Recently I have been hearing a few people talk about real estate selling 'off market' like it's a good thing. If you want the best price possible for your property though, it isn't. How can it be? You may sell your property, and save a couple of thousand marketing dollars in the process, but, you could, and most likely will, lose tens of thousands on the sale. It is a false saving.
How so, I hear you say? Well if you agree that more buyers looking at your property will create more competition for your property, then you must agree that by keeping it a 'secret' and only telling a handful of people about it can't help. I know, anecdotally, from 24 years of working in the real estate industry as both an agent and photographer, that more buyers on a property equals better results. Any experienced agent knows this.
Good agents keep in touch with good buyers that have made enquiry with them over a period of time. So, naturally they will have a few people they can immediately call about your property as soon as they list it. Awesome, right! But, what about all the new people to the market that have only just started looking or are about to start. And what about those people who don't even know they are looking until they see your property come on the market? These people have been hoping you'd come on the market one day. When they see your For Sale sign go up, or the internet ad launch, they turn into an instant buyer. Sometimes it may not be the neighbour but one of their family or friends. When I was an agent we use to call this buyer a 'heart buyer'. Someone who buys with their heart. They were always the best buyers. They want to act quickly and are be prepared to pay more than what you might expect. Why would you not want to try and attract a heart buyer? Why, if indeed selling for the best price possible is what you want, would you not market to ALL buyers?
So, yes, if you want to keep your selling costs down you can sell your property 'off market', or worse still without an agent. No problem. Just like you can service your own car. But, do you really want to? Is it wise? Will it get you the best price? I would say, if you want the best price possible do the following:
1. List with a skilled agent negotiator.
2. Be fair with your asking price.
3. Prepare and present your property as though you care about it.
4. Put it on the market properly so EVERYONE can see it.
Don't be shy. Your bank balance will thank you.
Remember, it isn't what selling costs you that is important, it is what you get in your hand at the end of the sale that matters.