“Off-market” and “pre-market” properties are terms being thrown around a lot in the Sydney property market. So let’s explore what they mean, who gets access to them and how it affects your chance of seeing the entire property market.
Pre-market is a property that has been listed for sale by a real estate agent but not yet publicly advertised. The intention is to go public eventually unless it is snapped up. Usually this is offered to the exclusive few before the sign board has gone up and before professional photos are taken.
A pre-market property is sometimes shown through an exclusive buyer’s agent pre-market viewing, where some buyers agents are invited to inspect a week or two before it hits the internet. The real estate agent with the listing will also contact buyers that have missed out on a similar property sold through that agent. Not all agents contact their own database and not all agents even offer their listings pre-market. Getting a pre-market opportunity is all about getting access to the property just before everyone else, and you need to be in contact with the specific agent that has the listing.
The more elusive, discreet opportunity is the off-market. This is a property that is sold without being advertised to the general public. It could be a friend selling their property to another friend, a developer chasing an owner directly, or a real estate agency with an agency agreement to sell a property but that is not advertised.
You may ask, if you’re going to go to the trouble of finding a selling agent and having your property ready for sale why wouldn't you open to the public? There are many reasons people sell their investments or homes off-market. When a property goes on the market you open it to the world. Advising the address, the owner’s name (listed on the contract of sale) and usually your possessions and lifestyle are on display on the internet and to the general public. This can be an invasion of privacy, potential security risk and a lot of work to have the place in pristine condition several times a week for a month or so.
In today’s hot market, supply of properties available for sale are limited and in certain price points supply cannot keep up with demand. A Buyers Agent will be able to assist in discovering these pre-market and off-market properties. These kind of properties cannot be found on www.domain.com.au. Buyers Agents are professionals who spend a lot of time speaking to agents and they should have an extensive knowledge of what is available in the market.
BuyEast has fabulous contacts in the Eastern Suburbs of Sydney and we have access to properties that the general public will not see. Contact us: Mark 0414 388 464 or nicky@buyeast.com.au to see if we can assist you in your search.
