Expert’s tips for selling and buying property off market
If you are thinking of selling or buying off market, Edward Hartshorne, managing director of Blenkin & Co, has these tips:
■ Firstly, sellers need to find an agent with experience of selling off market which can only be done by asking some key questions. Sellers should try to identify an agent who can demonstrate successes of selling at a price point, and property size similar to their own and in a comparable location.
This is really important because to sell off-market homes properly requires the skill of a reputable agent.
■ Acknowledge that good quality photography, floorplans and videos will still be required. A lot of buyers think that selling off market will bypass the need for these marketing materials but when we call a registered buyer about a house, often the first response is ‘‘send me some pictures’’. They are still important tools for making sure an agent can match a property with the right motivated buyer.
■ Don’t use off-market selling as a method for over-pricing. Buyers today are savvy and they know what they’re doing. There really isn’t any point in a seller thinking they can achieve a vanity price by going off market because buyers do their homework and know what properties are worth.
■ Presentation. Some sellers think by selling off market they won’t need to re-paint or carry out minor DIY jobs but presentation remains key and it’s just as important as if a seller were choosing the open market. Maximising the value of a home is crucial.
■ Be realistic. Private marketing tends to work best in the first few weeks when the property is new and fresh. After six to eight weeks of being ‘‘under the counter’’, the pool of eyes becomes much smaller. Over the last 12 months, I’ve sold all kinds of properties off market including two bed flats to large country estates. Location can be a big factor but it’s mainly about supply and demand. However, sometimes there is no rhyme or reason why it doesn’t work but a good agent will know when it’s the right time to go to the open market. Having the option of selling off market first with an experienced agent gives a lot of flexibility for the seller.
■ When buying off market, ask an agent regularly about what homes are coming up for sale off market or on the open market and make sure you have your finances in order.
Georgiana Britton began selling her family home in Terrington in April 2021 off market with Blenkin and Co and the sale completed two months later in June 2021. The house was described as “a great family home in a fantastic area”.
Georgiana said: “It was very appealing to know I would be dealing with serious buyers and no time-wasters. We had four people to view the house on one day and four offers, all from credible buyers.
“The team at Blenkin & Co managed the house sale very successfully. They were professional and responsive at every stage as they talked us through the process of selling off market. It worked for us because the house sold for substantially over the asking price.
“I think selling off market can be location specific, I’m not so sure it works everywhere.
“I think it is good to have the discretion it gives and know not everyone could flick through online photographs of the house but the main point for me was knowing I would deal with people who were serious about buying. I hadn’t sold that way previously but it worked for me and I’d do it again.”