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Surge in off-market selling producing increasingly fragmented industry

08.02.23

A surge in discreet selling and changes within the estate agency sector are creating challenging conditions for buyers right now, reports Abode2 luxury property magazine.

It’s now very hard for standalone buyers to see the full market themselves, warns PCL acquisition firm Eccord, noting that 67% of the properties it acquired for clients last year were not openly available – a trend it expects to continue this year.

As an example, out a viewing tour of eight properties with a private equity client last week, six of the eight properties showed were off market, the firm explains.

At the same time, buyers face having to navigate an “increasingly fragmented” selling agent market, following a wave of ex-corporates setting up as independent American-style property brokers. Whereas buyers were previously able to rely on key estate agents in each location, there are now multiple one or two man bands to approach as well, many of whom have key contacts but are relatively unknown.

Those attempting to go it alone are advised to brush up on their etiquette, and position themselves as “genuine, reliable and responsive” in order to stand any chance of sourcing and securing their dream home: To demonstrate this, buyers need to be providing timely feedback, making decisions – even if it’s ruling out options – and engaging with the market. A stop/start approach makes selling agents quickly doubt the credibility of a buyer and they will be much less likely to go above and beyond to persuade a potential seller to permit a one-off viewing for them.

In addition, sellers are favouring credible buyers over less reliable higher offers, so building and maintaining goodwill throughout the property search process is imperative for successful negotiations or persuading a seller to accept a lower offer than they might otherwise.

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