There Are Many Benefits To Buying Or Selling Pre-Market And Off-Market Properties
These two terms have become more popular than ever now. However, these are not new to real estate agents. Below you can understand the difference between them and their benefits.
Some properties are listed for sale by a real estate agent but it is not advertised publicly. These are pre-market properties that only go public in rare cases and usually are snapped up by buyers quickly. Generally, there is a gap of 10 days to two weeks between when the agent lists the new property and it is advertised publicly. This is because it is offered exclusively before any signboard is added or is put up on the internet. The buyers are often invited by the agent to view the property. These buyers are the ones who have previously contacted the agent and shown interest in such properties. Therefore when it does come up, they are the first ones to know.
The first list of clients that the agent contacts are their A-grade clients and then their B Grade ones. As not all agents have their own database, hence not all of them can offer their clients properties that are in the pre-market listing. To be able to get access to such properties you will have to look for a specific agent that offers these services.
Off-Market Property Sale
Off-Market properties sales are more elusive and discreet as compared to pre-market ones. This is because this type of property is not for public advertising at any point in time. This type of sale can take place in different situations. For example, if a friend who is leaving the country, sold their property to another at a very good price because of their emotional bond, then it will never be advertised for the public to give their offer for the same. Sometimes, though an agent is involved, at no point is the property advertised at all.
This may be confusing when you think about why a property owner does not want to market their property and improve the chances of getting a better deal. This is because when the property is marketed many personal details like the address, the owner’s name, and so on are displayed on the internet for everyone to see. Some property owners do not approve of this invasion of privacy and see it as a potential security risk. For example, if someone is going through a bad time financially, the shareholders of that company will panic when they see that the person is selling their house and this might affect the whole market even more.
Having access to an agent that can lead you to both types of properties will help you massively as you will get to see properties that are not open to the public and thereby you will be able to skip the bidding wars. As the owners are keener on selling it quickly, you also will be in a better position to negotiate the price. So, if you are looking for a competitive edge for your property purchase, then it is time to discover the pre-market and off-market properties.