Hi it’s Mark Kentwell here. In today’s edition of Presence Pulse, I’m diving deep into the world of pre-market listings, also known as off-market listings.
Ever wondered what’s the real deal with them? I thought I would explain what they mean, their significance for sellers, buyers, agents, and even the tech gurus in the industry.
Let’s cut through the hype and see how pre-market can actually help you hit your property goals.
Understanding Pre-Market Listings
Historically, off-market listings evolved from vendors setting their own terms of sale. A vendor might opt for an off-market listing based on discretion, preparation time, or because they’ve been approached by a potential buyer. It’s also worth noting that in Australia, legislation mandates having an agency agreement and other prerequisites for selling properties, even in off-market scenarios.
From a vendor’s perspective, off-market listings provide:
- Discretion: They might not want their community to know their property’s on sale.
- Flexibility: They could be waiting for the right price or preparing their home for a grand unveiling.
- Time: Some vendors prefer extended settlement periods, allowing them to secure today’s price and shop for their next home simultaneously.
For buyers, the allure lies in accessing unique properties that perfectly fit their criteria even before these hit the mainstream market.
The Role of Agents
For selling agents, the bulk of enquiries usually comes from standard marketing channels. However, an effectively managed database can significantly aid in pre-market listings. A well-maintained Customer Relationship Management (CRM) system, which I’ve personally championed since 2005, is vital in this.
In our CRM at Presence Real Estate, we have over 227,000 contacts. Filtering through specific criteria, such as price range and suburb, can narrow down potential buyers for a property in mere seconds. Advanced systems can further classify buyers into ‘hot’, ‘warm’, and ‘cold’ categories, indicating their readiness to make a purchase.
The Importance of an Updated Database
Keeping the database current is a shared responsibility between agents, administrators, and the CRM’s tech capabilities. It’s important to note that purchase intentions can evolve; stats indicate that only 1 in 20 people end up buying what they initially had in mind. Hence, regular communication with potential buyers is crucial.
For sellers considering pre-market, it’s essential to request a demonstration of potential buyers on an agency’s database. This gives a clearer picture of the audience they might be reaching.
Making the Most of Pre-Market Listings
For buyers, ensuring they’re ‘hot’ on an agent’s radar involves:
- Being ready with finance pre-approvals.
- Having a solicitor on standby for quick contract reviews.
- Clearly communicating property preferences to agents.
Vendors, on the other hand, must understand that only a subset of the market will view their property. The key lies in the quality and quantity of an agency’s database and its active campaigns.
Final Thoughts
Pre-market listings offer an exciting opportunity for both buyers and sellers when done correctly. With the right blend of technology, communication, and flexibility, pre-market can be a game-changer in the real estate journey.
If you’re considering entering the pre-market world, whether as a buyer or seller, equip yourself with the right information and partner with an agency that truly understands this segment. You can jump on board through our website or through any of our agents direct.
Until next time, happy house hunting or selling!
