With stock levels unusually low in the Bayside area, we’re seeing many transactions taking place ‘off-market’, which can be frustrating for buyers who are already struggling with the extremely competitive market conditions. While it may seem foolish not going to market in the current climate, we do see many commercial property sellers take the easy option to avoid what some consider a ‘long winded’ process, and eliminate the perceived stresses associated with going to market.
For most people, the best and fastest result is the ideal scenario, so the suggestion of a buyer inspecting a property immediately can be almost impossible to refuse. An agent listing a commercial property should have multiple clients who would be interested in viewing and possibly making an offer, and the majority of sellers would prefer to spend as little time and money as possible on marketing.
So, when an agent explains to a seller that they have buyers ready to inspect immediately, without having to incur any marketing costs and with the very real potential of resulting in an offer, you can see how appealing this option could be.
How can buyers in the Redlands overcome missing out on off-market opportunities? It’s quite simple – stay in regular contact with your agent. The best way of having the opportunity to buy an off-market commercial property is to have a good relationship with your agent.
If an agent has a qualified buyer that they trust and know has the credentials to act, the agent will have the confidence to put that buyer forward to view a property that’s not yet formally on the market. However, if an agent doesn’t have a relationship with a buyer and hasn’t developed any trust with them, they might be reluctant to alert them to an opportunity to avoid risking the buyer advising another agent of the lead.
There is also the possibility that an unqualified buyer won’t be in a position to settle on a property, resulting in the loss of time and money, and potentially damaging the seller/agent relationship. A good agent should always be mindful of a buyer’s financial position; often preferring to deal with a client that has settled/had finance approved in the past.
Buying off-market can be tough, but also easy at the same time. To be in the best position to hear about off market opportunities, it’s important to stay in touch with your agent and ensure you have pre-approved finance, so you’re ready to act without delay.
For sellers, I can only give the same advice and that’s to stay in contact and build a relationship with your agent. This way, should an off-market opportunity land on your doorstep, you’ll know you’ve got access to someone you trust to guide you and provide honest advice about the offer and the current market conditions.
In saying this, I firmly believe that putting your property on the market is the very best way to achieve the highest price. It also means you can be confident that you’ve exhausted all potential buyers (active and passive, local and interstate), and that the competitive environment created by the sale process has resulted in the best possible outcome.
If you’d like more information about buying, selling or leasing commercial property in the Redlands and South East Queensland, give me a call today.
Senior Sales & Leasing Executive
Ray White Commercial Bayside
jonathon.burrowes@raywhite.com
0421 383 668
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