Did you know that off market sales are becoming popular in Lake Macquarie, Newcastle and Maitland?
The Altitude team sells up to 20-25% of properties this way, and it’s only on the up as savvy buyers and sellers catch on to its benefits.
Meet Dan Irwin
Dan grew up in a close-knit real estate family and has carried on the property tradition in his own very successful 8-year career as an agent. He’s an excellent negotiator and a great communicator, and this combination, plus his extensive network of connections, allows him to facilitate many off-market sales. He’s also a big believer in innovative marketing, and in 2017 he was named one of Elite Agent’s Top 50 Real Estate influencers.
What is selling off-market?
Off-market or “silent” sales are properties that are not advertised publicly on property websites.
These kinds of sales happen without any public advertising campaign. Instead, the vendor sells through the agent, and agency’s, network of buyers. So the real estate agent contacts their database of people who they know are seriously looking to buy and tells them about a property that meets their search criteria. They then arrange private viewings of the property for any pre-qualified buyers and hopefully go on to negotiate a sale.
If the property doesn’t sell for a good price quickly the agent can still launch a full sales campaign, with the typical signboard, online ads and open home inspections.
We certainly don’t suggest off-market sales for every property, but it’s a great sales method in certain circumstances.
“As a real estate agent we always need to ask ourselves: Am I getting the best price by not going to market?” says Dan. “You always need to weigh up all the factors before you choose your sales method.”
A case study: Two off-market sales in Valentine
One property that Dan Irwin sold off-market recently is 94 Andrew Road, Valentine.
Dan says that the charming unrenovated 3 bedroom home had been in the one family for 55 years. One of the suburb’s completely original gems, it sold very quickly off-market for $730,000, which is a good result for an original home, given the median price for a 3 bedroom house in Valentine sits at $728,000 in February 2021.
Dan also quickly sold 3 Grosvenor Place, Valentine off-market, after posting a short preview video on Instagram. With an initial price guide of $925,000, it ended up selling within a couple of days for $975,000.
“We have an increasing number of active buyers,” says Dan. “They’re coming into the office, calling, putting notes in letterboxes. They’re very keen and covering all mediums just to try and take control and find the right property. It really helps them to have a relationship and level of trust with an agent.”
What are off-market sales doing in Lake Macquarie, Newcastle and Maitland?
Off-market sales are, well, off-market, so you may not hear about all the success stories (or even hear about the sales at all) but there are many occurring behind the scenes at Altitude Real Estate.
Dan says that as the market continues to tighten, off-market sales give nervous or cautious vendors the option to sell to a matching buyer. Sellers also find comfort in achieving a great price, fast, with minimum fuss and preparation.
Dan also says off-market sales are increasing in popularity with buyers, who are keen to register their details with him to hear about properties before they are advertised. It’s a great way to snap up a property before it hits the market when the competition is fierce like it currently is.
Will you get a fair market price buying or selling off-market?
Dan says that some people mistakenly think you won’t get the best price if you sell off-market, without an auction or a traditional signboard and advertising campaign. But in reality, the buyers are usually highly motivated to purchase and have done their research so know the comparable market prices and are keen to purchase fast so they don’t miss out on another property. They’ll usually put their best foot forward.
“If we have been working with a buyer for a longer period of time, we have often seen them missing out on a few properties by the time we show them through the off-market property,” says Dan. “They are ready to pay a premium simply to secure it.”
“And, at Altitude Real Estate, we also have access to all of the buyers across our six offices – not just our own contacts.”
When should you consider off-market sales?
Dan says off-market sales are a great way to sell if you want privacy or are worried about proceeding with a public sale.
“Off-market sales are a low-stress way that sellers can test the market,” says Dan. “You do not spend any money on advertising or marketing, and quite possibly you will achieve your dream price in relatively relaxed conditions that help make your next property move so much easier.”
Off-market sales are also great for buyers who have clearly defined search criteria, are looking in a particular area, and are realistic about price and motivated to move fast when the right property comes available.
If you’re looking to buy or sell in Lake Macquarie contact our team today.