NOT every property makes it to market with plenty being transacted without a sign even being hammered into the front lawn.
So how do you snare yourself an off market property?
Buyers agent Darren Piper of Universal Buyers Agents said off-market sales were a way that some savvy home buyers and investors could avoid the pitfalls of buying at auction or with more competition.
Owners sell off market for a number of reasons, he said, including not wanting dozens of people traipsing through your home at open inspections.
Finding the properties was all about networking. Mr Piper said a buyer’s agent could do the hard yards, letterbox drops, cold calls, and doorknocking.
“In my experience the majority of off-market or pre listings are available by having strong relationships in place with agents,’’ he said.
“I firmly believe some of the best buying is off-market,’’ he said.
Mr Piper’s 5 tips for buying off market are:
– Even though it’s off market don’t forget the checks and balances. Do your due diligence such as building and pest inspections and council searches.
– Have your finances ready to go before you start searching.
“This puts you in a very strong position when ready to negotiate,’’ he said.
– Make sure you know the market and what the property is worth as 90 per cent of off market properties don’t have a price on them given they are not “listed”.
– Understand why the seller isn’t putting the property on the market. This could be as they are very private or don’t want open homes.
– Be patient. Given the property isn’t on the market the sellers might need more time to consider where to move to if living in it. Rent back options can work really well in this situation