Off-market properties: How to jump the buying queue
It’s no secret that the property market in 2021 is hot. Regardless of where you live, the price of real estate is trending upwards and the number of days that a property is on the market is generally low.
While that’s great news for those considering selling their home, for the buyers seeking to secure a property, a fast-paced property market comes with a unique set of challenges.
Competition to purchase is fierce, meaning you might well find a property you love, but it can quickly be bought out from under you.
One way to address this challenge is to look for properties off-market, allowing you to effectively jump the buying queue and purchase the property before it’s widely advertised.
What is an off-market property?
An off-market property is one that is not widely advertised. It’s not listed on the real estate portals, it’s not featured in the newspaper. Instead, it’s a property that’s quietly for sale with the sales agent seeking to match the home with their database of buyers.
How to find them
Every good agent has an awareness of the properties in their pipeline that are about to come to market.
If you’re looking to jump the queue and get in first to look at a property without the competition, the best tip is to register your interest in buying with your preferred local agent.
They will then seek to match you with a property that meets your needs which might have just been listed for sale or is about to come to market.
But in order to capitalise on an off-market purchase, there are a few things to keep in mind.
Top tips on buying off-market
Buying off-market doesn’t mean there will be no competition, it just means the property hasn’t been widely advertised to the greater public.
This allows you as the buyer to get a sneak peek into a property that is likely to pique your interest before it hits the real estate portals and open homes are scheduled.
With that in mind here are our top tips…
Be specific
When you register your details with your preferred real estate, be specific about what you are looking for, whether that’s a family home with pool, or an inner-city unit.
This allows the agent to seek out and connect you with the type of properties that you’re after.
Know your budget
How much you can afford to pay for a property is a critical piece of the purchasing puzzle. Know exactly what your budget is, let the agent know, and if possible, have your finance pre-approved by your lending institution.
Do your research
Research is important to any property purchase, but in a market that’s moving at speed, this due diligence matters even more.
Before you start the property search, research areas, suburbs and streets you are considering, looking at amenities, infrastructure or development plans for the future, while seeking reviews and further information about the area.
This helps you narrow down the locations that you’re interested in and should be part of the information you provide to your agent.
Be ready
Although the advertising method of an off-market property is different, the buying process isn’t. If you’re looking to jump the queue, ensure you’re ready with a preferred building and pest inspection company selected, along with a conveyancer.
Be realistic
If you’re looking at off-market properties, chances are you’re a serious buyer. That means you have to be realistic about the price point the seller is expecting. Purchasing an off-market property isn’t about protracted negotiations, it’s about identifying if the property is right for you and moving quickly to express your interest.
The aim of the game is to find the terms and conditions that suit you and the seller, without the property needing to go on the open market.
Looking to buy or sell?
If you’re considering buying a property or perhaps selling your existing home, why not chat with one of our friendly Eview agents on 1300 438 439?
You can also view our list of current off-market properties here.
