This week Trow Jones successfully sold another property ‘off-market’.
Why did we sell off-market?
In this situation, the property was tenanted by four students in a fixed lease until February 2021. Most agents would advise the owners to wait until the house became vacant in February and prepare it for a full on-market campaign, but the owners were in financial trouble as COVID had affected their business and they had to sell as soon as possible.
So, we tailored our off-market campaign to the needs of both the owners and the tenants. The owners didn’t have to spend a cent on marketing – which typically costs several thousand dollars on the main portals – or on styling the property, or lose money breaking the lease. To keep the tenants happy, we held private viewings rather than open homes, to ensure Covid-safety.
How did the off-market sale work?
An off-market sale means we, the agents, have to work harder and smarter – we really earn our commission. Rather than advertising the property on the major portals at the owners expense and waiting for the enquiries to roll in, we contacted our network of buyers agents, and leveraged social media to its full extent. It wasn’t an easy sale. It took a lot of hard work and good communication but we got there in the end – with a price that was $100,000 more than the owners were expecting. And with no marketing, styling, painting or gardening expenses to our client!
We’re not against advertising on the major online portals, in this case we kept them as Plan B if we didn’t sell for an acceptable price off-market, and the property wouldn’t look ‘stale’ if it eventually went online.
It’s not easy to understand the benefits of a tailored approach when most of us are so accustomed to typical real estate agents doing things the way it has always been done.
If you’d like to hear how we do things differently, please get in touch.