COVID-19 may have changed the property market in inner-city Sydney.
But we’ve had great success selling property off-market in these conditions. We look at what’s involved in an off-market sale and why it’s a technique that’s working right now.
How off-market sales work
Usually, a real estate agent will sell a property by trying to put it before the biggest audience they can. We’ll advertise it on property portals, such as realestate.com.au and Domain, as well as the local newspaper. We’ll put a sign in front of the home to catch the attention of passers-by. We’ll drop leaflets in letterboxes of neighbours and even use digital targeting such as Facebook ads.
After all, common sense says that this is the right thing to do. But off-market sales work an entirely different logic altogether.
Instead of casting the net wide, we keep it tightly focussed.
We have no publicly-available open homes, no prominent listing and definitely no signage. In fact, we run no publicly visible campaign.
Most people will never know that the property is even for sale.
Behind the scenes, however, we’ll be working hard engaging our database of buyers. We’ll invite those people we know are specifically looking for a home just like yours to come and inspect it and to potentially put forward an offer.
In other words, we’ll go past the tyre-kickers and onlookers and straight to qualified buyers who we know are actively looking and likely to pay decent money for the property.
When does an off-market sale work?
Off-market sales aren’t for everyone, and they don’t suit every property. They can generally work well if:
- The property is high-end or unique
- The agent knows buyers are waiting for a similar property to hit the market
- The seller wants a certain level of privacy and doesn’t want to have a public open home
- The seller wants to ‘test the waters’ and gauge the level of interest in their home while still retaining the option of proceeding to a full campaign
- The seller knows their home will sell and wants to save on advertising costs.
Why are off-market sales working right now?
COVID-19 has introduced different, even unique, conditions into inner-city Sydney’s property market. There is less stock and fewer buyers about than there were at the beginning of 2020. However, many of the buyers in the market are keen to secure a decent property quickly before conditions potentially change again.
On the other side of the equation, some sellers are unsure of whether listing now is a good idea and don’t want to commit to the cost associated with a full advertising campaign.
Selling off-market bridges the gap between these two positions.
Done properly, it can bring about a solid result for the seller without the hassle and expense of an auction. However, it relies on having an agent with a large database of genuine buyers who can inspect a property and put their best foot forward if it suits their needs.
Recent off-market sales
We’ve found that selling off-market has brought about strong results for several of our sellers during COVID-19. Here’s a snapshot of some of the recent off-market sales we’ve achieved in early to mid-2020:
63 Kingsclear Rd Alexandria
This two-bedroom redesigned home with two parking spaces sold off-market for a suburb record of $1,950,000.
136 Belmont St Alexandria
This meticulous three-bedroom, two-bathroom home sold off-market for $1,900,000.
3/86 Cope St Waterloo
This one bedroom, one bathroom townhouse sold off-market for $860,000.
53/93-105 Euston Rd Alexandria
This one-bedroom New York-loft-style apartment sold off-market for $670,000.
Contact our team today to find out more about how an off-market sale could work for you