If you’ve put a property up for sale before, chances are you went down the traditional route of listing it publicly on the open market. However, there is another way to sell your house, and that’s via an off-market sale.
Selling your property off-market means you forgo advertising it openly to a broad audience. This will create a more exclusive sale option, as opposed to letting everyone know what’s going on.
You might think limiting the number of people who can view your property will hinder the sales process, but for the right property and circumstances, it could help you in a number of key ways.
In this article, we’re going to share some of the signs that indicate whether an off-market sale is right for you. So, if you’re asking yourself whether it will suit your property, we’ve got the answers you need to make an informed decision.
1. You Want to Sell Quickly to a Serious Buyer
Off-market sales are popular because they have a much higher chance of delivering a qualified buyer quicker than the traditional selling route.
It’s likely there will have been a property similar to yours on sale recently, and only one lucky buyer will have snapped it up. All the other potential buyers will have been left disappointed by this, but their frowns could quickly turn upside down when they learn that your property is available.
Having said this, have a word with us to see if we know of any potential buyers already in mind for your property. If we do, you’ll save yourself so much hassle on having to keep your diary free for viewings, preparing your property, having to deal with “buyers” who never really intend to buy, not to mention waiting for the marketing work (such as the photos and measurements) to be done.
Exactly how does this save you the hassle?
Because these potential buyers are ready to make an offer and have financials in place to move quickly!
All they really need to know is how closely the house meets their criteria, and, in some cases, that’s all they need to make an offer with no marketing or repeated visits necessary. Trust us, we know.
2. You Don’t Want Unnecessary Attention
Having your property up for sale on the open market means everyone can see you’re selling it. This can be a bit of a problem if you prefer to do things discreetly, making an off-market sale more your cup of tea.
We all value our privacy, but selling publicly can bring with it all sorts of questions, the big one being: ‘Why are you selling?’
Maybe you’re going through a divorce and you don’t want the neighbours sniffing around, or perhaps you inherited the property and you don’t want to keep answering questions about the sale of a loved one’s home.
In quiet neighbourhoods, the sale of a home can be quite a talking point, so if you’re not selling for a positive reason, you may prefer the hassle-free, discreet approach of an off-market sale.
There’s also the security risks to consider, especially if you have a high-value property. You may find a good deal of open market buyers aren’t interested in purchasing your property at all; they’ve just popped round for a nosey!
Worse than that, a giant “For Sale” sign in your garden could be seen as a bullseye for burglars looking to scope your property out.
You can eliminate all these potential privacy issues by going off-market, so if you want a more private sale, get in contact with us.
3. You Don’t Want the Ticking Clock of a Traditional Sale
When it comes to selling your property by traditional means, a fast start is important. While it is not always the case, it’s likely the longer your property is visibly for sale, the more offers you’ll receiveunder your asking price.
Off-market properties don’t have the date they’re put on sale listed. As such, savvy buyers can’t try and use that information against you if your property is available for an extended period of time.
Likewise, when a property has been on sale for a long time, buyers can begin to wonder what is wrong with the property, since no one has bought it. Selling off-market eliminates this.
In short, that fact that your property is not being marketed means prospective buyers don’t know how long it’s been available and aren’t negatively influenced if it’s taking a little longer to sell than you expected.
For many sellers, the removal of this ticking clock and the pressure to sell to the first person who makes you an offer relieves a lot of stress.
4. You’re a Landlord with Tenants Living in the Property
If you’re a landlord looking to sell your property, an off-market sale can help you keep your tenant onside.
Before anything, you must tell your tenant you plan to sell. You should reassure them that they will still be given the required 2 months notice to leave the property and that they cannot be kicked out before that. They may be given the option to stay in the property if the sale is to another landlord.
You may be wondering how selling off-market with a tenant in tow benefits you. Well, this is mainly for the benefit of your tenant.
Chances are they won’t be too happy with the property going into the hands of someone they don’t know, but taking the sale off-market will at least keep things as private for them as possible.
Your property will mainly attract experienced landlords who know what they’re doing when buying properties with tenants already occupying the building. This means there will be fewer people looking around your tenant’s house and potentially invading their privacy.
Remember, it’s their way of life that’s going to be on show, not yours, so be considerate to their needs. And we’re always here if you need some more advice on the matter.
5. You Want to Use Traditional Sales as Back-Up
If you’re sold on the benefits of an off-market sale, it’s likely you’re wondering whether you can manage one yourself.
Off-market sales only work if you have access to a network of qualified prospective buyers. If you have that, then great! If you don’t, there is another option.
It’s likely you’ll use an estate agent to sell your property. When you do, look for one that has experience in the area, particularly with similar types of properties. It is these who will have the network of buyers to make an off-market sale work for you.
With that in mind, get in touch with the team here at Philip Ellis Estate Agents Manchester for a free property valuation and further advice on whether an off-market sale could work for you.