The term ‘off market’ is bandied around a lot.
I define an ‘off market’ as simply a property for sale that has not yet been advertised on the major portals (REA, Domain, etc).
If executed well, an off market sale can result in an efficient, expedient and transparent transaction with minimal cost and risk to the vendor.
For the buyer, it can be an opportunity to purchase a property that has not yet come to market, and therefore with potentially less competition than an on market or auction sale.
Carla and I sell more properties off market than most teams in Stonnington. Last year we sold 21, which works out to be roughly one in five properties.
It takes more motivation and commitment from owners (both financial and emotional) to sell ON market than off market.
To go on market you need to invest time and money in presentation and advertising – at least $9,500 for a standard online campaign. If you also require painting, new carpets, maintenance, gardening and styling this can easily rack up to $30,000 or more.
You also have to invest in the process, which can be several weeks or longer of multiple inspections a week. If you are living in the property during the campaign it is no mean feat getting the house inspection ready for each open.
As agents our preference or bias is generally to take everything to market, as it gives us exposure and profile, our clients have some ‘skin in the game’, and buyers (and potential sellers) come to us.
Fortunately, we have recently introduced Jellis Craig First, which is better than off market.
It offers an opportunity for vendors to more adequately test the market, without committing the time or cost of a full campaign.
Jellis Craig First is an alternative way to advertise a property using exclusively JC owned channels.
Jellis Craig offers enormous exposure and buyer connection through our industry leading website, which sees 300,000 unique visits per month, and client database of over 1.3 million contacts.
With Jellis Craig First, you now have the ability to list a property on our website, our database and our social channels first before a broader marketing campaign is implemented.
For a fraction of the cost of an on market campaign, we can list a property on our website as an exclusive off market opportunity with professional photography, floor plan and copy.
Inspections can be arranged by appointment, or via open inspection, and we have complete control around the selling method, timing and settlement period.
If you’re considering a move and would like to discuss an off market approach, please let me know.
Feature Property: 9 Hawksburn Close, South Yarra