How to find off market properties
There are many benefits to buying homes off market, but how do you find them if they aren’t listed on real estate websites and don’t have a giant FOR SALE sign out the front? While it’s a little harder than the usual ‘listed route’, there are lots of ways you can find your dream off market home, you just need to know where to look.
Real estate agents
The first option is to get in touch with a real estate agent in the area you are looking to buy and have a chat with them to establish your price range and the type of property you are looking for – are you wanting a townhouse or a detached home? Two bedrooms or four? An agent will then use their connections to help to find you a suitable property and with all of that information in tow, it’ll be much easier for them to narrow the search for your ideal home.
Buyers advocates
Buyers advocates are perfect for people who are time poor and who know what they want but don’t have the time to attend multiple inspections and to do all of the grunt work. They charge roughly 2% of the purchase price as their job is a little more hands-on than a real estate agent (you’ll often find buyers advocates knocking on the doors of people who aren’t even selling).
Off-market websites
There are some websites that have popped up relatively recently and you can simply plug in the criteria you have established for the home you’re wishing to purchase and it will come up with a list of what is currently for sale in your area. Take a look at Listing Loop or Property Whispers.
Word of mouth
Ask around to see if anyone you know is aware of someone looking to sell who might be tempted by the idea of not paying advertising and agent fees.
Similarly, join the local community Facebook pages and keep an eye on anyone looking to sell. Another idea is to do a letter box drop - pop a note into the letterbox of the house you are coveting to ask if they would consider selling. You never know what their response will be!
What are the main benefits to buying property this way?
- It can be less competitive (always helpful in this wild property climate)
- It can be more convenient and time efficient for people who are busy and don’t have the time to attend multiple inspections.
- It can be more flexible as the vendors aren’t typically in a rush to sell the home (otherwise they’d be advertising it more widely).
If you’ve made it this far we can only assume you’re ready to jump into your property journey (or at the very least, arm yourself with all the info so that when it’s time to jump, you’re prepared) – and if that’s the case then our podcast ‘The Property Playbook’ is the one for you!
Victoria and buyers advocate Amy Lunardi are taking you through the A-V of property (tehe) and it’s all being made possible thanks to our friends at UBank.
Ubank are working hard to help Aussies get on the property ladder, For more info on how UBank can help you find the perfect home loan, check them out here.
Any advice in this blog has been prepared without taking into account your objectives, financial situation or needs. Before acting on any advice on this information, you should consider whether it is appropriate for your circumstances.
Information current as at 15/09/21 and subject to change. Terms, conditions, fees, charges, eligibility and lending criteria apply for all UBank products (available on request).
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