Silent Sale ?!

[impala67]

A silent sale in real estate is one whereby a property is marketed discreetly, without advertising the listed property to the general public.

The property is usually marketed:
- direct to a database of pre-registered & qualified buyers, and usually
- through a preferred real estate agent that has pre-qualified buyers listed.
__________________________

• Has anyone sold their property via this method?
• If so, was it a "high end" property? (more traditional type for a silent sale)
• Do you recommend this technique, and in what sort of areas/demographic?

 

[Aaron_C]

I've always maintained you can't sell a secret - so this method bewilders me.

 

[impala67]

I've always maintained you can't sell a secret - so this method bewilders me.

I had a mate that sold at the end of last year via this method with great success, selling in less than a week at a high price to a waiting buyer. Until then I'd never heard of it.

I was wondering if it is in common use? I was advised by a friend working at a r-estate agency that in certain suburbs the silent sales exceeded the advertised ones! This can't be true?!

 

[datto]

I've always maintained you can't sell a secret - so this method bewilders me.

Just the other week there was a for sale sign at the front of a unit block in Cabra.

I checked realestate.com, domain.com, the agents website and nothing, zip.

I was thinking this is strange, when a week passed by and I noticed a sold sticker on the sign.

I rang the agent and was told that someone from the agency bought the property and by law they have to advertise it. They wouldn't tell me the sale price - I might have offered more. This technique is not in the sellers best interest.

 

[Joe D]

Have seen it used in upmarket areas where sellers may be in financial (or other) difficulties and would prefer a discrete sale without their neighbours and friends knowing.

 

[Aaron_C]

Have seen it used in upmarket areas where sellers may be in financial (or other) difficulties and would prefer a discrete sale without their neighbours and friends knowing.

That may be a valid reason but it doesn't mean you get the best price.

 

[travelbug]

Unless you have a reason for not advertising (going bankrupt and don't want your neighbours to know etc) I can't see a reason why you'd do this.

Agents do have a bank of people looking for properties but it's not an exhaustive list.
So it is not in Your best interest because there could be a buyer out there willing to pay more.

 

[jakaim]

A relative has just decided to sell her property close to Melbourne CBD. She didn't want to pay advertising fees so I think she is planning on doing something similar. She had a buyer's advocate she dealt with when she purchased and was going to get them to find a buyer. Apparently it is a popular building so finding a buyer shouldn't be too difficult.

 

[travelbug]

It's funny when people are selling a property that could be worth half a million dollars and they are worried about "wasting" $1,000 on advertising.
I could have sold my unit this way as all the agents had people on their books. I was also in a very popular block. It would have sold in a week BUT would I have got top $? Competition is good.

 

[jakaim]

I do agree, this property is worth well over half a million. Makes no sense to me either.

 

[impala67]

I was considering it for a Melbourne IP, but the decision is well off. I may or may not revisit it. I'll talk to the agent and see what he has to say so at least I'm somewhat more informed.