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How to purchase an off-market property

clock icon February 16, 2017
tag iconBuyers Agent Investing in Property

If you’ve heard people talking about an off-market property and wondered what they meant, this article is your guide on how to purchase an off-market property and how to save thousands of dollars in the process.

An off-market sale is a term used to define a property that is selling without any public advertising. It’s where savvy home buyers and investors avoid the pitfalls of buying at auction, where emotions run high and the quoted price is woefully unrealistic.

There are a lot of reasons why a vendor would choose to opt out from an advertising campaign. It might be because they want a discreet sale or they simply don’t want the hassle of preparing their house for sale.

How do I find an off-market property?

The secret to finding an off-market property is “who” you know, not “what” you know.

After a Mortgage Broker, the best person you can have on your team is a Buyer’s Agent. Often, vendors (or agents) will simply contact a Buyer’s Agent to see if they know anyone who might be interested in their property. Dubbed as the home buyer’s advocate, they act as your eyes and ears on the ground, they will wade through hundreds of home listings, uncover unlisted gems, and negotiate the best buying price possible while you sit back and relax.

Buyer’s Agent fees

While it may cost you a bit more upfront, an accomplished Buyer’s Agent can save you thousands of dollars in the long run. As a general guide, Buyer’s Agents full service fees work out to typically be 1.5-2% + GST of the purchase price. However, some buyer’s agents will have a fixed fee so that there is no incentive for a higher sale price.

If you are considering buying a home in the near future, why not employ a secret weapon and get a buyers agents on your side? Have a no obligation chat with Buyers Agent of the Year Finalist, Rob Stanley from Successful Ways.

We believe that education is the #1 investment you should be making before you purchase property. It’s a one-off cost that will equip you for a lifetime of successful investing.

We’ve designed a practical First Home Buyers course so you can avoid common pitfalls and save thousands of dollars in hidden fees and costs.

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