In the ever-evolving world of real estate, staying ahead of the curve means embracing innovative strategies to maximise outcomes for both sellers and buyers. At McGrath Surry Hills, the concept of pre-market listings has proven to be a game-changer, saving clients marketing and auction costs at a time when the cost of living is paramount.
Mark Foy, owner and founder of McGrath Surry Hills, has observed an increase in vendors testing the waters with pre-market campaigns in 2024. “We’re seeing a significant uplift in the number of vendors exploring this strategy to maximise their selling potential in the current market,” he says. “We’ve actually been utilising this method for for a long time and have seen its popularity grow, particularly among those looking to save money, nervous vendors or those seeking private sales. This approach offers a level of discretion and control that many sellers find appealing and of course reduces the overall cost of a traditional campaign.”
Understanding pre-market listings
A pre-market listing involves sharing a property for sale with internal databases and company social media platforms before it is made available to the wider market through regular property portals. This exclusive preview period allows agents to gauge interest, gather feedback, and potentially secure a sale before the property is officially listed.
“By leveraging our extensive network and digital platforms, we can generate buzz around a property and attract serious buyers from the outset. This method not only builds excitement but also provides invaluable insights into buyer interest and market positioning,” said Mark.
The benefits:
- Gauging interest for nervous vendors: For sellers who may feel apprehensive about putting their property on the market, a pre-market listing offers a chance to dip their toes in the water. Mark says: “It allows vendors to test market interest and demand without committing to a full-fledged marketing campaign.”
- Guiding the right price: Correctly pricing a property is crucial. With a pre-market listing, agents can gather feedback from potential buyers and refine the pricing strategy. “This proactive approach ensures the property is competitively positioned in the market,” Mark explains.
- Potential for early sale: One of the most significant benefits of pre-market listings is the potential to secure a sale before the property goes live on regular property portals. “By targeting motivated buyers within our network, we facilitate off-market transactions that benefit both sellers and buyers,” Mark notes. “Selling prior to going live can also save clients on marketing and auction expenses, making it a win-win situation.”
Some successful examples of pre-Market campaigns from McGrath Surry Hills include:
- 21 Bennett Street, Surry Hills – The pre-market costs were just over $1,000. The property sold in nine days, saving the vendor on-market costs of $5,849.
- 1/80 Elizabeth Bay Road, Elizabeth Bay – After the tenant vacated, we had booked trades to paint the apartment and style the property, however it sold pre-market saving the vendor around $6,500 in styling and painting costs and around $7,500 in marketing costs.
- 16 Rainford Street, Surry Hills – This property sold pre-market in one day saving the vendors approximately $8,500.
Mark Foy is the founder and principal of McGrath Surry Hills, renowned for his deep knowledge and understanding of the Sydney property market.
