What is off-market selling?
Selling off-market means that you’re selling without advertising the property to the public to drive interest. Estate Agents contact interested buyers on their register privately, as opposed to listing on online property portals such as Rightmove, Zoopla, On The Market and many more.
What are the benefits of selling off-market?
If you’re confident in achieving a pricing outcome that you’re happy with off market, great! Selling your property off market is also generally a much cheaper option, as you don’t need to worry about the costs of marketing your agent will likely incur. Selling a property off-market can also result in a quick sale, especially if you forfeit large amounts of viewings and the time that it can often take to show these prospective buyers and collate all offers.
What are the risks of off-market selling?
The biggest risk of selling off-market is the likelihood of receiving a lower sold price than if you had advertised. This is due to the lack of public interest you’ll receive prior to selling as although an Agent can have a strong database of local buyers, with 99% of purchasers now searching online for property, not all prospective buyers register their details and prefer to await the right home to be listed online. If you do not launch a new property For Sale, you may lose out on these buyers and will struggle to create a build-up or ‘hype’ around the listing and any viewing days scheduled. Property open days have the ability to create increased competition between buyers, often leading to a higher selling price. Overall, you’ll save on advertising costs, but at the same time, you’ll risk losing thousands or even tens of thousands of dollars on your final sale price.
So, should you sell off-market?
As the percentage of people selling property off-market continues to rise, you’re probably thinking, should I be doing this too? Is it the ‘safe’ option? It could be. Or you could lose out on tens, or potentially hundreds of thousands of dollars. If you’re looking to sell your house cheaply and quickly, perhaps selling off-market is right for you. However, if you want to attract as many buyers as possible to your property, choosing to advertise your property is the smart option. If you’re looking for advice on whether to sell on or off-market, please feel free to reach out to one of our property professionals on 01279 898 383 or firstname.lastname@example.org