Last year was another tough one for Sydney property buyers, and many came to the conclusion that the only way to crack the market was to find out where the “off market” listings were hiding. And it was an interesting year because we noticed a marked rise in the number of properties being offered for sale “on the quiet”.
So for a buyer to take advantage of this, you need to know three things:
- How to find these elusive properties
- How to make sure you have found the right one
- How to buy it, if it’s right!
What exactly is an off-market listing?
The pure definition is a property that is available for sale “quietly”, without a marketing campaign. These true off-market listings are the hardest to find. You need strong relationships with every agent in the area in which you are looking. They need to take you seriously as a buyer and not view you like a tyre kicker. And you need to be front of mind for them. By far the best way to get access to these is to engage a buyers’ agent. We recently bought 4 such properties for clients. No photos, no floorplans, no internet listing, just a phone call from an agent who knew what we were looking for.
Over the past year, a second type of “off-market” listing has emerged.
This is where the agent lists the property on their website and markets it via their email list. There are usually photos and a floorplan available, so finding out about these is a heck of a lot easier. You simply need to subscribe to each and every local agent’s email list.
Ready to buy?
A note of caution, many buyers have rose coloured glasses when it comes to off market listings. By feeling that they have exclusive access to a property, they may forget to critically assess it against two measures:
- Is it really the best property for them?
- Is it really good value when compared to other property
Finding a property can be tough, but don’t be fooled. Whether it’s on the front page of the paper or hidden in real estate agents emails, it’s not a good buy if it isn’t the right house for you.
Here’s a recent property we bought:
We would never have found and bought our house had it not been for Good Deeds. From the very start, they understood the brief and had a great feel for what we were looking for. They took they hard work out of looking and we trusted them to show us properties that we would be interested in. They found a home for us in a better location than we expected and negotiated an unbelievable great value price in a very heated market. Veronica definitely has her finger on the pulse and Michelle went to such great lengths to ensure that we secured the property.
Thanks again Good Deeds, we are so very happy we signed up for your service. It more than paid for itself in the house we ended up buying.
Good Deeds buyers tips are intended to be of a general nature. Please contact us for advice that is specific to your individual circumstances. You may also need to get advice from other professionals such as an accountant, mortgage broker, financial planner or solicitor.