Off Market Property

Do many people come across many off market opportunity's?

Do they see them as potential? I am noticing more people start to express off market as they decide whether to tip their toes in or sit on the fence pending rate announcements.

I have found some on the Sunshine Coast.

I have come across just this week

A Potential Development Block in Maroochydore (Da site with small operational works approved)
35 Acres in Hunchy with a shed and 2 bedroom dwelling, plenty of space for building and animals
5000m2 4bed /2bath /4car In Cooroibah
5500m2 4 bed 2bath 5 car in Cooroibah
a 3 bed 2 bath townhouse in Nambour
3 bed 1 bath 2 car 4451m2 block
a 2 4 bed 2 bath 2 car 2 story timber renovated acreage lifestyle home in Cooroibah

Does anyone hunt these? Do we think more will come to light? There has been lot more interest than usually since rates increased from what I have noticed.

 

Yep. All the time. Last year was the hardest in ages to do off-market as most vendors had $$$ in their eyes and wanted to go to market no matter what. Still did more than a couple but mostly for unique premium properties.

In any normal market or quieter conditions, there is a percentage who value privacy and discretion above marketing for a wide range of reasons and they are often happy to do off-market.

 

Im not actively buying but merely 'watching the neighborhood' and I receive off market listings almost every other day from local agents.

A decent number usually end up on market after a while anyway... I assume the off market phase is (often) simply to guage interest, set price expectations, or fish for a decent offer from an agent data base before committing to marketing.

 

Is there an easy way to be notified when a property that is off-market goes on-market? I know I can track properties in realestate and domain, but there is no proactive notification from those services.

 

Absolutely mate. Has been a sellers market for some time. I have certainly noticed it change since January in pockets. As the market slows hopefully it creates more opportunity for you.

 

All of this definately can be true. Sometimes people don't want the hassle and if a deal falls in their lap they take up an offer. Usually a secret doesn't get sold, but I guess if they spread word of mouth enough the rumour comes to fruition.

 

I find it strange when real estate agents email you an 'off market' opportunity when it is already advertised in Real Estate or Domain as the whole world can access them.

In my earlier days, I've purchased genuine off market deals due to my relationship with the real estate agents in the area and they knew I didn't stuff them around. They usually were due to divorces, decreased estate (person did not pass away in the house) and quick sale due to wanting to settle somewhere else.

 

Yeah, its not off-market unless it is actually off-market. Lots of loose talk around.

 

The truest off market ones are like my last purchase in Sydney. Agent came to me due to relationships formed. Not on REA or Domain AND not on the agent's own website. Truely away from the market. I bought it in 24h after seeing it.

 

Same! We bought one in a regional that we'd been buying in, and the Agent said 'do you want this as well?'

 

The only way I know is form a longterm friendship with a real estate agent that you trust ..

 

That’s exactly what it is - most of the time. There are rare circumstances when it’s for privacy of some prestigious homes. Off market rarely means a better deal.

 

Off market is also like an "expressions of interest", deals are shopped around through networks without any need for agents.
Or agents may be used to see if they can get a better offer, with or without listing.
This happens often with commercial lots.

 

Totally get it with commercial property. But I never understood the point of “expressions of interest” with residential. I’ve always flat out ignored those listings. It just comes across as dishonest.

 

Off-market means just that - not advertised anywhere.

Bought a genuine off-market through a very well known and well-positioned BA. Seller approached their local agent about the possibility of selling, didn’t want to cause a fuss, wanted a quick sale. BA was promised we would be first through. Exchanged contracts 4 hours later. Don’t think I’ll ever get a deal like that again for quite some time. Purchased 30% under market (two next door sold consecutively after ours was published on RP).

 

That’s one way of buying off market and how I purchased my current property, maybe 10% under market value. But it was a fluke that I caught an agent I know leaving a unit in a building I like. Most apartments in Sydney that are marketed “off market” is just a strategy to see if someone will meet the vendor expectations without an auction. (It’s not an opportune for a discount)

 

How can something be off market when it is being marketed to those on a mail list.....

 

It’s a term often use when referring to properties only marketed to a data base rather than to the general public.

 

Yes, but just because agents start talking nonsense, should everyone else ?

It is being marketed, obviously it happens in hot markets.

I mean how do you get away from this rot, agents are the spam kings of modern times. Just curious why anyone would even pose the question asking if others are spammed by agents

 

What do you propose that mail marketing list is then ?

If you are approached, it is on the market and advertised.

Sometimes an agent may give a heads up as a contract is not yet ready.