I've been writing about off market sales this week, since I have been involved in one and it's an interesting experience. By Off Market, I mean no sign, no MLS listings, no ads, no nothing. The agent calls other agents who they know have buyers for this type of property, and asks them to bring them in for selected showings.
These aren't for everyone, by a long shot. But Marin County is a different kind of market, and is a good area for this type of marketing, because the towns and types of housing are so different.
If you're wondering if this is a strategy that could work for your house, there are two really important issues to consider.
1. The home must be in a unique area, or appeal to a very specific, unique target. For example, on the Bay, with a dock, in Belvedere; the lagoon in Belvedere or Larkspur; teardowns in Kent Woodlands. All of these are very specific, and have their own group of buyers. Agents who work those areas know who they are, and can contact them to get a quick turnout of interested buyers. In your specific market , there may be other examples, of homes with special characteristics or in very difficult to find neighborhoods. And that brings us to point number two...
2. The agent must be connected. By that, I mean active, busy, and knowledgeable about what is going in the market. The statistic I keep seeing is that 20% of the agents do 80% of the business. If the agent trying to execute this strategy isn't in that 20%, it has a much lower chance of success. In fact, I would venture it doesn't have much of a chance at success at all.
What About Price?
Does the Seller get hurt because the house is not fully marketed? Executed correctly, I don't think so. If the house is really unique, buyers are there. A smart agent will have comparable sales data laid out that justifies the price. And because the buyers are unique, and have probably been waiting for an opportunity like this, they are probably prepared to pay market rate for the property.
By no means is this a strategy for everyone. But it is clearly an interesting twist on marketing a home at a time when some kind of twist is needed to make a home stand out from the competition.
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