Selling your Home 'Off-Market'

David Andrew Senior Sales Consultant Greg Adams, shares his insight on why an off-market approach to selling your home can sometimes be the right option

If you are thinking of selling your home, in certain cases it could be worth considering the 'off-market' approach to achieve the best results. David Andrew Senior Sales Consultant, Greg Adams explains why. “The vast majority of properties are marketed and sold via some form of online advertising. In the UK this generally means using one of the major property portals such as Rightmove or Zoopla. When markets are busy, this is by far the best method, as it places the house or flat before the largest number of would-be buyers. However, in some cases this may not always be the best strategy and, under certain conditions, an off-market approach can be a more productive alternative.

When the housing market approaches a traditionally quiet period such as Christmas or the August school holidays, an immediate online listing may not always be the best marketing option. This is due to the potential risk that, if the advertised property doesn’t sell quickly, there’s a chance that it could begin to look stale by the time activity levels pick up. This can be off-putting to potential buyers.

The off-market approach is also worth considering in periods of market uncertainty, where changes in the economic climate can create instability. This is when it is worth evaluating whether a traditional online listing is the best choice, or if it is worth exploring the off-market approach - which will enable the owner and agent to effectively, but discreetly test the market to see if there’s genuine interest at the agreed price.

So how does an off-market promotion work?

The mechanics of an off-market promotion are not too dissimilar to the preparation involved for the traditional and online marketing presentation. The vendor will sign terms and conditions with the agent, the agent will organise photographs, a floor plan, virtual tour and Energy Performance Certificate (EPC) and then write the property description. Once this has all been approved by the vendor, the promotion can begin. This is where the approach differs.

A four-page brochure for the property is created and matched with individuals and couples who are on the agents buyers direct mailing list. For example, at David Andrew, if we’re matching a property within a search range of £500,000 to £650,000 we’ll capture in excess of 1,800 active buyers on our database. This compares to more than 2,100 buyers looking between £350,000 and £500,000. As an exclusively North London agent, we have a captive audience of active house-hunters who will be searching for the right property in this area.

In addition to the strategic targeting of our mailing list, we also cross-sell off-market properties to people who enquire about similarly priced ‘live’ properties. With our four offices connected to (and sharing) the same database information, negotiators can contact buyers who have responded to listings for houses and flats in the same size and price range. These network connections can be highly beneficial and often result in additional viewings for the off-market property.

How an off-market promotion can benefit vendors, buyers and agents:-

Vendors who are uncertain about a full listing and thereby prefer to weigh up their options, can effectively test the market without publicly advertising the sale to the entire internet.
Vendors and agents can ascertain the response to an off-market promotion during quieter periods or at times of market uncertainty.
Buyers tend to be attracted to the advance priority and perceived exclusivity of an off-market promotion, seeing it as an opportunity to view new properties before they reach the general public.
Vendors can explore the off-market approach at a higher price. If there’s isn’t an interest at the price set, they can then go “live” at a lower price, without the potential negative impact of a price reduction.
Vendors who prefer to keep their property sale private, can explore selling off-market without alerting ‘nosy neighbours’ to their plans!

An off-market promotion may only suit approximately 2% of an estate agent’s clients, but it is nonetheless an option that should be given serious consideration in the right circumstances. Although a successful outcome cannot be guaranteed, appraising the off-market campaign levels of interest can often lead to a better result when the sale moves online. Pricing can be adjusted, and advertising can be fine-tuned in response to off-market test results.

Here is a 5 Star review from a local vendor, who recently sold their property off-market:-

“David Andrew came highly recommended by a friend who lives locally. We were impressed with the professional, efficient yet very personal way in which they handled our house sale. The house was sold off-market for a price above the asking. We couldn’t have asked for a better service.” TV

If you’d like to know more about selling your home 'off market', we’d be delighted to talk to you!”

If you are thinking of selling your property, please call our Sales Team today for a free market appraisal on 020-7619-3750 (Archway), 020-7354-9111 (Highbury) or 020-7281-2000 (Stroud Green), or email info@davidandrew.co.uk