Why would you sell or buy off market?
In the real estate industry, an “off market property” refers to a house that sells without ever being publicly marketed for sale. The seller either advertises the home privately to a select group of potential buyers or negotiates with the buyer directly without ever advertising the property for sale.
These “off market” properties — which we as agents refer to as pocket listings — often give smart buyers and investors a great opportunity to find a deal.
Reasons you might want to sell off market:
You don't want your sale to become public knowledge. Perhaps you don't want the neighbors to know, or you don't want your co-workers or boss to know, or you're not ready to tell the kids. (Or you may not want the press to know, it is L.A. after all, and some like to keep their personal business private.)
You aren't really motivated to sell and would do so only under certain circumstances.
You don't want to be disturbed with showings and open houses.
The price you would accept is higher than recent comparable sales.
If the house is a rental property, you may not want the tenants to know.
You don't want "Days on Market" to show on the MLS, implying that there's something wrong with the property if time ticks by
You might want to test the home's salability and make adjustments before making it official.
Reasons you might want to buy an off market home:
You'll have more time to look over properties. Since sellers aren't in a hurry, buyers can take their time as well.
Finding off-market deals gives you access to inventory that other prospective buyers don’t see.
Negotiations can be more flexible and friendlier because there is less pressure.
You might be able to purchase a property below the open market price, especially if the seller is in financial distress and is looking to sell quickly.
When we get a request for a pocket listing, we do the same due diligence that we do for any other listing, plus a little more, and a little less. We go over the seller's concerns very carefully, after all, they are in control. As a seller, you have your own specific terms, choosing when, to whom and at what price you want to sell. We do not market the property. It's not listed in the MLS and we don't advertise it. It doesn't go out in our newsletters, on door hangers, or on social media. In fact, it's not even on our public website.
If you are a buyer and are interested in a particular neighborhood or small part of town, there's a good possibility that something is secretly for sale. We have connections with agents all over town and can help find the property that is perfect for you, even if it is highly confidential.