An off market property is a Brisbane home for sale that is not advertised on realestate.com.au or domain.com.au. You only hear about it if the selling agent tells you directly. The upside for a buyer is less competition, more time for due diligence and often a better price.
Hi, I’m Sam Price, Director and lead Brisbane Buyer’s Agent from Templeton Property. Today I’d like to answer a question I get asked a lot. What is an off market property and how do you find them?
Most properties for sale in Brisbane are advertised on one or several of the main real estate portals such as realestate.com.au and domain.com.au. These are classified as on market properties. The listing is often accompanied by professional photography, floor plans, brochures, staging and regular open homes. There is another source of property listings that not only removes some of the stress of looking for property and competing against the masses but can also save you money. These are called off market properties.
What is an off market property?
An off market property is a property that is not being advertised for sale to the general public and is not yet on the market in the traditional sense. The vendors may have already engaged the selling agent and set the price they would like, though for a variety of possible reasons have not officially listed the property for sale. During this pre-launch period, the selling agent may invite interested buyers in their database to inspect and consider the property with the aim to sell quietly, before it is ever listed on the official market.
This form of sale has become more common since the Covid lockdowns and the escalating cost of advertising. Given that off market properties are listed for sale without being advertised to the general market, the only way you know about these properties is to be made aware of them by the selling agent. Being privy to these off market listings can be a great advantage to a buyer.
Off market properties are also different from premarket properties. A premarket property is one an agent is preparing for sale. The agent may have the agency agreement in hand, or may not have it yet. In some cases the agent has simply spoken to the owner and knows they would sell for the right money, or would at least consider a reasonable offer if one was put in front of them. Photography, staging and final presentation work are usually still to come. Either way, the property is not yet visible to the wider market and a buyer who hears about it early has time the rest of the market does not.
Why do people choose to sell their property off market?
Privacy and selling costs are the two main reasons people choose to sell their property off market.
For those in the social spotlight or reserved by nature, they would often rather not have their home and possessions put on public display for all to see. Alternatively, the sale may be a result of separation or financial pressures. A quiet sale is in the best interest of all parties. Selling costs attributed to staging, internet selling platforms such as realestate.com.au and photography can cost in excess of $6,000 to $15,000 for a complete sales campaign. Given the opportunity, I believe most people would be very happy with off market selling if they could be assured that the market value was in line with their expectations.
Other reasons people may choose to sell their property off market include:
- Urgent sale due to financial pressures, ill health or travel commitments
- Avoid the hassle of regular open homes and noisy neighbours
- Nervous about auctions, although keen to sell and would like to do so in a quiet manner
- The market is slow, therefore they are not sure the property will sell, so they undertake the sale off market to avoid the advertising costs
- Sometimes the property may be tenanted and access is restricted
- The owner may not have been planning to sell, though would consider selling for the right price
Are off market listings a better buy than on market properties?
When purchasing an off market property, the competition is usually a lot less than a private treaty sale or an auction, therefore the vendor is often willing to sell if the price offered is in line with their expectations and the sales evidence. Of course, a buyer must always do their due diligence and review the sales evidence available. Just because a property is being sold off market does not mean it is not overpriced.
How do I find off market properties for sale?
As these listings are not advertised publicly, they are not easy to find and require considerable effort to hear about. As a buyer, you will need to contact all the local agents and be added to their databases and email lists.
When I am looking for a property in a particular area, I phone all the key agents in that area every week to learn what they have coming up and any off market properties they have become aware of. I also visit agents at their open homes to talk through my client briefs and build rapport. It is important to let the agent know the criteria of the property you are after, whether that is a residential or investment property. Make sure that the off market properties provided meet your specifications.
Following the agents on social media and looking at their off market websites and coming soon posts can also give you a head start on a property coming to market.
The large real estate listing portals of domain.com.au and realestate.com.au have also started promoting premarket properties, which allows the agent to market the property for a reduced fee prior to the official launch in the coming weeks.
Summary:
- Phone agents in the key suburbs weekly
- Follow the agents on social media
- Meet the agents at their open homes
- Door knock or letter box the houses and complexes you like
- Register on the main real estate platforms for notifications of premarket listings
If you would like help finding the right off market property, get in touch for a free discovery consultation.
