Pros and cons of selling off - market.
Thinking about selling your place? Before you head straight down to your local real estate agency, you should know there’s more than one way to sell your home. One that’s gaining traction around the country is going down the off-market route.
Thinking about selling your place? Before you head straight down to your local real estate agency, you should know there’s more than one way to sell your home. One that’s gaining traction around the country is going down the off-market route.
No agents, no sky-high commissions, and more control over the process –these are just a few of the benefits. But there’s a lot more to the story. Let’s break down the pros and cons so you can make the right decision for you and your family.
What does it mean to sell off-market?
Selling your home “off-market” means you don’t publicly advertise the property for sale. You might have a buyer lined up and manage the transaction privately. Another way you might go about it is speaking with an agent who may release the property to a very small group of interested buyers, again without advertising it widely.
Sometimes, it begins with a knock on your door or a note in your letterbox from someone who wants to buy your home. But there’s a far more efficient way –more on this later.
Pros of selling off-market
Going down the off-market route is a bit more hands-on than your typical property sale, but the benefits can be huge.
- Keep one foot in the market. When selling off-market, there’s no pressure to sell in a hurry, so you can keep your foot in the door and wait until the right offer comes along. Plus, you have the flexibility to explore other options, rather than being locked into a contract with a real estate agent.
- Lower marketing costs Compared to traditional listings, off-market sales typically come with fewer marketing and advertising expenses, allowing homeowners to save on unnecessary costs. It just means you’ll have to take your own photos and videos and write your own property description –but there are plenty of tools to help with that.
- Less disruption to daily life Selling off-market means you can generally avoid the drawn-out marketing campaigns and a string of open houses that seem to revolve around the agent's calendar, rather than your preferences.
- Transparent negotiation with buyers By selling off-market, you have the advantage of negotiating directly with interested buyers, streamlining the negotiation process,and potentially reaching a faster agreement.
- No agent commissions. This really should be at the top of the list because it’s a biggie –no outrageous agent fees and commissions. The typical real estate agent in Australia charges anywhere between 2-5% of the total sale price. Even on a 3% rate, you’re looking at a $30,000 commission on a million-dollar sale. Selling off-market carries zero (or at least significantly lower) fees.
Cons of selling off-market
Of course, selling off-market isn’t for everyone. Here are a few factors to consider that might help you decide whether it’s the right path for you.
- Less exposure Selling off-market may result in less exposure to potential buyers, as there are no visible signs or extensive advertising campaigns promoting the property. For people looking for a private, low-key sale, this might not be a bad thing.
- Running point on the sale process Selling your property off-market means you’re in the driver’s seat. Many of the things you’d usually hand over to an agent –running open homes, managing the listing, negotiating offers –are all in your hands. So, you must be willing to set aside the time and energy to manage it.
- Getting the price right Determining the right price for your property can be challenging in an off-market sale scenario. That said, you can use online tools, recent sales data in your area and even speak to a few agents without formally engaging them to get a sense of what your property could be worth.
How do I go about selling off-market?
We thought you’d never ask. Like we mentioned earlier, it can be tricky for homeowners to get the word out that they’d like to sell off-market. You’re often waiting for someone to knock on your door or reach out to say they’re interested.
But the smart way to sell off-market? Artis.
Artis is Australia’s largest off-market property network. It’s an app that lets buyers all around the country know you’re open to selling, without locking you into a contract or charging you a heap of marketing fees. You can create a free property profile for your home, passively list it and wait for the offers to come in. People will message you directly if they’re interested, and from there, you can begin a transparent conversation all through a secure platform.
The smarter way to sell your place.
No subscriptions, no contracts, no credit cards required.
Download the app today and discover the smarter way to buy and sell your property.
Available on iOS and Android.