Tapping into off-market prestige property
There’s no such thing as a single property market. Real estate is a patchwork quilt of locations, accommodation types and price points – each with their own facets and nuances.
One sector of this colourful property duvet that never fails to attract attention is the prestige sector, and Sydney is the pinnacle for this country’s most stunning abodes.
We’re talking about the $5 million-plus sector where extraordinary real estate trades between like-minded parties of comparable means.
Successfully working within in this space requires a special set of skills, along with the ability to unearth and negotiate a particular type of purchase - the off-market deal.
Most high-end owners are looking for a quite sale to a select purchaser base – they certainly aren’t keen on the prying eyes of Saturday morning ‘tire kickers’.
Off-market is where the real action takes place at the upper echelons of our city’s real estate scene, but like a velvet-roped night club, you need to be in the ‘in crowd’ to get your foot in the door.
What are ‘Off-market deals’?
Off-market deals are simply those listings that aren’t broadly and publically exposed to the open market. They’re common at the high end for a number of reasons.
First and foremost, both buyers and sellers at these price points prefer anonymity. While most are certainly able to enjoy the spoils of their success, they don’t necessarily want to publicise what they’re paying for a home or where they desire to live. Off-market deals allow a measure of discretion that makes the whole exclusive transaction a little easier to handle.
What are the pros for buyers?
At the top end of the price range, there are limited buyer numbers. Housing is also both diverse and unique, and that means not every home at this level will appeal to every available buyer.
Off-market sales see less buyers competing for the property because, unlike lower price listing which rely on huge exposure to bring in the masses, off-market prestige will go under the radar except to those that are well connected.
How do you find them?
There are a few ways to lock down off-market deals.
The prestige agent network
Dealing in real estate at this level requires being in tight with the right agents. They are the most professional in their fields with a network of owners on their books looking to sell their prestige homes discreetly.
This is where an experience and well-connected buyers’ agent is worth their weight in platinum. We have these prestige selling agent on speed dial – they deal with us regularly and know we have clients who are well informed and ready to purchase, so there’ll be no time wasting.
Relationships are key, and an experienced buyers’ agent spends years cultivating the right connections.
Other industry sources
Just because someone isn’t an agent doesn’t mean they won’t have valuable intel on a party looking to sell.
Everyone from property lawyers to business accountants and consulting firm partners will have friends and associates looking to trade a home at some stage. By operating in these circles, a seemingly casual conversation can lead to inside information and an introduction that will get the ball rolling on an off-market transaction.
Approaching owners directly
With serious coin in your back pocket, much of the market is open to your offers. In this situation, you may find the perfect property, but it might not be available for sale.
With the help of a buyers’ agent, you can make a direct approach to the property owner and see if they’re open to selling.
The downside to this approach is that you are immediately the party most keen to trade, which means you may have to put your very best foot forward early in terms of price and contract conditions.
Buyers can be sellers
Often clients we represent will, at some stage, be looking to sell. Being well connected with past clients means when they look to sell, we will be among the first to know. As a result we become aware of an off-market deal in the making even before the agents know.
If you’re keen on securing a top-end penthouse in a prestige project, or a detached new-build home on a super special block of land, buyers’ agents are well placed to talk with developer contacts. We can also ensure that you are paying the right price, plus if it’s an off-the-plan property, we have the expertise to read the contract conditions and ensure you don’t get stung.
So, what’s your valuable time worth? Employing a buyers’ agent with experience, connections and negotiation skills means you don’t have to worry about missing out on that perfect prestige property, leaving you more time to compete in your own area of expertise, or enjoy some well-deserved relaxation time in your palatial new home.