Selling an off market property in Key Biscayne can be both daunting and exciting depending upon the property and the current florida market conditions. An off market property commonly refers to a property that is in a neighborhood, listed with a real estate broker, but not publicly listed on the regional MLS. It is essentially a “pocket listing” that is only advertised outside of traditional real estate channels, meaning it is more difficult to find potential buyers for it. Despite the challenges posed by an off market property, there are ways to appropriately strategize its sale.
The fundamentals of marketing an off market property essentially begin with pricing. The market value of an off market property can vary up to 20%-30% from the list price. In many markets, the list price for off market sales is below the list price of those that are actively listed on platforms, which is attractive to motivated buyers who hope to find a good deal. Situating an off market property in the optimal market enables it to generate a higher price, sell necessary quickly, and circumvent months of marketing price adjustments.
Finding Cash Buyers
Once the pricing decision has been made, the next strategic element to consider is the method by which a buyer finds an off market property. One key resource is identified through exploration of current local trends, local groups, or targeted communities. Reaching out to local real estate agents, friends and relatives in an area to ‘connect the dots’ or tapping into a strong sphere of influence are ways to spread the word and drive buyers towards an off market listing—the more aware buyers are of options available in the market the better. Doing extensive due diligence and research to gain an understanding of pricing, market activity, public records and neighborhood demographic data can help inform marketing outreach.
Marketing Is Important
Open houses, newspaper advertisements and direct marketing campaigns may be sufficient for some properties, but to specifically ‘scrub’ the market and identify potential buyers, targeted online communication can prove to be powerful. Leveraging market data, garnering referrals and encouraging communication across “for sale by owner,” or FSBO forums create an increase in exposure and bolster inquiries. Platforms such as Realtor.com or marketing management applications assist in consolidating all communication online, automatically matching properties to buyers and market trends, optimizing an appeal to local, regional and national markets.
These are some of the foremost elements to keep in mind when attempting to engage and analyze all of the strategic components necessary for a successful sale of an off market property. There must be a cohesive calculation to the pricing, effective targeting of the target demographic of potential buyers, and judicious utilization of resources on behalf on the seller to adequately create a valuable strategy. Or, you can sell fast to a direct sales company like Down South Florida Home Buyers, closing on your private listing can be in a matter of days or whenever best suits your needs.
Down South Florida Home Buyers makes it simple and straightforward to sell an off-market property listing in Key Biscayne. We make the process easy! When you get an offer from Down South Florida Home Buyers, we will handle everything, and we can guarantee your home will close fast, often in just a few days. Whether your home is older and needs repairs or you want to limit the number of strangers who come through your home, why not reach out to Down South Florida Home Buyers and learn more about your options with no obligation. Send us a message or call Down South Florida Home Buyers at (239) 766-6225 .