While most sellers take the traditional route of having their home advertised with full marketing by an agent, some prefer to keep it ‘off-market’. Often, it’s because they want privacy, but sometimes it’s simply because they aren’t in a rush to move and they don’t need or want a flood of enquiries and viewings. It’s also quite common at the higher end of the market, where luxury sellers want discretion and a more curated pool of buyers.
The potential benefit for you as a buyer is that there’s less competition for the property. That means you’re less likely to face bidding wars and can potentially secure it at a lower price than if it were on the open market.
But if these properties aren’t advertised, how can you find out about them and make sure you get to view them?
Get to know the right agents
When agents have off-market homes, they will only mention them to buyers that they know are a good match for the seller, so it’s all about networking and relationships.
Register with agents that list properties off market. They are typically the most reputable agents in the area and one way to ensure this is checking if they are members of Propertymark or RICs. Give them a clear idea of what you’re looking for, and present yourself as a serious and flexible buyer. That’s someone who’s ready and able to move as quickly or slowly as necessary for the right home.
Keep in touch with the agents on a regular basis, so that as soon as they’re instructed on an off-market listing, you’ll be one of the first buyers they contact.
Get yourself in a good position to proceed
Buyers who have their finances organised and either have a sale agreed or are chain-free are generally more likely to be recommended to the seller by an agent. However, it will depend on the seller’s plans – if they aren’t in a rush, they may be happy to consider an offer from someone who isn’t yet proceedable.
In either case, you need to have your finances in order and be able to assure the agent that the property is affordable. You might have an agreement in principle from a lender and your own proof of deposit funds, or you could give the agent details of your wealth manager, financial adviser or mortgage broker and permission to contact them.
It’s also advisable to instruct a legal firm as soon as you start your property search, so they can open your file and be ready to proceed as soon as your offer is accepted.
Be prepared to fit in with the seller’s timescale
Some sellers want a quick sale, but if they aren’t in a hurry to move, it may take a long time for them to find their next home. In that case, it’s likely they will only take viewings from buyers that they have been assured are prepared to be flexible and not put any pressure on them. The more willing you are to move at their pace, the more likely they are to want to sell to you.
Before moving forward…
Once you have an offer accepted on an off-market listing, have a detailed home survey and valuation carried out. As well as checking that structure of the building is sound and highlighting any current and potential future issues, it’s important to be reassured of the value of the property when it hasn’t been tested on the open market. For this, you will need to request a Level 2 Home Survey (survey and valuation), rather than just the standard Level 2, which is only the survey.
If you are currently looking for your next home, our proactive sales experts may be able to help you find the perfect property, even if it’s not yet on the market. Just contact your nearest branch and have a chat with one of the team.
