Should I opt for an off-market sale?

Planning to sell your Neutral Bay property in 2024? Have you considered all the options for your sale strategy?

Because this is such a high-performing postcode, selling off market can be an easy win. Here’s why we recommend it to some clients.

What is an off-market sale?

You may think you’re seeing all the available homes for sale when you scroll through realestate.com.au or Domain, but a large percentage of homes are exchanged without being advertised publicly. 

With an off-market property sale, the selling agent connects with local buyers agents as well as the active buyers on their database to find interested parties to put in an offer. 

Sometimes, a property will be exposed to a few interested parties to get an idea of interest and potential price before putting the place on the market; it can be a way to secure a quick win or to understand what the home may sell for. 

Why sell off-market?

To save money: One benefit of an off-market sale is that you will save money on marketing. Advertising costs can add up as you pay for a photographer, videographer, online advertising and any other forms of promotion you choose to use to get your property into the public eye. 

A quicker sale: By avoiding the time it takes to have marketing materials prepared and advertise your home, you can enjoy a far faster sale process. A faster sale allows you more flexibility in nominating settlement dates and finding a new property if you are also in the market to buy.

Less effort: Selling off-market may also save you a huge amount of effort in preparing for multiple open homes. While you will still want to ensure your home is well presented, you are likely to need fewer showings.

Privacy: Avoid drawing attention to the fact that your home is for sale by listing off market. Many sellers in Neutral Bay choose this option because they have a high profile and would prefer that the general public isn’t aware of their movements. 

Less stress with tenants: Putting tenants through the open home process might not be ideal. Your agent and property manager can liaise with them for a more seamless experience for all stakeholders. 

To test market expectations: As mentioned, some properties are offered privately before going through the steps for an auction or private treaty campaign. It’s a good way to get feedback; for example the initial round of potential buyers may point out some problems that are easily fixed; if you sort them out you will set yourself up for a better result. 

Drawbacks of an off-market sale

Talk to your agent about the result you want; while experienced agents have excellent connections and can probably find several interested parties with a few phone calls, with an off market sale you are ruling out being noticed by a buyer outside the network. The result could potentially be less competition and a lower price, although at this point in the property cycle we are having very little trouble achieving above-market results. 

A final note is that presentation still matters; whether you are selling on or off market, you need your buyers to be impressed the moment they walk in the door. This way they’ll feel the pressure to put in a strong offer that you’ll be happy to accept. 

At present, we have dozens of interested buyers and buyers agents with clear briefs. You might be surprised at the total number of houses that are sold off market in the area. If you’re interested in this type of sale and want your home sold with less hassle and stress, get in touch with HPA today.