- Off market sales could be a trend here to stay
- The non-traditional property transaction method offers various benefits for both buyers and sellers
- Protecting privacy, lowering costs and avoiding hassle have been cited among benefits
Enlisting a real estate agent is the traditional first step to selling a home but many prospective sellers are being enticed by the attractions of off-market alternatives
Prop-tech company OpenOpen are tapping into the off-market trend which they predict is here to stay.
OpenOpen Vice President Emilie Ouyang has cited China, Hong Kong and the US as countries where off market sales have become extremely prevalent.
“While the nature of off-market transactions means there’s no readily available data to
accurately gauge the volume of properties changing hands privately, it is clear the trend is ‘real’ and it’s here to stay,” she said.
Closed home sales have potential benefits for both home buyers and sellers.
For example they could bypass much of the hassle and cost of home selling.
“A marketing campaign through an agent can cost in excess of $5,000 without any guarantee of results,” Ms Ouyang said.
OpenOpen among other off-market alternatives offer a ‘no sale, no fee’ approach. Rather OpenOpen charge 1% service fee only following the sale of a property.
“We also find that with off-market sales there’s less of the emotion and mayhem of an auction campaign, where buyers can get caught up in the frenzy – which is a common real estate trap.
Privacy has been identified as another key motivator.
“It’s not just high-profile celebrities or businesspersons wanting to maintain discretion about their personal lives and fiscal transactions.”
OpenOpen Vice President Emilie Ouyang
“Everyday Aussies equally also don’t want family or acquaintances scrutinising their financial decisions,” Ms Ouyang explained.