The Gold Coast property market is absolutely on fire at the writing of this article, with buyers certainly out weighting the number of properties coming to the market. We thought it would be important now, more than ever to discuss the pros and cons of selling your property off market.
An off-market sale is a term used to define a property that is selling, or has already been sold, without any public advertising.
It’s a term that sometime pops up in property conversations and is usually linked to a property that needs an immediate sale, where the sale is often more important than the sold price.
So, what is it and is it worth it?
Selling a property off market is not a strategy that we advise when selling your property, as it is not seen as an ideal way to achieve the maximum price – it’s often a last-minute choice.
Off market means the home can be bought if its owner is presented with an acceptable offer, but has decided not to promote the sale to the wider market. An off-market sale is a faster sale, but usually is not always the best outcome. Vendors with tricky families or neighbor's sometimes see value in keeping the home’s sale out of the public eye.
· A quick sale – if priced keenly.
· Usually sold with more terms and conditions. When a vendor wants a low-key sale, the quickie sale is often subject to more conditions including shorter settlement periods, bigger deposits, or inclusive of any building faults.
· There is a high possibility you will get a lower price than if you advertised your property.
· The wider market is not aware of the property being on market and struggles to attract buyers to create further competition.
· You are essentially attempting to sell a secret. Without marketing your property, not all the buyers looking for a property like yours are able to find it. Nor, do they know about your property being sold. Thus, reducing competition and demand.
It is our opinion, that it if you are seeking to achieve the best possible price for your property, it is imperative that a well-rounded, planned, and cost-effective marketing campaign is in place. Therefore, at ADS Realty we include our premier advertising package in our competitive success fee.
If you or someone you know who has been thinking of selling give us a call on 0432 552 209 today!