June 12, 2023
Selling
When most people think about selling their home, they automatically assume it needs to go on the “open market”. This act may reluctantly be followed by sinking money into repairs and updates in hope that a random open house attendee will make a reasonable offer for their property. But does this formula work for every home or every unique seller’s situation? Obviously not. That’s why it's important for sellers to be aware of all of their alternatives, including the possibility of selling their home through a less traditional, off-market approach.
In this article we will explain what selling “off-market” means, and then explore both the challenges and the advantages this tactic presents. A recent off-market sale in the East Bay serves as a compelling case study and illustration of how this approach yielded wildly successful results for our client given their unique set of needs and circumstances.
An off-market home sale refers to the process of selling a property without advertising it publicly on the open market or MLS (Multiple Listing Service).
Off-market sales are typically achieved through discreet, direct conversations by real estate agents who utilize their professional network to identify the best suited and most highly motivated subset of buyers. While this targeted buyer pool is unquestionably smaller than what a full on-market advertisement of a property would attract, there are instances in which this less popular alternative may be more advantageous for a particular type of seller.
So why, or when, should a seller consider trying to sell off-market? Possible reasons or motivations typically include a seller wishing to limit the volume or timeframe in which their home is made available for buyer viewings, minimizing or avoiding the expense or effort involved with “prepping” the property to more picture-perfect standards, and privacy concerns or an aversion to mass marketing, lawn signs and other social/print advertisements.
Let’s compare the potential benefits of both the traditional, on-market, and alternative, off-market, approach to selling your home:
Often the success of an off-market sale relies heavily on the capability of the seller’s chosen listing agent. Having a sufficient audience of pre-identified buyer prospects and strong negotiation skills are critical parts to the deal. Read on to learn more about how our expertise in applying this approach recently achieved outstanding off-market sales results for a client in need of selling their home.
This case study is an amazing example of a successful off-market home sale led by me, Stephanie Hevezi, a Realtor of Connect California Homes.
After 53 years of ownership, the unfortunate passing of a spouse left a widow in need of selling her home. The couple were original owners of the home, and it was filled with decades of personal possessions along with original appliances, surfaces and furnishings throughout the home. Though in good working order, the home appeared "dated" by modern standards and lacked the features, layout and color palette desired by most contemporary buyers.
50+ years of clothing, books, furniture, electronics, dishware, tools, and personal mementos that were no longer needed by the seller nor wanted by the extended family overwhelmed the home. And while you could feel the love and enjoyment this home served the family over the years, by outside appearances the aesthetics were no longer en vogue. Bringing the home to market to appeal to the masses might have required major expenses to update flooring, remove wallpaper and popcorn ceilings, and refresh all kitchen and bathroom fixtures and appliances.
Realizing that the seller valued terms as much (or more) than price alone, we elected to sell off-market with a goal of: 1) transferring the home in its current condition; 2) avoiding any additional outlay of funds to make aesthetic improvements; and 3) negotiating a deal where the buyer assumed all of the sellers remaining possessions of the estate themselves.
Through my extensive network of fellow agents, developers, builders and flippers, I had the reach necessary to quietly approach a targeted buyer pool who would most highly value and respond to this unique off-market sales opportunity. With a limited supply of other inventory available on the open market, the timing was right for this seller to maximize their margins utilizing this off-market approach.
Within two days, the property received 20 showings and attracted 12 competitive offers. The seller was thrilled with the quality and quantity of offers received. She was particularly pleased in not having to pay to prep her home for buyer showings, and felt relief with saving her family the added time, effort, emotion and expense in clearing away their unwanted items. I was ecstatic to have achieved all of the seller’s goals!
Selling your house off-market offers unique advantages for specific sellers prioritizing privacy, control and terms. While on-market sales provide broader exposure to more potential buyers, an off-market approach can be just as effective in achieving your goals when you work with the right professional. Always consult with a trusted real estate professional (like me!) to weigh the pros and cons of each so you can make an informed decision.
Contact our team of experienced real estate professionals today for trusted consultation and guidance tailored to your unique set of circumstances. You too can sell your house discreetly, maintain control and achieve favorable terms with our expert assistance!
Stay up to date on the latest real estate trends.
Katie Moe | December 19, 2024
As we approach 2025, many East Bay homeowners are wondering what lies ahead for the residential real estate market. Let’s explore what experts and data from leading or… Read more
Chloe Dertinger | December 4, 2024
Bring your family and friends, we got the scoop for all the best holiday light displays in the East SF Bay Area to see this holiday season!
Chloe Dertinger | December 2, 2024
From twinkling lights to merry moments, let’s dive into the holiday happenings around the Tri-Valley this December!
Jaime Hall | November 21, 2024
Let's break it down! The holidays may not be the first time you think of putting your home on the market, but it can actually be a great time to sell—especially here i… Read more
Chloe Dertinger | November 18, 2024
Mark your calendars for Saturday, November 30th, 2024, because it’s time to celebrate the heart of our community — the small businesses of Downtown Pleasanton. Don't m… Read more
Chloe Dertinger | November 1, 2024
November has arrived in the Tri-Valley, and the holiday season is officially underway! From tree lightings and holiday parades to boutique shopping and local festiviti… Read more
Chloe Dertinger | October 30, 2024
On October 23, 2024, Connect California Homes, BottleTaps Restaurant, and the Tri-Valley community came together to raise over $1000 for local nonprofit Culinary Angel… Read more
Chloe Dertinger | October 2, 2024
October has arrived in the Tri-Valley, and while we may get our share of fake fall with warm days lingering, the spirit of the season is undeniably strong. Let’s dive … Read more
Chloe Dertinger | October 1, 2024
Volunteering is a meaningful way to make a difference in the fight against this devastating disease. Through volunteering, you become an essential part of a collective… Read more
You’ve got questions and we can’t wait to answer them.