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 discover how to find off market property and uncover the “secret” listings source that everybody “in the know” seems to have tapped into. 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 off market property
- 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
Working out how to find off market 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.
Published: 22 February 2017
DISCLAIMER: 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.