off market sales

The big problem with ‘off market’ sales

PHOTO: The right marketing can get you the right price. Picture: Supplied Source: Supplied

Sellers are potentially costing themselves hundred of thousands of dollars by choosing to sell their homes ‘off-market’.

This method of selling has enjoyed a sharper focus this year due to the health restrictions imposed under the coronavirus pandemic.

Such considerations are valid and some vendors may have a reason for selling this way, such as privacy. But for the majority of sellers it’s probably wisest to broaden your home’s appeal to as many potential buyers as possible.

Is selling off market everything it’s cracked up to be? Picture: James MacSmith

Is selling off market everything it’s cracked up to be? Picture: James MacSmith Source: Supplied

One example of this is Blackheath’s glorious Balquhain, considered one of the best homes in the Blue Mountains, which sold last month to a casual buyer for $3.8 million who was perusing the Wentworth Courier. The buyer toured the home for just 20 minutes before he decided he wanted it.

Real estate expert and Sky News commentator Tom Panos says the sales approach can be broken down into three market sections:

1) Off market – where the home is offered to a select list of buyers perhaps via a database.

2) Off portal – where the home is for sale, but is not advertised in print or online via portals such as realestate.com.au.

3) On market – the home is marketed extensively to reach as many potential buyers as possible.

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