More real estate agents are using buyer databases to capture genuine and instant buyers, snagging a sale before properties even go public.
Buyer’s agent databases pose benefits for agents and sellers alike in terms of cost and turnaround time. In some cases, properties are sold before a marketing campaign, online advertising or a "for sale" sign is required.
Private vendors reluctant to list multimillion-dollar mansions publicly are reaping the benefit of silent agent networks, which attract genuine buyers. But the trend is now filtering down to the lower end of the market, with homes on Sydney’s beachside suburbs, inner-west, east and North Shore going before they are officially “listed” on the public market.
According to The Daily Telegraph, potential buyers in areas like Palm Beach and Maroubra are turning to agents who, for a fee of about $13,000 to $21,000 or 1.8 per cent of the sale price, evaluate a property's suitability, then bid at auction or negotiate the best deal.
Real Estate Buyers Association president Byron Rose told the daily that silent listings had surged since the global financial crisis.
"When people advertise in a downturn, they think there's a financial problem with the people selling, but that's not always the case," Mr Rose said.
NSW Real Estate aInstitute president Wayne Stewart urged buyers to get on agents' databases for property previews in a surging market of "instant buyers".
"Agencies have extensive databases, updated daily. Buyers come in through this marketplace and snap houses up before they hit the market officially," Mr Stewart said.