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In this weeks article, we discuss..
“Property specialist Austin Halliday reveals why more homes are staying out of the public spotlight..”
“OFF-MARKET property sales used to be the preserve of the rich and famous, but in recent years even average family homes are being sold this way – and the number is growing!
An off-market sale simply means the property is not marketed publicly. There are no For Sale boards, property schedules, window cards, photographs, advertising, or online listings, which on the face of it may seem incongruous. How can you sell a property if no-one knows about it? Off-market actually plays to our greatest strengths: a local, independent firm with a high-profile presence, in-depth knowledge of the town and country markets across Central Scotland, database of private ready buyers, and the ability to offer the discreet, individually tailored personal service required. Having established a reputation for success in this field in recent years, off-market sales now account for around 10 per cent of our business.
Sellers choose to sell off-market for two main reasons. One is to protect their privacy, whether for personal or business reasons, but it may just be because they prefer not to have nosey neighbours virtually viewing their home.
Another reason may be to test the market to gauge if the initial marketing price is competitive or too high without giving it a date stamp, as happens when a home is registered with a property portal such as Rightmove. Selling off-market means there is no record of the original asking price or how long it remained on the market – which means it could then still go on the open market as a new entry and potential buyers would be none the wiser. Off-market is also less stressful as clients deal with the same people throughout – and don’t have to make time or be available for viewers, which during Covid, was a major advantage. Selling off-market involves fewer people and is therefore more focussed.
The current market is driven by demand from affluent people who know what they want, ie outdoor space, good area and quality of life. We have a sizeable database of well-funded, private buyers who have their finances in place. This means we can hand-pick potential buyers for a property with a high degree of success – and our clients can cash in without anyone knowing. It is not the solution for everyone but where privacy is an issue, off-market can be the answer.”