick sale is that the home seller saves themselves expensive marketing and home styling costs. They won’t be looking to recoup any pre-sale outlay when they sell, so the buyer has an opportunity to save money, too.

5. Uniqueness

Finally, off-market listings may be pre-market listings. A selling agent could be reluctant to set a price for the home when first listed due to its luxury status or unique features. By inviting a select group of qualified buyers and buyer’s agents to view the property and potentially make an offer, they can gauge demand, get an idea of the home’s current value, and better manage vendor expectations.

The benefits of buying off-market

If a home seller is looking for a quick sale, property buyers may benefit from a lower price, especially if they can meet the seller’s terms and conditions when negotiating. Your offer could include a quick settlement period or an agreement to take on the property in its current state.

The other advantage of buying through a silent sale is being ahead of the competition. Accessing exclusive listings before the rest of the market reduces the likelihood of a bidding war. With fewer parties involved, there is also less risk of a skilled auctioneer driving the price sky high.

Working with a buyer’s agent to secure an off-market sale

Buyer’s agents are increasingly popular as buyers seek professional help to make a smart purchase.

To reap the benefits of an off-market sale with the help of a buyer’s agent, first, ensure your finances are in order, and you have pre-approval for a home.

Have an honest and upfront discussion with your buyer’s agent about the type of home you are looking for and your long-term plans. Ask for their advice and recommendations, and let them know you’re keen to hear about off-market (silent sales) and pre-market inspections.

From here, your buyer’s agent will go to work for you, leveraging their real estate contacts and uncovering properties that are not yet publicly advertised. They will even save you from Saturday morning inspections by creating a shortlist of properties that will suit your needs.

If you’re motivated to buy, your buyer’s agent will help you negotiate an off-market sale. With their expertise, you can potentially save up to ten per cent or more on the cost of the property you purchase.

Most buyers are unaware of off-market sales because they don’t have the right connections with local real estate agents. Even if they do, they may not have the know-how to secure the property for less. This is why working with a buyer’s agent makes sense for property purchases of all sizes.

How we help

Our buyer’s agents offer a complete property buying service, from search to negotiation and bidding at auction.

Get in touch to find out how we can tailor our services to suit your individual needs.