What are the benefits of buying an off market property?
Buying off market means less competition from other buyers. There is often a good chance you may purchase the property for less than you would have had the property been listed and marketed fully. With reduced competition, you usually have more time to do your due diligence and consider your purchase strategy and offer. That makes for a less stressful transaction.
Have you ever noticed a property sold without having a for sale sign or open homes?
Chances are this property was sold off market. The buyer was informed of the property by the selling agent directly. Agents are also encouraged to post their off market sale results on the major real estate portals, as it helps the agent’s profile and platform suburb statistics.
How can a Buyer’s Agent help find you an off market property?
As a Brisbane Buyer’s Agent I am often first to hear about these quiet listings. Over the last eleven months, 48% of the purchases I have made for clients have been off market or premarket.
I hear about them because of long relationships with local agents, having purchased through most of them previously. Emails, text messages and calls come through most days telling me what is coming up.
I also send a weekly email to the agents in the suburbs I work in most, letting them know the types of properties I am looking for at that time. I spend hours on the phone calling through a list of agents to ask what they have coming that might suit a client. Quite often I have the opportunity to inspect a property at the same time as the professional photographer, which gives my client several days head start on the rest of the market. That allows the due diligence to be done and an offer made before the property is listed for sale. 
From the day a brief is signed off, it typically takes 30 to 45 days to find the right property and get to an offer. I could move faster than that. Speed is not the measure I work to. The right property is.
The vendor also benefits from an off market sale by saving thousands of dollars on advertising as well as the inconvenience of open homes.
If there is a property you have always liked though it has yet to be listed for sale, I can approach the owner for you and find out whether they would consider selling for the right price. I door knock homes and letter box drop streets and complexes when I am looking for something specific. It is labour intensive work. It is also a great way to identify off market property listings in Brisbane.
I work right across Brisbane. For the inner west, I keep detailed suburb guides covering buying in Ashgrove, Bardon and Paddington.
Off market property FAQs
What is an off market property in Brisbane?
An off market property is a home for sale that is not advertised on realestate.com.au or domain.com.au. The vendor may have engaged a selling agent and agreed on a price, though the property is never publicly listed. You only hear about it if the agent tells you directly or if your Buyer’s Agent hears about it first.
What is a premarket property?
A premarket property is one an agent is preparing to bring to market. Sometimes the agency agreement is signed and the campaign is a few weeks off. Sometimes the agent has only spoken to the owner and knows they would sell for the right money, or would consider a reasonable offer. An off market property, by contrast, is sold quietly with no public campaign at all. Both give a buyer a head start, and in the premarket case there is often room to buy before a price expectation has hardened.
How do I find off market properties for sale in Brisbane?
There is no listing site to search. You find them by contacting every agent in the suburbs you are targeting, getting onto their databases, meeting them at open homes and following their coming soon posts. Doing it properly means weekly phone calls to the same agents over months, which is why most buyers hear about very few.
Are off market properties cheaper than on market properties?
Often, though not automatically. Less competition usually means less price pressure and more time for due diligence. It also means no public campaign has tested the market, so an off market price can just as easily sit above value. As a Registered Property Valuer I price the property independently before any offer is made.
Why would someone sell their house off market?
Privacy and cost are the two main reasons. A full sales campaign with staging, photography and portal advertising can cost $6,000 to $15,000. Others sell quietly because of separation, ill health, financial pressure or a tenant in place. Some simply would move for the right price without ever going to market.
Can a Buyer’s Agent get me access to off market listings?
Yes, and it is one of the more practical reasons to engage one. I hear about quiet listings because I have bought through most of the agents across Brisbane’s inner west before. Over the last eleven months, 48% of the purchases I made for clients were off market or premarket.
What should I check before buying off market?
Everything you would check on a listed property, plus the price itself. Without a public campaign there is no market feedback, so the sales evidence has to do that work. I look at comparable sales, flood and overland flow, building and renovation approval history, character and demolition control, easements and the condition issues a 30 minute inspection hides.
So, have a property-related question you would like answered?
Feel free to email me at admin@templetonproperty.com.au or call 0418 159 993 and book your free discovery consultation today. I look forward to hearing from you.
Sam Price, Director and Lead Buyer’s Agent, Templeton Property Brisbane.