Staying ahead of the property game can mean that you end up with the property of your dreams without the stress of having to compete with other buyers. Off-market properties are those which are available for sale or have already sold without being listed publicly i.e., you won’t see these in your local property magazine or online. So, let’s dive into how you can find an off-market property and how you can make an offer.
Where To Look For Off-Market Properties
Real estate agents are the key to finding an off-market property. Contact your trusted local agent and let them know that you’re looking for a property and what exactly it is you’re looking for. Knowing the area well and having key contacts will help you to sniff out these opportunities and it’s important to maintain these relationships and keep in contact so you don’t miss a beat. If you’re a property investor this could be a powerful tool for you to help build your portfolio and you might even snap up a bargain!
What Are The Advantages To Buying Off-Market?
For a buyer, you will have far less competition and won’t have a pool of other buyers to compete with (typically), and it also takes the stress of preparing to bid at auction away.
For the vendor, you can achieve a quick sale if the property price is at the lower end of the median for the area. You will also potentially be able to sell with more terms and conditions such as shorter settlement periods, inclusive of any building issues or defaults and bigger deposits.
How To Purchase
Firstly, you need to build a strong relationship with your local agent(s) and help them understand what criteria your prospective property needs to fit. From there frequent communication is key to prevent any breakdowns and missed opportunities. However, if a property comes up but doesn’t quite match your criteria don’t stress on being hasty. As you know, a property is a large financial investment so it needs to be a wise choice and the property needs to be the right fit for you. This is why it is so important to have trust in your local estate agent as they’ll work to help find the right off-market opportunity should one arise.
Donna Etchells - McGrath Estate Agents 