Over the past 18 months, we have observed a sharp reduction in the number of properties listed for sale. Despite this drop, transaction volumes have remained plentiful, suggesting that demand is still quite high. One of the reasons for this combination is that there are a growing number of properties being sold off-market.
A vendor may choose to sell the property off-market for a multitude of reasons, with speed and convenience being the predominant benefits of this type of sale.
A sales agent with an extensive marketing network and great reach has the potential to have success in selling properties off-market. There are numerous ways an agent can do this, and oftentimes a combination of several different approaches proves the most useful.
One of the most effective ways to connect with a potential buyer for an off-market property is via email marketing. Most agents begin the process of compiling lists of prospective buyers as they attend open homes. In many cases, serious buyers will request to be placed on an agent’s active buyers list in an effort to be first informed of properties that are coming to market.
This kind of customer is generally the most likely buyer of an off-market property, as they are already demonstrating a keen interest in looking for properties. If you, as an agent, have a detailed understanding of a buyer’s requirements, you can quickly email prospective buyers about properties that suit their needs as they become available.
A CRM is a great asset to have in cases like this, as you can store information about prospective buyers and their preferences. As properties emerge, you can recall the different preferences of buyers and match them to upcoming properties, before even having to advertise. This can be achieved through either direct email to specific buyers, or by grouping potential customers together and creating a personalised newsletter.
2. Direct Outreach
The role of an effective agent is to find potential buyers and facilitate transactions. Successful agents understand that market conditions do not always favour the seller, and in those circumstances, it is on the onus of the agent to do the extra work in order to sell a property.
If an agent has an active buyer that has missed out on similar properties, they are likely to find off-market success by searching for new properties that are similar in nature and providing potential buyers with access. This ideology should extend to the entire agency, not just specific agents. If there are similar listings across the agency, it’s in the best interest of the team to work together and assist the active buyer in finding suitable properties as they emerge. Doing this will help customers build trust in not only the agent, but the agency as a whole.
By contacting a buyer directly, you can develop and build a relationship with them. These relationships become important for future transactions, as well as local reputation.
Another great way to get in touch with buyers directly is through traditional mail. Consider your target market and your customer base. If you have an active list of buyers that you can’t reach easily or in a timely manner, then direct mail could be a great option.
A letter in the mail can often be more likely to be opened by a large percentage of recipients, while an email can sometimes be ignored or incorrectly detected as spam. This is especially true for specific demographics, so understanding your target market and potential buyers is paramount.
SMS is a great way to quickly and easily reach out to potential buyers in an informal way. It can be a great way to introduce yourself, follow up, or gauge the interest of a prospective buyer.
By integrating the use of your CRM, SMS can be automated and save the agent time. However, given the personal nature of SMS, it’s important to keep personal elements to the messages you create.
Use your CRM to create templates that fit the type of customer you will be targeting as well as the message purpose. Be mindful to ensure that you are not over saturating your potential buyers with messaging. Oversaturation can lead to messages feeling less personal and are therefore more likely to be ignored, much like excessive email.
5. Use Your CRM
The process of selling off-market properties can be made quicker and more effective with the use of a quality CRM.
A CRM allows you to easily match available properties with potential buyers. By creating knowledge bases for both properties and potential buyers, your CRM can easily identify matches between property features, and the criteria that buyers are searching for. From this point, you can create automated triggers, which let your customers know as soon a property that is right for them becomes available.
A great CRM will also assist in with compiling and sending emails, newsletters, SMS and even print campaigns. The more methods you can utilise to reach potential buyers, the better – as long as the messaging does not become overused. Learn what works for your audience, and continue to do that.
For more information about the best marketing tools for your real estate agency, please watch this on-demand webinar.
Selling properties off market is becoming more and more appealing to vendors due to the costs of listing and advertising properties continuing to rise. Buyers are also becoming more interested in-off market buying opportunities in order to avoid competition.
By building your networks now and putting the right technology in place, you will be able to successfully sell off-market properties and further develop your skillset.