Garrington Property Finders: Nothing for sale
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Professional property finder Jonathan Hopper from Garrington Property Finders explains that despite an apparent lack of properties for sale on the open market, there are hidden opportunities if you know where to look
Whilst there has been a slight increase in properties becoming available for sale, there remains a significant imbalance between the number of buyers and sellers in the market. Those looking for a house are increasingly frustrated, given there’s a strong possibility they will have been searching for several months to no avail.
Buyers may not realise that property portals aren’t the only place to find a house to buy; an increasing number of properties are reported to have been sold ‘off-market’ over the past 12 months. This trend is not limited to high-value homes, and this ‘hidden’ element of the property market has a wide range of opportunities for all budgets.
Why do sellers choose off-market?
There is no single reason why properties are sold off-market, but discretion is usually a motivation. Equally, in such a fast-paced market, some sellers have become wary of selling too quickly and then not having anything to move to. Selling quietly to a patient buyer offers both certainty of sale and the confidence to look in earnest for a new home without the usual pressures.
Good news for buyers?
Whilst buying off-market will usually eliminate any competition by securing the property without it being openly advertised to other buyers, it can mean that the sellers expect more flexibility with timescales, as they most likely will not have found a property yet themselves.
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The sellers are also likely to be expecting to achieve a full price, to prevent the property from being formally marketed and made available to other buyers. The art is to negotiate a deal where both buyers and sellers are happy and neither feel outdone by the price agreed.
How do property finders find off-market homes?
The key to a property finder’s success, and more importantly the value they offer to a client, is their contacts and involvement in their local community and surrounding areas. Contrary to popular belief it is not just the local estate agents that contribute to the supply of off-market options provided to property finders.
Information regarding properties available to purchase away from the open market can come from all manner of sources including solicitors, tax advisors, gardeners, interior designers, and architects. Garrington is also able to identify potential off-market opportunities using proprietary software that can filter all properties that may be available for sale but are not currently on the open market.
Having identified off-market opportunities, clients of a property-finding firm may enjoy ‘preferred buyer’ status because a seller, or their agent, will take comfort from the fact that the buyer has chosen to be professionally represented in their search, which further underlines their commitment to a transaction. In situations where a seller only wants to reveal their intention to sell to a select number of people, property finders are usually towards the top of the list to be notified.
Whilst finding the right property to purchase in prime areas is likely to remain challenging, it is by no means insurmountable, with the right experience, contacts and access to all options in the market.
Garrington’s consultants help buyers to find and purchase properties that meet their lifestyle requirements. Their local expertise and in-depth knowledge of the property market helps homebuyers to consider a wider choice of properties and purchase more effectively.