In the current competitive marketplace, selling property off-market can prove beneficial for all parties involved, but achieving a sale can prove difficult.
There has been a definite trend towards off-market sales, according to Tolga Ozer, principal of Boutique Property Agents, as vendors look to limit their public exposure and reduce expenses.
For agents, the benefits are clear; the right relationships and a database of qualified buyers can see you get the best price for the vendor in a fast and cost-effective manner.
“Being a great real estate agent is more than just selling a property — it is about understanding the market, learning the value of the properties, really knowing your buyers and ensuring they are pre-qualified,” Mr Ozer said.
“Off-market sales are where savvy home buyers and investors avoid the downsides of buying at auction, but how to achieve these off-market sales can be challenging.”
In order to achieve these off-market sales, Mr Ozer has shared his key tips for finding success:
1. Be ethical
Mr Ozer said that it is important for agents to fully understand their buyer’s financial situation before proceeding.
“If you find a property they may be interested in, first ask yourself, are they financially ready?”
He said that it is essential that agents call their potential sellers, rather than email, to develop strong relationships.
“Phone calls go a lot further in terms of getting the information you need and making both parties feel cared for.”
3. Be caring
Mr Ozer recommended offering to assess the property for free if it is off-market as an act of goodwill towards the buyer.
“This will demonstrate you care and understand what your buyers are looking for.”
4. Offer leads
“Calling your client with a rental lead will help them to truly know the value of the property and allow them to reassess their situation,” Mr Ozer said.
5. Seize opportunities
Mr Ozer advocated for approaching potential sellers as a means of reverse marketing.
“Rather than waiting for properties to arise, go out and contact potential sellers,” the principal said.
6. Make direct contact
The principal said that communicating face to face with clients will get the best results.
“They’re in a more relaxing environment and feel comfortable with open communication,” Mr Ozer said.
By inspiring your clients to feel relaxed, they should produce a sustainable offer, Mr Ozer said.
“Being in a relaxed mode and environment, buyers are much more likely to come back with an offer they are comfortable with.”
He affirmed the importance of explaining to buyers to grab the opportunity if they are first to the gate.
“It is important to explain to buyers that if they are the first or the only person through, they should make an offer because they’re in a good position. Don’t miss out!” Mr Ozer claimed.
9. Assess value
“As an area specialist, it is important to understand the true value of the property so you can best demonstrate its value to potential buyers,” Mr Ozer said.
10. Know the area
Finally, Mr Ozer said that it is important to remember that you will have more success selling the lifestyle than merely selling the property.
“Know the transport, shopping and parks. Understanding exactly what the buyer is after in this regard will help you achieve the best results,” the principal concluded.