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HOW DO YOU FIND OFF MARKET LISTINGS? · The Real Estate Show

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  Speaker 1: Well, Cam, when you hear the term off-market listing, I
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  Speaker 1: don't know about you, but I kind of think, oh,
• 0:04
  Speaker 1: it's a bit, you know, Secret Sally type thing. Like,
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  Speaker 1: do you need to be part of an exclusive club to,
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  Speaker 1: you know, get the scoop on these places?
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  Speaker 2: Yes.
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  Speaker 1: Or can anyone just kind of find out about them?
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  Speaker 3: And so when I first heard of the term, it's like, well,
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  Speaker 3: why or how does that work?
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  Speaker 1: Yes.
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  Speaker 3: Like, why would you have an off-market listing when you're
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  Speaker 3: trying desperately, in many cases, to sell your house.
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  Speaker 1: Yes, and I'm sure there is a rationale behind it all,
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  Speaker 1: and the man who can give us that, Steve Lowe,
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  Speaker 1: Director at Agent Team Canberra. Steve, good morning.
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  Speaker 2: Good morning. And you're right, Renee, there is an exclusive club.
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  Speaker 1: Okay, well, I'm not a member of it, so I'll
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  Speaker 1: ask you in a moment, how do I become a
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  Speaker 1: member of that? But first, let's just give people the
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  Speaker 1: picture of what is an off-market listing.
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  Speaker 3: The refresher.
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  Speaker 2: Yes. So off-market, I normally call it pre-market because it
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  Speaker 2: basically means that an agent has signed an agency agreement
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  Speaker 2: with the seller of a home. And generally speaking, whilst
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  Speaker 2: it's being prepared for market, working on specific timelines, the
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  Speaker 2: agent will then offer it to their database of buyers
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  Speaker 2: that might be looking for something similar to that property. Okay.
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  Speaker 1: And what is the benefit to the seller? Like, do
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  Speaker 1: they not have to then go ahead with all the
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  Speaker 1: marketing side of things?
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  Speaker 2: Yeah, so there's a couple of benefits, and that is
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  Speaker 2: number one is that you could save some significant costs.
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  Speaker 2: We've sold homes recently where we had quotes of about
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  Speaker 2: $ 50, 000 to do all the renovations that we should do
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  Speaker 2: to it to make it really marketable. Instead, we sold
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  Speaker 2: it pre-market because it meant the owner didn't have to
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  Speaker 2: spend that kind of money, and the net result was
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  Speaker 2: probably higher by selling it pre-market than on-market without the risk.
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  Speaker 3: All right, so you've given us a great explanation and
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  Speaker 3: a good sort of example there. So how do you
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  Speaker 3: find these properties other than being on someone's data list?
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  Speaker 2: So if you're hunting in a certain area, like Higgins,
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  Speaker 2: for example, I sell about 20 homes a year in Higgins.
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  Speaker 2: If you want to find properties that we've got coming
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  Speaker 2: soon to market, you connect with the agent selling the
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  Speaker 2: most amount of properties in that area and you tell
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  Speaker 2: them specifically what you're looking for.
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  Speaker 3: Okay.
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  Speaker 1: And so then you're on that agent's radar. So then
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  Speaker 1: you're part.
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  Speaker 2: Of the club. You're part of the club. You made
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  Speaker 2: it in.
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  Speaker 1: Okay.
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  Speaker 2: All right.
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  Speaker 3: All right. All right. All right. I get it now.
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  Speaker 1: And Steve, is there anything people should be cautious of
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  Speaker 1: when considering an off-market listing or not really?
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  Speaker 2: From a buyer's point of view? Well, I guess from
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  Speaker 2: a buyer's point of view, when it's pre-market like that,
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  Speaker 2: you're kind of relying on your own research and the
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  Speaker 2: price that the agent and the seller are kind of
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  Speaker 2: wanting rather than market value, which is when you're on
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  Speaker 2: the market and you've got other interests. So you've got
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  Speaker 2: to be pretty sure on your numbers. But really, other
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  Speaker 2: than that, no, there's nothing to be concerned about.
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  Speaker 1: And how often is this happening for you? Like what
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  Speaker 1: rough percentage would you say of your sales are done
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  Speaker 1: this way?
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  Speaker 2: I literally sell 20 a year before I hit the market. Okay.
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  Speaker 1: All right. So it is happening fairly often.
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  Speaker 2: Yeah.
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  Speaker 1: Okay. Well, people need to go and check which agents
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  Speaker 1: are selling in the suburbs they like and getting contact.
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  Speaker 3: I sort of really liked the area and we sold
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  Speaker 3: some property earlier this year that was outside of Canberra.
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  Speaker 3: And this was the exact advice that I received as
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  Speaker 3: well in the area that we were selling our property.
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  Speaker 3: Go find the number one agent and just reach out
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  Speaker 3: to that person. Make a relationship.
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  Speaker 1: Get in the club.
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  Speaker 2: And it worked.
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  Speaker 3: Get in the club. Yes, indeed.
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  Speaker 1: Steve, that's really interesting. Well, thanks for giving us the
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  Speaker 1: inside scoop there and everyone listening as well. And have
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  Speaker 1: a great weekend.
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  Speaker 2: All right. Thanks, guys. Cheers. Thank you.
• 3:44
  Speaker 1: Steve Lowe, Director at Agent Team Canberra there talking about
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  Speaker 1: off-market listings.