When it comes to buying a home, it may surprise you to know that what you see on property listing sites isn’t a complete representation of all the available options — there are “invisible” off-market properties to be discovered, if you know where and how to look for them. While most seasoned property buyers already understand the ins and outs of how to buy an off-market property, it can be difficult to know where to begin as a first-time home buyer or investor.
In this article, we’ll outline the benefits of buying an off-market property and share some tips to help buyers like you understand how to find them and what you need to keep in mind when buying off-market.
What is Off-Market Real Estate?
In general, off-market real estate refers to for-sale properties that are not listed on the property market. These properties are not actively being promoted to real estate buyers on public channels (like realestate.com.au) or with a marketing campaign, making them practically invisible to buyers.
Despite their lack of public visibility, these off-market properties are still available for sale. There are a variety of reasons as to why a property may not be on the market, including delays in the set-up of marketing efforts, a lack of funds for advertising, and personal reasons that usually pertain to privacy.
How Can I Get Access to Off-Market Properties?
There are a couple of ways that buyers can get access to off-market properties — through a buyer’s agent, online platforms, or research and networking.
The most effective way by far is to work with a buyer’s agent. For the uninitiated, a buyer’s agent is a real estate professional that specialises in searching for and evaluating prospective properties on behalf of the buyer. Most buyer’s agents are experienced in knowing where to look for off-market properties and often retain connections with vendors that have access to sellers who have decided not to use a real estate agent. Using their extensive connections in the local area and real estate market, a buyer’s agent can source for off-market properties quickly and effectively, giving buyers access to off-market property options.
Buyers can also look for online platforms that directly connect buyers to sellers, but these usually require an active (paid) subscription to access the details of off-market properties. Registering with these platforms can allow buyers to receive notifications for recently released off-market properties.
Buyers that are determined to gain access to off-market properties on their own should know that a lot of time and effort will need to be invested in doing so. A big part of finding off-market properties is research, and buyers will need to keep close tabs on the open homes and transactions that happen in a chosen area. Without professional expertise and experience in real estate, it’s not realistic to cover a large region in the search for off-market properties — sticking to one or two suburbs is likely to yield better results.
Last but not least, buyers keen on buying off-market can expand their search by networking and forming relationships with selling agents and vendors. Building rapport with these selling agents increases the chances of them reaching out to you when a property becomes available for purchase.
Benefits of Buying A Property Off-Market
Buying a property off-market offers a few advantages:
Broader selection of properties: Choosing to buy off-market properties gives buyers an increased range of potential properties for consideration, which is especially valuable when there’s a lack of properties on the market. With more options to choose from, there’s a higher likelihood of buyers being able to find a property that meets their specific budget and preferences.
Less competition: As off-market properties are not widely advertised to the rest of the public, they typically face less competition, and consequently, award buyers the advantage of being among the first and sometimes the only ones to view these properties.
More control over negotiation: With less competing buyers, one of the best reasons to use a buyers agent is that buying property off-market gives buyers more control over the negotiation of sale terms, allowing them to achieve a more favourable purchase outcome.
6 Tips to Buy Off Market Properties in Australia
If you’re interested in finding more properties and getting access to off-market opportunities – here are five actionable tips:
- Obviously, engage a buyer’s agent – that’s your secret weapon to getting access to off-market properties.
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- Do your research on the location before starting your search — Some suburbs and regions will be more likely to have off-market properties to offer than others.
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- Connect with local selling agents in the area — Make time to build close relationships to increase your chances of getting notifications about potential properties.
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- Communicate your preferences clearly with your buyer’s agent
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- Be ready to buy at a good opportunity — Off-market properties aren’t readily available, so when an ideal deal comes your way, make sure that you are mentally and financially prepared to buy.
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- Don’t be afraid to invest in some help — A buyer’s agent can significantly speed up and simplify the process of finding off-market properties.
Invest in Your Next Off-Market Property with Aus Property Professionals
As the leading buyer’s agent in Sydney for investment properties across Australia, our team of buyer’s advocates can help you comb local real estate markets to find a high-value off-market property with lucrative potential for your next investment. Contact us today to find out how we can help you access exclusive off-market properties!
