How Buyers Agents Find Off Market Properties
An experienced Buyers Agent with strong industry relationships has a huge edge over the average purchaser when it comes to finding and inspecting off-market properties. Top local Buyers Agents will have had an opportunity to inspect 8 out of every 10 properties before they make it to the online listing platforms (www.realestate.com.au & www.domain.com.au), and will regularly view properties that were never going to be listed in the first place.
But First, What is an Off-Market Property?
An off-market property is a property that is not listed or advertised publicly for sale, but is available for purchase. We often purchase off-market properties through private sales (purchasing directly from the vendor) or through connections with real estate agents and other industry professionals. These properties can be attractive to our purchasers because theres often much less competition and a motivation on the sellers behalf which means we can purchase the property for a great price.
So, How Do Buyers Agents Find Off-Market Properties?
At Chamberlain Brown, we employ several strategies, including leveraging our agent relationships, sending buyer brief emails, calling real estate agents, door knocking properties and allowing vendors to contact us directly. Here's how each of these methods works:
Leveraging Agent Relationships: Our experienced buyer's agents have developed relationships with real estate agents over their lengthy careers. They then leverage these relationships on a weekly basis to gain access to off-market properties that may not be publicly advertised. We contact our network of real estate agents, and inquire if they know of any upcoming or off-market listings that may suit our clients' needs. This approach gives our buyers access to properties that are not yet on the market, giving them a competitive advantage in securing the property.
Sending Buyer Brief Emails: On a weekly basis, we send emails to real estate agents, outlining our client's specific property requirements. The email is brief, clear, and to the point, outlining the buyer's preferences and requirements. If the agent knows of any suitable off-market properties, they will be able to quickly identify and contact the buyer's agent and often ‘chase’ listings specifically for our clients. We’ve had many private viewings where the seller is only willing to allow us through because they know our buyers are serious.
Calling Real Estate Agents: This is an integral pillar of our off-market strategy. Our buyer's agents call real estate agents in their local area to discuss our client's needs on a more personal level. After building powerful relationships over time, a phone conversation can quickly turn into a constructive conversation about solving our buyers problems by matching them with a willing seller. By taking a proactive approach and engaging in conversation, we often learn about properties that have not yet been advertised, or that are not listed on the listing platforms. This strategy requires a lot of persistence, as it involves making multiple phone calls and following up with agents often 3 times per week.
Door Knocking Properties: Door knocking is a more traditional strategy used by our buyer's agents to locate off-market properties. Agents can go door-to-door in specific areas, looking for homeowners who may be interested in selling their property. This strategy requires a lot of time and effort, but it can be a highly effective way to find properties that are not yet on the market.
At the end of the day, your access to off-market properties rests almost exclusively on the experience and relationships your Buyers Agent has, along with the processes that they follow each and every week. Chamberlain Brown focuses heavily on building our agent relationships and following strict processes so that our clients are accessing more off-market properties than any other Buyers Agency in our areas of focus.