“Off Market” listings

off-market-property

It seems to be the trending call of the typical Selling Agent or Buyers Agent. “I have access to an ‘off market’ listing”.

What is an “off market” listing?

This is agent jargon for a property that is exclusively listed with the selling agent but is being sold to their database without marketing. (usually for a quick turn-around)

What does this mean for the buyer?

It can mean a few things:
• Limited competition
• Quick turn around
• Less stress
• No uncertainty like auctions etc.

The term “off market” for a distressed seller can be great for a buyer who is ready and willing to purchase immediately. Sometimes, somebody’s misfortune can be your gain. But be very careful that you have completed your due diligence up front before the emotions take over and the emphasis becomes solely on securing this “off market” opportunity.
Remember, Real Estate Agents are paid to get their vendor the MOST amount of money for their property. They can be very clever and call their desperate database (including novice inexperienced buyers agents) with the promise of an “off market” property with no competition BUT for an exorbitant price. It’s easy to lose focus on what’s value when you think you have already won the negotiation by securing something with no competition. This surely gets the transaction done, but at what cost?
Contact a reputable Buyers Agent (preferably a REBBA member) who doesn’t promise only “off market” opportunities. The majority of the time, in our experience, the “off market” opportunities are only an unrealistic seller wanting an inflated price from a desperate buyer.

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