Cracking the off-market code: Jesse Matthews shares his Agent View

In a market characterised by limited stock and heightened buyer competition, off-market sales have become a strategic imperative for real estate agents. Jesse Matthews , a leading agent at Marshall White in Melbourne's sought-after Glen Iris suburb, has mastered the art of securing off-market listings and turning them into successful transactions.

The Buyer Journey?

Matthews observes, "Many people might start their property journey as singles or couples, buying in inner-city areas with single fronted terraces in Albert Park, Middle Park, Fitzroy, Richmond, or St Kilda.?

But as their families grow, they often seek out suburbs like Glen Iris with larger blocks, quieter streets, more parks, and better schools. But there's actually been a lack of good property."

This shortage, coupled with buyer caution due to interest rates, has created a seller's market. However, traditional listing methods are not always the most effective way to capitalise on this opportunity. Matthews explains, highlighting the need for a more discreet approach.

The Importance of a Discrete Approach

"Glen Iris and the eastern suburbs in the private school belt are conservative areas. So there are probably people who might have a greater desire to sell if they felt the market was stronger and interest rates were lower. This has led to a shortage of properties, and even though borrowing is expensive, there aren't enough homes to meet buyer demand. Surprisingly, the market has remained quite stable in the last six months."

Matthews has found success by targeting potential sellers who might be considering a move in the near future. Rather than waiting for ideal market conditions, Matthews proactively approaches these homeowners.

"With all these off-market sales that we're doing after marketing a home in Glen Iris, where you'll have 80 buyers through the home, you'll have three or four bidders or engaged buyers, and only one person can buy it. So there's three buyers left over," Matthews says.

"Sometimes it's just a simple matter of prompting an owner that might be considering selling," he explains, outlining his strategy. By showcasing strong buyer interest in similar properties, he can often persuade homeowners to consider an off-market sale.

He suggests a potential conversation starter,?

"We've actually got someone who's just bid on something just like yours and in your price range, is it worthwhile having a chat and bringing them through?"?

This approach has yielded impressive results.?

“More often than not, that’s how those off-market sales transact.”

For agents looking to increase their market share, Matthews' insights offer a valuable roadmap.?

By focusing on building relationships with potential sellers and understanding the nuances of the current market, agents can unlock the potential of off-market sales and achieve exceptional results.

Check out more of Jesse Matthews’ Agent View here: https://bit.ly/3z4G1ee