On and Off Market
Zali Reynolds, from Shelter Real Estate comes in again to tell us how to decipher the different uses of the word ‘market’ in Melbourne real estate.
There are so many ways the word ‘market’ is thrown around in real estate, and it can be quite confusing to those who don’t do real estate every day. There’s ‘the market’, ‘off-market’, ‘marketing’ and ‘on the market’… I hope Zali Reynolds can help us with giving us enough nouce to get it right.
We welcome bright and bubbly, Zali Reynolds back in the hot seat today to tell us about all the different uses of the word ‘market’ in real estate. Zali owns boutique agency, Shelter Real Estate in Glen Iris. An Australiasian Real Estate Results Awards finalist for Victorian Agent of the Year in 2017 and winner in 2018, welcome Zali.
Do you want to explain what the ARERA awards are?
- What is the market?
- At an auction, we hear the term ‘on the market’. What does it mean?
- ‘off market’ is also being thrown around in recent years, what does it mean? Is it the same as a private sale?
- What are the benefits of selling your home ‘off market?’
- What are the negative implications of selling your home ‘off market?’
- When an agent talks about ‘marketing’ what does that mean to you?
- Is it just paid advertising?
- What would you expect to see on an advertising schedule?
- What are your home and contents insurance implications when you sell your home ‘off market’ versus having ‘marketing?’
- When I worked for a real estate agent back in the ‘90s, we used to say that 1-1.5% of the house value should be spent on marketing. Now we are in the 21stcentury, and marketing has changed with the dominance of the internet, how much money should we budget for marketing when selling our property?
- Malina from Croydon wants to know if all agents have a database they can turn to, if they want to try to persuade me to sell off-market? Malina’s got an agent who she feels may have someone personal in mind for her house, and is telling her that he has a database full of buyers who would be keen for her property. Malina is worried the agent wants to sell it for a cheaper price.
- How do agents qualify buyers for an off-market sale?
- Sometimes you hear of properties that have been on the market for months. When does a property become stale?