Buying off-market properties (eBOOK)

houses

7 November, 2016

Securing a promising investment property before it hits the market comes down to building solid relationships with selling agents, according to Perth buyer’s agency, Property Wizards.

Buyer’s agent Trevor Dunkley said for an investor who knows what they want and is willing to offer a fair price, unlisted properties can be a quick and easy ticket to an exceptional investment opportunity.

“However, there is a lot of ground work to do beforehand, and only investors who are serious about finding these properties will make any headway with the selling agents,” he said.

WHY SELL OFF-MARKET?

Mr Dunkley said that most seller’s agents who approach their networks and databases to sell before listing a property to the open market are working for sellers with a specific set of criteria.

“These are serious sellers who want to offload their properties quickly, with a short settlement period, who may wish to avoid home opens and inspections, and are looking to get the best price,” he said.

“Real estate agents can help sellers in expediting this process by taking the property to their networks, which they will have built up around investors they know are serious about finding the right property, and who are buying regularly.

“The seller’s agent is looking to approach investors who will make it worth the agent’s time, rather than waiting for buyer’s to come to the listing.”

HOW TO LAND AN OFF-MARKET PROPERTY

Mr Dunkley said that to be successful in purchasing a property before it’s listed to the open market, an investor needs to have a very clear idea of what they want and what they can afford.

“You have to be able to give a quick answer to the agent, and you have to be willing to offer a fair price,” he said.

“A good real estate agent works in the interests of the seller, and will not wait around for a potential investor to make up their mind, especially if the seller is in a hurry.

“Building a relationship with the real estate agent before they have even received the authority to list a property is critical, as they need to know you are serious.

“Many of our clients come to us as they know we have had the time and experience in building and maintaining these relationships with seller’s agents all across Perth’s market.

“Similarly, many selling agents work to build these networks with local buyer’s agents so as to benefit from access to a database of pre-qualified, serious buyers.”

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