July 17, 2021
After years and years of thinking, talking and dreaming about it, the time has come — you’re ready to buy your home.
What next? You’ve got several options:
1. Going through listings and competing with other buyers. In this situation, sellers have all the power, especially if there are multiple offers for a house. The question of how much can I afford to spend on this property becomes crucial. If you can’t compete, you’re out.
2. Going to auctions and directly competing against other buyers in a nerve-wracking bidding war. It often happens that people get carried away and bid more than they intended. Yes, you’ll get the property, but at what cost?
Or, there’s another way.
3. Buying off-market, which eliminates a lot of these issues. Buyers are alerted to a property that hasn’t hit the market yet, which gives them a competitive edge. The main question here is, “How do I get access to off-market properties for sale?”
Welcome to Australia’s leading place for off-market properties — Listing Loop. With us, you get VIP access to the best properties for sale before anyone else. Here’s everything you should know about off-market properties to make the process of buying your home as pain-free as possible.
Off-market properties are houses that are for sale but aren’t always publicly listed. This means you won’t always find an off-market property online or in the windows of a real estate office.
Note: In real estate, there’s a difference between off-market and pre-market houses for sale.
Pre-market property means that the agent contacts interested buyers to get an offer before the property is publicly listed or put up for auction.
Once a vendor decides to sell, there is a two-to-four-week time span between the day an agent is enlisted and the day the property listing goes live.
During this time, a house or an apartment is prepared for sale, which can involve:
An agent can notify buyers if they think they will be a good fit for this property and arrange a time for them to visit the house before it’s publicly advertised.
On the other hand, an actual off-the-market property is sold without any intentions to be placed on the market.
There are several reasons why people decide to sell real estate off-market. Sometimes, the sellers want to test the property market without publicly putting their home up for sale.
Others, such as celebrities or divorcing couples, want privacy. Some people don’t have an active desire to sell a house until the right offer comes along.
All of this means finding and buying real estate off-market is a challenge.
You can find off-market properties yourself with a bit of effort. Here’s how:
Off-market real estate isn’t advertised, which means you’ll have to be in touch with agents.
Our advice: Get on an email list of agents in the area you want to buy in, or directly email agents saying what you’re looking for.
Some good information to include is:
Once the agent knows what you’re looking for, they can invite you to view a house they think might be a good fit for you.
A buyer’s agent is a person whose job is to find the best properties for sale for you. They’re usually really good at finding off-market properties and will show you more relevant real estate in your desired and surrounding suburbs.
A buyer’s agent will have the industry knowledge and access to unlisted properties, as some vendors would rather deal with an agent and have a quick sale than spend money on a real estate listing.
If you don’t want to do the legwork yourself, this is a good option.
Note: Buyer’s agents usually charge about 2% of the purchase price. For more info, check out average buyer's agent fees.
If you’re looking to cut down on the (astronomic) cost of buying a home, you can do a lot of this work on your own by using off-market websites.
Thanks to websites such as Listing Loop, off-market listings have exploded in Australia.
Why? Because there’s no need for you to spend thousands of dollars on buyer’s agent services.
It’s never been easier — or cheaper — to find off-market properties for sale on your own.
Listing Loop has a streamlined and free process of signing up. Your dream home is a click away. Here’s what to do:
The key advantage of buying off-market is facing less competition.
Let’s imagine a typical property sale: the seller will have a dozen or more viewings. Add to that hundreds of people who will see the listing online. This creates an interest in the property, which benefits the seller, not the buyer.
Buying off-market puts you, the buyer, in a stronger position. You won’t need to worry about the seller rejecting your offer because of a better one. Having less competition means you can tailor your offer to get the price that works best for you.
Imagine this scenario: You’re at an auction, in the middle of a bidding war. You have seconds to decide how much you’re willing to bid. What’s more, if you win, you’re obligated to pay.
When buying off-market, you have the luxury of time. Less competing buyers means you can do any inspection on the house you want, and you can negotiate with the seller on the price.
Speaking of negotiations, buying off-market gives you more leeway. Chances are, you’ll have a lot of contact with the seller's agent, which will allow you more opportunities.
You can find out the seller’s motivation, why they’re selling, and if this affects your decision to buy.
Also, a smaller pool of more serious buyers means the seller will be more likely to take your offer into consideration.
Yes, buying off-market can come with some disadvantages. But, the benefits outweigh the drawbacks.
By buying off-market, you’ll have more time to negotiate, less competition, and more chances to get a better deal.
Discover pre-market and off-market properties you didn’t know were for sale. Listing