Why do vendors choose to sell off-market?
There are a number of reasons why a vendor would choose to sell off-market – at least, initially.
Some of those reasons include:
- Uncertainty: Uncertain vendors can test the market before committing to a full marketing campaign
- Inconvenience: A six-week campaign with twelve open for inspections can be a disruption some vendors would prefer to avoid
- Privacy: Particularly private vendors often like to start with hand-picked potential buyers than opening their home to the general public
- Costs: Selling off-market gives vendors the opportunity bypass marketing costs, such as photography, floor plans, copywriting and listings on major real estate websites
- Tenants; If a property is tenanted, it can be harder to keep it looking presentable and get access for open homes
Some properties lend themselves to off-market sales more than others. For instance, we often have a number of potential buyers and buyers’ agents who’d be interested in a quality two-bedroom apartment or townhouse. A studio on Pacific Highway is less likely to sell off-market.