What are off market properties and how can you find them?

What is an off-market property and why are they so popular?

Off-market properties are those that are not publicly advertised for sale and are typically sold through private arrangements. Pre-market properties are those that will be launched on the market in the near future, this gives you a head start from the rest of the buyers.

Off market properties are popular in Australia for a few reasons. They offer a private and discreet way to buy or sell property, which can be appealing in uncertain market conditions. For sellers, off-market sales can be cheaper as they don’t require an advertising budget, and they maintain privacy by keeping the sale ‘under wraps.’ Buyers may find off-market properties less stressful and more convenient, as they can avoid the hassle of multiple viewings and auctions. Additionally, off-market properties often sell faster than traditional ones due to the lack of competition.

The trend towards off-market sales is growing across all price brackets in Sydney and across Australia, with a notable increase in the prestige sector where privacy is a key priority for wealthy clientele. To access these opportunities, it’s important for potential buyers to get onto real estate agents’ email lists and to be honest about their preferences and budget. A buyers agent can be vital in gaining access to off-market properties by leveraging their network and expertise to find properties that match the buyers criteria.

How do I find off-market properties?

One of the benefits of using a buyers agent is they give you access to 100% of the market. If you are searching for a property on the main online real estate portals, you are missing out on two other important categories of properties, pre-market and off-market properties.

At BFP Property Group, we have a database of agents in the thousands and are either sent weekly updates of off-market properties by agents or actively seek out and contact our agent database if we have a buyer seeking a particular property which is not currently on the market. While you can be able to speak to individual agents that you meet at open homes about any off markets they may have, it is unlikely that this can be done as quickly and efficiently. Further, as we have built up trust and professional relationships with many selling agents over the years, and they entrust our team with confidential information that goes along with pre-market and off-market properties.

What do I need to know as a buyer when considering off-market properties?

However, just because a property is off market, it does not mean that it is going to be a good deal. If you are strictly wanting to purchase an off-market property you are going to have a limited pool to choose from as it’s not yet the preferred method for sellers.  As such, it requires patience and a realistic approach. Off-market properties are not for those looking for a quick purchase.

Remember, off market properties can offer unique advantages such as privacy and potentially lower prices, but they also require thorough due diligence to ensure they meet the client’s needs.