What Are Off Market Listings and Why Should I Consider It For My Property?

What are off-market listings and why should I consider it for my property?

One thing to consider when selling your property is off-market listings: these are properties for sale but aren’t listed in several listing services.

These are some of the reasons why people do off-market listings.

They want to test the waters.

First-time property owners who want to sell their homes usually have tons of hesitations, which is very understandable. Letting go of the first home they purchased feels like letting go of their firstborn to college. They would test the waters for a variety of reasons. Are they ready to let go of the property? Is the price comfortable? Are the processes involved too tedious? Depending on their preferences, testing the waters is a common reason for vendors to list their property off-market.

Related: FAQ: As a First Time Real Estate Buyer, When Should I Buy?

They want to maintain their privacy.

Having your property on several listings would gather more potential buyers, but it also comes with the tedious process of putting time aside to entertain them. This will be very taxing especially if the property you are selling also happens to be your place of residence.

They want to save on marketing.

For those with tight budgets, off-market listings are advisable to save on marketing expenses. Taking your property to market is by no means a cheap exercise. Listing websites like realestate.com.au and domain.com.au can set you back a pretty penny. Factor in photography, copywriting and floorplans and you’re looking at a few thousand all up, an amount that not all property owners have the luxury to fork out. Sticking to a few but reliable options for your listings does the trick.

They want to create a sense of exclusivity to fetch a higher price.

One kind of marketing is known as scarcity marketing; based on the psychological concept of a person wanting something that is difficult to acquire due to competition or shortage and lack of supply, it makes them want to acquire a property more, even if it means buying something for a higher price.

There was a change in their financial circumstances.

There are several reasons that change a person’s financial situation. Death, divorce, a new member of the family, sickness, or loss of a means to earn. These circumstances have their way of changing the preferences of home sellers.

Selling a property is very personal so the best thing to do is go with the process that feels the most comfortable and secure.

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Posted in Blogs on 19th January, 2022