More and more properties are bought and sold off-market in Melbourne. But what does this actually mean? And how do you access these opportunities as a Buyer?
Wanting to purchase a property off-market?
An off-market property is one that is bought and sold without any form of advertising. Traditionally in Melbourne this has been in higher end homes in certain inner eastern suburbs, where discreteness and privacy are valued. However, increasingly we are seeing more properties bought and sold off-market across many different types of properties and locations.
Off-market properties offer a great opportunity for a Buyer to purchase a property without all the competition that comes at an auction. This is fantastic if the Buyer has in depth market knowledge and experience and is able to assess the value of a property accurately and quickly in order to act on opportunities that come up. There is a risk of overpaying or missing out when the value of a property is not recognised.
So how do Buyers access off-market properties?
Build a relationship with a Real estate agent
Make it your business to know the real estate agents in the suburbs which you are looking to buy in. Real estate agents are the first to know about properties which will come up for sale and will know if a Vendor may want to sell off-market.
Make sure you maintain the relationship so that you are top of mind when the right property becomes available. Agents will interact with up to a hundred Buyers a week and often don’t have a lot of time to spend with Buyers as they make their money from selling and finding properties to sell.
For a Buyer, the key to purchasing off-market and doing it well is knowing the market and how to spot a good value property.
Engage a Buyers Advocate
A Buyers Advocate will have access to off-market opportunities that regular Buyers may have difficulty gaining access to. The reason is this – when a Buyers Advocate approaches an agent, the agent knows that the Buyer using a Buyers Advocate is qualified and ready to buy. The chances of making a sale and therefore being paid are higher. A regular Buyer may just be looking or researching the market and so will gain less attention from the agent.
The Property Garden are Buyers Advocates and Feng Shui consultants and have over 19 years’ experience in the real estate industry. And yes we do have access to off-market properties. We take a holistic approach to assisting our buyers buy property in Melbourne, Australia.