What is an off-market property?
An off-market property is one which is often being sold quietly without being advertised to the general public. A property owner may have appointed an estate agent to act on their behalf , however they do not want the general public to be aware of the sale and therefore instruct their agent not to advertise but only to directly contact individuals who can proceed quickly, usually buying agents/property finders who act for such people
Why might someone sell a property off-market?
When it comes to selling a property privately, owners have a whole host of different motivations. For some, it’s a question of time, they instruct their agents only to find buyers that can proceed quickly without the sale of their own property. Often privacy is the key motivation. It could be a marital split, or often it could be a celebrity or high profile local business man who wishes the transaction to remain private.
Public figures will often prioritise confidentiality over everything else, even if that means fewer people bidding for the property.
More specialist properties, such as those with equestrian facilities, also tend to change hands privately. The tight-knit nature of these communities means that property owners often know a few people who would be interested in buying before they even make their decision to sell. Few people outside of the community are likely to want such a property, so it doesn’t always make financial sense investing in marketing material.
The importance of relationships in securing off-market property
Off-market properties only sell because a select number of the right people hear about them, either because they know the owner directly or have a contact who does. It’s all about relationships. In many cases, that contact is a property finder.
A property finder is perfectly placed to hear about potential off-market properties for a number of reasons. For one, they are in close and frequent contact with estate agents. Estate agents know that property finders only work with serious and committed buyers who aren’t looking to waste anyone’s time. With that in mind, estate agents are more willing in to reach out to property finders to ask if they know of anyone who might be interested.
Sometimes the seller will approach the property finder directly if the individual has been in the business for several years and has built up a reputation.
Ultimately, buying off-market property is a case of being in the right place at the right time, and knowing the right people.
What to bear in mind with off-market property
If you decide to buy an off-market property, be please do still complete all the standard and recommend checks. Ensure that you receive building surveys, environmental reports and are familiar with the local area.
A lack of marketing materials like brochures and floor layouts mean that you’re entirely reliant on viewing a property to get a sense of what it’s like. This can be problematic if you live hundreds of miles away, maybe even overseas, or simply don’t have the time. To solve this issue, we recommend using a a property finder. They will view the property on your behalf and produce their own in-depth report, including photography and an assessment of whether it meets your specified requirements.
If you have any further questions about what an off-market property is and how we can help in your search, then get in touch with us today on 0330 223 6339
