For most people, the marketing of a home for sale would logically involve getting its profile out to as many prospective buyers as possible, through digital mediums, press ads and sale boards and brochures. But many of Melbourne’s most successful home sales are achieved without any public marketing at all. This is the curious and exclusive world of off-market sales.
There are many reasons why a vendor might entrust the sale of their home to an agent-driven, exclusive off-market campaign. Privacy is usually the main driver, with sellers wanting to keep their personal lives out of the media for family, professional or financial reasons. Rightly or wrongly, when a notable identity puts their home on the market, the local media can raise all manner of theories as to why. Selling off-market allows those in the public eye to more easily and quietly change their living arrangements. Of course, many off-market sales occur simply because the vendor is in no great rush and wants to avoid the inconvenience of open inspections, the drama of auction day and the hassle of explaining to neighbours why they’re moving and when. Similarly, high-profile purchasers often prefer buying off-market as it allows them to enjoy greater privacy, preventing their new home from becoming a tourist attraction, or giving any hints about a change of cities, which can then lead to speculation about changing jobs or family dynamics.
A distinctive, prestige or historical home can also potentially achieve better results because prospective buyers are personally approached and feel more engaged and in control of the process – and avoid the challenges of having to contend with other interested buyers or compete with bidders at auction.
Some of Victoria’s most distinguished properties are handled in this manner, and it’s even understood that a Toorak home was sold this way earlier in the year, for a price that’s set to break the price record for Victorian residential real estate.
It’s important to remember though, that for an off-market sales campaign to be effective, the real estate agent must have a substantial database of prospective purchasers, and if possible, access to a wide network of contacts such as RT Edgar’s group of metropolitan and regional offices. Furthermore, the database must also be relevant and consist of the right type of purchaser for the property being sold.
It is these premium contacts, along with our agents’ personal rapport with buyers, deep knowledge of the market, and regular communication between offices that has helped the RT Edgar team become the leaders in Melbourne’s high-end sales – both in the city and in greater Victoria. If you’re thinking of selling your home and still avoid the publicity of an open listing, feel free to call the specialists at RT Edgar and see how we can make the sale of your property more private, more seamless and potentially more rewarding.