How to find and buy off market properties in NZ

When a home sells off the market it’s not advertised via most traditional platforms – you won’t find it online, on Trade Me Property or advertised on social media. There usually won’t be any open homes at all.

Instead, the property’s real estate agent will reach out to a network of buyers via their database, or share the property with buyers who’ve missed out on other similar properties. Typically, viewings will only be via appointment with the agent, for qualified, interested buyers. 

There may or may not be photos and marketing materials prepared for the property – often the only way to see homes selling off the market is to make an appointment and visit in person. 

Because of their limited marketing, off market properties can be hard to come across. Here are a few tips to help you find them:

• Figure out what you want in a home and what area you’re looking in. 

• Let the real estate agents in the local area know what you’re after in as much detail as possible. Ask to be on their mailing list and tobe notified about off market properties. 

• Get your finance pre approved via your lender. Off market properties often don’t last long, so it’s good to be able to make an offer quickly before other buyers have a chance. 

• Approach home owners directly if you’re looking for a home in a specific area, you could write letters and drop them in the letter boxes of suitable homes in your chosen suburb. Others will knock on doors of their dream homes and ask if the occupants are open to offers. There’s no harm in asking!

• Do your homework if you’re keen on approaching homeowners directly it can be useful to do a little research on Homes.co.nz by Trade Me Property to find the right property. Using the site’s map tool you can look at the basic information (bedrooms, bathrooms) and price estimate for each property in a chosen area (including stuff that’s not for sale). This can help you find suitable properties in your area to approach. 

• Connect with a buyer’s agent buyer’s agents sometimes have access to properties that are being sold privately or offmarket, so it’s worth talking to a couple in your area just in case. 

Keep in mind that most homes sell on the market, so by looking for purely off market opportunities you may be limiting your pool of potential properties. This means the process may take longer and you may have to compromise. 

Buying off the market can be time consuming, so why bother? The most compelling reason is that, without marketing, most properties will attract fewer interested buyers, which means less competition. 

When there’s less competition, typically, buyers have more room to negotiate. This means you might be able to purchase a property for less than its true market value, which could save you thousands of dollars (or much more). Because there won’t be an auction and you may be the only buyer making an offer, the purchase process will also be much less stressful in most cases. 

With all that said, buying offmarket isn’t without risks. It’s important to do your homework to avoid over-paying, by looking at Homes.co.nz, researching similar sales and possibly getting a valuation. You’ll also need the help of a lawyer to ensure the property transfer and due diligence phase is organised correctly so it’s a good idea to engage one before making any offers. 

DISCLAIMER: The information contained in this article is general in nature. While facts have been checked, the article does not constitute an advice service. The article is only intended to provide education about buying off market. Nothing in this article constitutes a recommendation that any home is suitable for any specific person. We cannot assess anything about your personal circumstances, your finances, or your goals and objectives, all of which are unique to you. Before making decisions about property, we highly recommend you seek professional advice.