In recent times, trends have shown that more and more property transactions are going “off the market”. What was once solely reserved for celebrities, high net worth individuals and professional property investors, the off-market approach has now become a popular way for sellers to list their property without going through the traditional property portals like Rightmove or Zoopla.
In this blog, we will look at what off-market means, the benefits of off-market for sellers, and how Mutual’s platform can help sellers.
What does off-market mean?
Selling your property can be done in numerous ways. Aside from the obvious routes to market for sellers, off-market is one way that could present numerous benefits for certain sellers.
There are a handful of ways to sell off the market. “Below the counter”, perhaps through a chance opportunity with a contact, be that friend or family member, is one example. Another might be through online services that enable sellers to market properties themselves.
However, the average vendor doesn’t know how to appropriately market a property, so listing with an off-market portal like Mutual will help potential sellers market their property correctly, enabling them to test the waters for buyer interest while also allowing them to do so before engaging an estate agent.
Another thing to consider is when a given market is hot in an area, and thus competitive. Properties can be snapped up in a fraction of the time it would take in a cooler market. A lack of housing inventory can then motivate more off-market listings, also known as pocket listings, or, in other words, properties that aren’t listed on traditional property portals.
What are the benefits of off-market for sellers?
Off-market listings generate a certain exclusivity. Often drawn to the private, controlled process, sellers going off the market can also benefit from the heightened interest of buyers who have been given early or exclusive access, and are likely therefore to be a more serious and motivated buyer.
Also, vendors may sometimes be hesitant about selling up, though that might not dampen their curiosity to know the value of their property or even the level of interest in it. In this scenario, off-market listings afford the seller an organic way to approach the selling process, one where they can gauge the interest in their property without agent pressure.
Another key point is discretion. Selling off the market enables sellers to have greater privacy for their listing. Sometimes, nosy neighbours like to know what’s going on, so they’ll take to traditional property portals to investigate. For a seller going through a separation or divorce, or perhaps there is a death in the family, off-market gives them a discreet avenue through which to sell.