On market ‘v’ Off market selling
30th May 2018
There is an interesting phenomenon that we have encountered many times, which often seems to occur when the property market is suffering a period of re-adjustment. This is this off market rule! When property prices become a little wobbly, many vendors and even landlords believe that the best way to approach selling or letting their property is to ask the agents to offer it to buyers or tenants “quietly”. This method can be advantageous in a buoyant market, but is less so, when times are more depressed.The idea is a good one – why have your property paraded onto the general marketplace and websites for all to see – thus creating a history that, if it doesn’t sell or let, is there for posterity? Therefore, the idea behind the thinking is sound, that discreet marketing reduces the chances of public data being accessed via the internet.There is, of course, the other side of the coin. Logic states that without using all the tools available to create a sale or rental at the right price, it somewhat limits what agents are capable of producing for you. It seems to me that when the market is slower using everything available to produce a required transaction should be the route to follow. As and when property prices recover the option to remain more private is more useful, as buyers, in a strong market, love nothing more than trying to purchase or rent something that is not openly available. It produces a sense of achievement insofar as they have managed to coerce the agent into showing the property and the client, to proceed with a transaction on which they were ambivalent. Frequently, in this scenario, the achieved price will be higher than the client anticipated.In our many years of agency we have learned that there is no one rule that fits all, and, that each instruction requires an individual approach. However, in uncertain times, such as we are currently navigating, I would recommend that a full marketing approach with all guns blazing (provided one is asking the correct price) will produce the required results and end up ensuring that the best price has been achieved.After all, business pricing in every sector finds its own balance and there is no better way of proving to oneself that a deal has attained the maximum price, other than by establishing that there was no other interest shown for the article in question, at the same level.