How To Sell An Off-Market Home in NYC

 
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Selling an off-market home is to real estate as a hole in one is to an amateur golfer: you hear a lot of stories about it happening with others, you want it to happen so badly for yourself, but it seldom does.

In reality, the elusive off-market sale is exactly that – difficult to achieve and rare. But we just so happen to put one together where we brought our buyer to our seller that just closed and I wanted to tell you how and why we were able to make it happen and it might not be for the reasons you would assume:

1. TRUST - You need to have the trust of both the buyer and seller that everyone involved is getting a fair price for the home. I’ve said time and time again that you never really know what the right price for a home is until it goes live on the market. And since an off-market property never hits the market, you have to trust that this is a fair transaction.

2. RELATIONSHIPS – Much like with trust above, you have to have solid relationships with the people you are working with. As there are no other players involved, you have to have transparent communication with the buyer and seller (or whoever you are representing). If you don’t have a strong relationship, given the naturally high anxiety of a real estate transaction, a tiny sliver of doubt could blow the process right up.

3. PRODUCT KNOWLEDGE – As an agent you have to know what else is in in the market. Not only because you have to arrive at an appropriate price for the home but also because you need to guide the buyer through what other options are available. The value of an off-market transaction is access to something no one else has but that usually comes after you’ve exhausted the marketplace.

4. CLIENT KNOWLEDGE – Know your customer. On The Glazer Team one of the values I believe we provide is understanding what our clients want very quickly. If I didn’t truly know for what the buyer was looking then it would have never had the initiative to bring said buyer to the property to view it.

5. LUCK – Every agent wants to tote their expertise as the mother of all reasons why a transaction gets consummated. And in many instances that is very true. But with an off-market sale, because you are truly putting the golf ball in a small hole (golf is hard enough as is), you have to have a bit of luck, luck that the home is available to be seen right when the buyer’s interest is most piqued. Timing is everything in this business and sometimes that timing is simply lucky.

I take tremendous pride in having been able to put this sale together and am incredibly happy and excited for both buyer and seller as they both got what they wanted. At the end of the day, a healthy combination of the above 5 reasons and a little Glazer Team magic was able to get it done!

Watch the video below!

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