Passed a sign board outside a unit the other day by Ray White reading Off Market Sale. Today they were conducting inspections. What does Off Market Sale mean given that there is an agent? Owner didn't want to pay for advertising or an auction but still wants the agent to handle the procedure?
Not looking to buy or sell, just curious about this term I haven't seen before.
'An off-market sale is a term used to define a property that is selling, or has already been sold, without any public advertising. It’s a term that sometime pops up in property conversations and is usually linked to a property that needs an immediate sale, where the sale is often more important than the sold price.'
Source: https://www.realestate.com.au/advice/off-market-sale/
Real Estate rubbish jargon making it seem like you might get a great deal as you are supposed to believe that as it is apparently not listed/advertised, you will have less competition.
However, as agents pretty much contact their database anyway, or in your case, put up a signboard (WTF!!), it does not mean anything.
Slight hijack, on a similar topic, saw the below sign near me:
"development site
with holding income".
What does it mean? Especially the last 3 words?
I thought withholding was one word?
I read this as 'potential development site but also can be rented out while you get your planning permits'
Oh, I see. So it is "with holding" and not withholding, because it means "development site that has holding income"?
I've only just googled "holding income" now ha
Think of "holding" like a passenger jet's "holding pattern". Just means it allows you to have some income while waiting for DA permits and the like.
I can understand the importance in today's property market, because prospective developers might want to wait for better prices before deciding to develop/market/sell.
We bought our house off-market. It was listed on the Real Estate agents website but was not widely advertised on Realestate.com.au or Domain.com.au.
And after we bought it, the realtor then sent out advertising material bragging that they had sold the property off market.
Owner didn't want to pay for advertising or an auction but still wants the agent to handle the procedure?
Basically this.
Funny right. Because in order to sell it has to be on the market. The term is just used loosely.
Off Market sale usually means it's not publicly advertised.
In this case it seems like an oxymoron to me.