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A real estate boss believes the term “off-market” is misleading customers, and he wants agents to update their vocabulary.
The phrase off-market is typically used to refer to a property that is sold without being advertised on the main property listing sites.
However, Starr Partners CEO Douglas Driscoll argues there is no such thing as an off-market property.
“There’s no such thing as an off-market property — in fact, it’s an oxymoron,” Mr Driscoll said.
“Many agents use the term when describing a property that is being covertly marketed, and it’s time we stop that, as it’s often confusing and misleading.”
To back his view, he references the Property, Stock and Business Agents Act 2002. It says until a contract is signed to secure the sale of the property, an agent is not able to discuss or promote a property in any way that “may reasonably be taken to indicate that the property is or may be for sale”.
“Once this agreement has been signed, the property is very much on market — not off-market. Maybe a more appropriate term could be ‘marketed quietly’.
“As an industry, we have become far too reliant on the major property portals, but as their costs have become increasingly prohibitive, some agents have started to explore alternative ways of finding a buyer. That said, we still need to be very mindful of our vernacular, as not only is it contravening legislation, it’s also potentially confusing for consumers. Just because a property isn’t listed on REA or Domain, it is still very much on the market.
“I am so pleased that more and more agents are now leveraging the unparalleled reach of social media to advertise properties. If you think about it, social media is omnipotent, as it targets both active and passive buyers. It also gives agents the ability to reach a vast audience at a fraction of the cost.”
Mr Driscoll wants agents to encourage their clients to utilise channels they have access to, to get their home in front of as many potential buyers as possible.
“If this means paying to promote it via the major portals, then so be it, but if they are confident that they can achieve the best result for their client without them, then this ultimately leads to a significant cost saving. As agents, our job is not about getting the most amount of money for a home, it’s actually about achieving the best possible financial outcome for our clients,” he said.
“While I am a huge believer in Vendor Paid Advertising, it is a privilege, not a right, and if clients are entrusting agents with thousands of dollars of their hard-earned money, every cent of it should be put towards achieving the optimum results for them.”
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