In real estate, there exists a hidden market known as “off-market” properties. These properties are not listed on the Multiple Listing Service (MLS) or other public platforms. While the concept may seem counterintuitive – after all, isn’t the goal of selling a property to reach as many potential buyers as possible? – there are several reasons why sellers and agents opt for this approach. Brandon Gilkey discusses off-market marketing.
What Is Off-Market Real Estate?
Off-market real estate refers to properties that are for sale but are not publicly advertised. Instead, they are marketed discreetly, often through word-of-mouth, private networks, or to a select group of potential buyers. This strategy is sometimes used for luxury properties or by sellers who value privacy and exclusivity.
Why Choose Off-Market Marketing?
Off-market marketing offers sellers a high level of privacy and discretion. Some sellers, especially those in the public eye or with sensitive circumstances, prefer to keep the sale of their property confidential. By avoiding public listings, sellers can control who has access to information about their property, minimizing the risk of unwanted attention or intrusion.
In addition, off-market properties are often perceived as exclusive and prestigious, appealing to buyers seeking something unique or rare. By marketing off-market, sellers can create a sense of exclusivity around their property, potentially attracting buyers willing to pay a premium to purchase a hidden gem.
Finally, off-market marketing allows sellers and agents to target specific buyers likely to be interested in the property. This targeted approach can be more efficient and effective than traditional marketing methods, which cast a wider net but may attract less qualified or interested buyers.
How To Market Off-Market Real Estate?
Networking
Networking is a crucial tool for marketing off-market real estate. Agents can spread the word about the property by leveraging their connections within the industry, including other real estate agents, investors, attorneys, and financial advisors. Attending industry events, joining real estate groups, and participating in networking events can help agents expand their network and reach potential buyers.
Database Marketing
Agents can market off-market properties using their database of contacts. This can include sending targeted emails, newsletters, or direct mail campaigns to individuals who may be interested in the property. By segmenting their database based on factors like location, property type, and buyer preferences, agents can ensure that their marketing efforts are highly targeted and effective.
Social Media
While off-market properties are not publicly advertised, agents can discreetly promote them to a targeted audience through private groups, direct messaging, or targeted advertising. Social media platforms such as Facebook, Instagram, and LinkedIn can be valuable tools for reaching potential buyers and generating interest in off-market properties.
Word-Of-Mouth
Encouraging word-of-mouth referrals can be a powerful way to market off-market properties. Agents can ask their existing clients, friends, and family members to spread the word about the property to their networks. This can help create buzz and generate interest among potential buyers who may not be reached through traditional marketing channels.
Benefits Of Off-Market Real Estate For Buyers
Access To Unique Properties
Off-market properties often offer buyers the opportunity to purchase unique or exclusive properties that may not be available through traditional channels. These properties may have desirable features or locations that make them highly sought after by buyers looking for something special.
Less Competition
Since off-market properties are not publicly advertised, there is often less competition from other buyers. This can give buyers a better chance of securing the property, especially in competitive markets where bidding wars are common.
Potential For Better Deals
Sellers of off-market properties may be more willing to negotiate on price, terms, or other aspects of the sale. This can give buyers the potential for a better deal than properties listed publicly and subject to more competitive bidding.
Conclusion
Off-market real estate can be a valuable strategy for sellers and buyers in certain circumstances. By leveraging networking, database marketing, and other strategies, agents can effectively promote off-market properties while maintaining a sense of privacy and exclusivity for their clients. Brandon Gilkey is the CEO of Investor Deals Today, one of the industry leaders in Single Family Residential Portfolio transactions in the United States. In addition to this, he is the Managing Partner of four Real Estate Holding companies with properties in different states.