Properties for sale aren't all created equal

In my line of work, I often come across buyers who spend considerable time trying to find their dream home, or astute investment property. The look of exhaustion is usually the most obvious when asked "how long have you been searching for?". This group of buyers usually don't realise that their competition is a lot bigger than what meets the eye! Let me explain...

Buying property is becoming more and more complex and demanding, especially in the current times where stock levels are at their lowest in a very long time! More and more property buyers are reaching out for professional help, as evident in the rise of demand for services afforded by buyer's advocates.

You see, not all properties are available for sale equally. There are three ways a property sale is transacted, and in most cases, buyer's advocates are the main ones with access to all three channels.

Here are the three ways properties are available for sale and transacted:

1. Off-Market Properties: An off-market property refers to a property that is not publicly advertised or listed on the open market. These properties are typically not actively marketed and are not widely known to potential buyers. Off-market properties are often sold privately through specialised real estate networks that connect buyers and sellers confidentially. Off-market properties may be sought after by investors or individuals looking for exclusive opportunities or unique properties that are not readily available to the general public.

2. Pre-market Properties: These properties are usually being prepared for the market and are not yet officially listed. In this context, a pre-listed property would be in the stage before it becomes an on-market property. It might involve activities such as preparing the property for sale, staging, photography, and gathering necessary documentation. There are many occasions where pre-market properties don't end up going to market and are sold privately. This mostly happens between a buyer's agent and a selling agent where the property matches the buyer's brief and there is consensus around price.

3. On-market Properties: These properties are officially listed for sale through established channels such as real estate agents, and online listing platforms. These properties are actively promoted and made accessible to potential buyers. When a property is listed, it is marketed to a wider audience, allowing interested parties to view the property's details, price, location, and other relevant information. Listed properties are typically subject to standard sales processes, including negotiations, inspections, and legal procedures.

Right now, there are postcodes around Melbourne (and surrounds) where off-market properties makeup as much as 30% of properties available for sale. This is particularly the case for the more affluent areas such as Bayside and surrounds, where more sellers prefer to be private when selling their homes.

Like anything, there is no "one-size-fits-all" when it comes to buying property. The right advice, and the right guidance, can make a significant difference to not only securing your dream home, but to also buying a property that accelerates your wealth in a more predicable way over the years.

I hope that my blog today helps you in some way. If we can help you buy your next property led by strategy and success, please contact us and find out why we're your secret weapon when it comes to your next property move.

Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.