Off Market Sales Rise As Mont Brokers Private Deals
Off-market sales have surged in recent months, spurred by limited listings and robust demand across Perth’s residential property market.
Mont Property Managing Director Matthew Podesta said his premium agency had seen a significant increase in interest for off-market sales this year and suspected it had been prompted by contracting availability of listings, partly due to fall-out of the COVID-19 pandemic.
The practice involves selling a property without public marketing or traditional advertising campaigns, but rather through a low-key approach that targets specific buyers and possible sellers.
Mr Podesta said the off-market sales concept had always existed in Perth, but the method had become increasingly popular in recent times.
It has been favoured by buyers seeking one-upmanship in a competitive market, but also by more private buyers and sellers looking for discreet transactions with increased privacy and fewer home open inspections.
“At Mont, we have seen an increase in the number of off-market deals, especially given the limited stock currently available in the Perth market,” Mr Podesta said.
“We thought off-market was going to be a bit of a fad, but it’s now a solid mode of selling. Buyers are aware of it as a format and are approaching us to see what listings we have coming up.”
Mr Podesta said the process of off-market transactions could be driven by buyers or sellers.
“We have prospective sellers come to us saying ‘we’re half thinking about selling, if you have anyone on your books bring them through’. Many are interested in not having the hassle of a public campaign and regular home opens, which can be quite intrusive,” he said.
“On the other side are desperate buyers who come to us with a wish list, asking if we can find a specific property for them. We then make approaches on their behalf.
“Off-market sales are becoming more prevalent because buyers come to us hoping to get ahead of the competition. Although they may need to pay more to entice the seller, they create their own clean air space so it’s not so much about the price they pay, it’s about not missing the opportunity.”
Mont has brokered multiple off-market deals in recent months including the sale of the spectacular mansion at 13 Moreing Road, Attadale for $5.9 million in April after Mr Podesta was able to match a buyer with the property.
In addition, off-market deals were reached for the award-winning home at 1B Page Street, Attadale, which sold for $5.6 million, and 82 Ullapool Road, Mount Pleasant at $3.2 million in March, while 28 Millington Street, Ardross changed hands for $1.55 million in February.
Mr Podesta said agents could not underestimate the value of a solid database, a good network of local buyers and community connections.
“From an agent’s point of view, it’s very satisfying to know that you are able to add further value to the buying and selling process because you’re getting direct approaches and connecting buyers and sellers in a non-traditional way of transacting property.
“Off-market sales will remain as a preferred format for some. Even as the market slows down, it will remain an option. It’s not the only option because traditional methods like auctions are still incredibly strong, but the right situation might warrant a more private deal.”
For more information about how you can be involved in an off market sale, speak to the specialists at Mont. We would be happy to help.