When it comes time to sell a property, one of the first decisions you’ll make with your agent is whether to sell on-market or off-market. Both strategies have their advantages, and the right choice can depend on your circumstances, the property itself, and the current market conditions.
Recently, we saw a great example of how these strategies can play out in real life.
What is an off-market sale?
An off-market sale occurs when a property is sold without being publicly advertised. Instead of listing the property online or running a marketing campaign, the agent offers it privately to a select group of buyers who may already be looking for something similar.
This can be appealing for sellers who value privacy or want to test the market quietly.
Pros of selling off-market:
- Greater privacy for the vendor
- No public open homes or large marketing campaigns
- Can be quicker if the right buyer is already in the database
- Lower marketing costs
Cons of selling off-market:
- Limited buyer exposure
- Less competition between buyers
- May not achieve the highest possible price
What is an on-market sale?
An on-market sale means the property is advertised publicly through platforms such as real estate websites, social media, signboards, and open homes. This creates maximum exposure to the market.
The goal is to generate strong buyer interest and competition, which can often drive the final sale price higher.
Pros of selling on-market:
- Maximum exposure to buyers
- Creates competition between interested parties
- Often results in stronger offers
- Transparent pricing feedback from the market
Cons of selling on-market:
- Marketing costs
- Open homes and inspections
- Less privacy during the selling process
A real example: why exposure matters
Recently, agents Paul Gooden and Dayna Kahlefeldt had a Wagga Wagga property that went under contract off-market. While this initially looked like a great result, the contract unfortunately fell through before settlement.
After discussing the next steps with the vendors, they decided to take the property to the open market.
With a full marketing campaign, open homes, and strong buyer interest, the property attracted multiple enquiries. The increased exposure created competition between buyers, and the result was outstanding - the property sold for $45,000 above the original off-market offer.
The takeaway
Off-market sales can absolutely work, particularly when the right buyer is already known. However, they can sometimes limit the level of competition that helps drive the best possible price.
By going on-market, sellers often benefit from broader exposure and a larger pool of buyers, which can make a significant difference to the final result.
If you're considering selling...
Every property and situation is different. The best approach is to speak with one of our local agents who understand the market and can recommend the strategy that gives you the best chance of success.
Whether that’s starting off-market, launching straight to the market, or combining both approaches, the right strategy can make all the difference.
Call us on 6921 1555 to speak with one of our expert real estate agents or visit fitzpatricks.au/appraisal for a complimentary property appraisal.
