Published: 03/10/2023When selling your property, you might have heard about the intriguing concept of selling off-market. But what exactly does this mean, and is it the right strategy for you? In this blog, we're here to explain the off-market selling process and suggest whether it's the best route for you.
Selling Off Market: What Does It Mean?
Selling off-market means selling your property without advertising it on the open market. Instead, it's a more discreet approach reserved for those who seek a selective and often confidential method of finding a buyer.
There are various reasons why sellers opt for this method. Some want to keep their plans private, while others prefer to invite only select buyers for viewings. In a competitive market where demand outpaces supply, off-market sales allow sellers to target buyers who align with their goals.
How Do Buyers Discover Off-Market Properties?
Buyers usually start their home search by registering their details with local estate agents. This step ensures that their preferences for a potential home are recorded and can lead to suitable property listings in the future.
Alternatively, buyers may stumble upon off-market properties through property portals like Rightmove or Zoopla. After expressing interest in a property, buyers often request that their details be registered online, allowing estate agents to inform them about new listings.
When a property is off-market, estate agents reach out directly to suitable buyers, skipping the traditional advertising process. This can include not immediately creating photos and floorplans for the property.
Why Do Estate Agents Opt for Off-Market Sales?
The decision to sell off-market can be driven by either the seller or the agent. In some cases, it aligns perfectly with the seller's preferences. In others, estate agents may have a registered buyer who narrowly missed out on a similar property. Recognising this, they might suggest an off-market viewing before publicly marketing the property.
Is Selling Off-Market Always the Best Choice?
Whether selling off market is the best strategy depends on your circumstances and the current market conditions. While it may seem like the perfect scenario to work with a competent estate agent to find a buyer discreetly, there are better choices than this one.
London's diverse property market demands a tailored approach. Considering the various property sizes, ages, and styles, there's no one-size-fits-all method for selling properties in this fast-moving landscape.
Understanding Private Sales
It's essential to distinguish off-market sales from private sales. Private sales involve direct contact between the buyer and seller, with no real estate agent involved. These sales are relatively rare and often occur under unique circumstances rather than being a sought-after strategy.
Whether you sell on or off-market, professional guidance from an estate agent can prove invaluable in ensuring a smooth property sale with the best outcome.
How Does an Off-Market Sale Work?
An off-market sale operates similarly to any other property sale in England. The key difference lies in the initial marketing stages. Sellers must still provide their agent with the necessary documentation and sign agency contracts. An up-to-date Energy Performance Certificate (EPC) remains a requirement, just like in traditional property sales. Negotiation and conveyancing processes proceed as usual.
Is It Easier to Sell Off Market?
From an estate agent's perspective, selling on and off-market is relatively easy. Well-priced properties tend to sell promptly, whether advertised openly on property portals and in estate agents' windows or not.
Property transactions can encounter hurdles throughout the buyer search, negotiation, and conveyancing. For sellers seeking a smooth experience, choosing a trustworthy estate agent known for professionalism and diligence is essential.
Selling Off-Market with Circa London
If you're curious whether selling off-market aligns with your property and market conditions, don't hesitate to contact our sales team at Circa London. We'd be delighted to explore the possibilities with you.
*NB Disclaimer: This information is for guidance purposes only.