Off-market selling in Hull
Off-market selling has been around for a long time, but due to the nature of the beast, it is very seldom spoken about and you may not have a clue what it is all about.
So let us explain:
The most widely known way of selling a property is to instruct an estate agent who will visit your property to:
- provide you with a market valuation,
- discuss the reasons for that figure
- show you comparable evidence
Then when you are ready to proceed with marketing your property they will come and take photographs (and probably videos) to put onto their estate agency website, upload to the property portals – such as Rightmove, Zoopla, OnTheMarket etc – and, also nowadays, will place details onto social media channels such as TikTok, Facebook & Instagram.
So if you strip all of the above away, you are left with what is known as “off-market selling”. There will be no official marketing, there will not be a ‘for sale’ board up, and you will only know about the property being for sale if you are in touch with us!
Why sell your home "off market"
There are many reasons that people want to sell their property in Hull in a more discreet way, let’s take a look:
- The seller wishes to avoid all the hassle involved in selling a home.
- They don’t want a large number of viewers traipsing through their home – they may decide to just have an “open house” where everyone comes on one day whilst they are out of the way – this is a very US & Australian method of selling but is becoming more popular here in the UK.
- They may still be health conscious post-pandemic.
- They want to ensure that any potential buyer who comes through their door is serious and in a position to proceed.
- They value their privacy and do not want their home appearing on websites or digitally anywhere.
- They may not wish for people to know that they are wanting or needing to move home.
All of the above are valid reasons but, of course, there are downsides to marketing a property for sale in Hull in this way.
How does selling off-market work?
This really does depend on a number of points:
- Having a really pro-active estate agent who will work hard to get your home sold – if you can get a recommendation from someone who has used them for this type of marketing, then that is fantastic.
- Knowing that your estate agent has qualified applicants on their books ready to contact – ask them who they are thinking of, if they know their applicants well, they will be able to give you a good idea immediately.
- Ensuring that the price really is right! A red flag is if you have a number of estate agency valuations and one is significantly higher than the others, or an agent says ‘let’s test the market first’ – because that means they are NOT confident in selling your property at that price, and if you are solely relying on “word of mouth” you want that to be positive news spreading like wildfire and not “Woah, that’s too expensive”!
If you are going to have an “open house” event, make sure that the house is looking amazing, get a professional clean, and get the carpets shampooed (you can always put plastic sheeting down around the major walk-way to stop them getting dirty – or ask your agent to supply some foot covers for viewer’s shoes). Your agent should bring some refreshments for viewers but you can supply tea and coffee or muffins!
Off-market sales do come with their own challenges, which is why this method is not suitable for everyone. It is always advisable to chat through all options before you make a decision, and do your research. If you are thinking about selling your home and would like to understand the Hull property market and the options open to you and your property, contact our team.