Firstly let us explain each:
Selling On Market
Selling on market refers to when you sell your property through a real estate agent and they advertise your property online along with to their database of potential buyers.
Usually this includes advertising your property on the main platforms including Realestate.com, Domain.com, the agents website along with a signboard in front of the property.
Selling Off Market
Selling off market is when your property is for sale either privately or through an agent and is not advertised online or with a signboard. Usually potential buyers are sourced through the agents database of buyers looking for a property similar to yours.
Pros & Cons Of Each
On Market
Pros
- Exposure to a much larger quantity of potential buyers looking for a property like yours.
- This exposure will create competition for your property, which will drive the price up, allowing you to achieve a higher sale price.
- Buyers receive a preview of your property online, including photos and advertised price, so you are only attracting serious buyers that have already pre decided if they are interested or not.
- Great return on investment as sourcing the right buyers for your property can often drastically increase the value of your property by over $100,000
Cons
- Costs money to advertise online, usually around $5,000aud to market on both Realestate.com and Domain.com
Off Market
Pros
- You will save on marketing fees
- An agent may know of a buyer/s that is looking for a property exactly like yours and can potentially sell it to them without advertising online
Cons
- Can undersell the property by a large amount by missing out on many potential buyers
- May attract buyers that aren't interested in your property as they haven't had a preview, via photos and floor plans online.
Now which is best for you?
We find many sellers initially try to sell their property privately or off market in an attempt to save on costs associated with advertising their property online or through an agent. However in most instances, after receiving not much interest in the property or low offers, they decide to make the switch and launch the property online through an agent. While there is fees associated with advertising your property online and through an agent, it is definitely well worth the investment as many more buyers will discover your property, allowing for more competition and usually a much higher sale price outcome.
What should your next steps be?
We highly recommend to use our FREE agent comparison tool to find out which agent is the best to sell your particular property. This has helped many sellers all across Australia to find the best agent for their property backed up with detailed statistics on each agent.
Click the Compare Agents button below to receive a custom shortlist of the best 2-3 agents specific for your property, along with tips and tricks on how to prepare your property for sale, how to guarantee you select the best agent along with how to save money on commission.
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