How do I Find Off-Market Property?
As one of the UK's top buying agents a question we are often asked is how do I buy off market property? This is especially pertinent in the London market where around 25% of properties transact privately.
The short answer is not easily but below we set out some of the methods we use to access the off-market.
1. Use Your Network of Contacts
As buying agents we have contacts at most estate agencies across Central London. These agents know where we are active and what types of properties we are looking for.
A vendor who is considering selling will have the property valued by 2 or 3 agents. Some go ahead with a sale and others don't. Some list initially and some delay their listing a few months seeking a better time of year to sell. And a large number of properties are simply never listed for sale publicly because the vendor doesn't want the property on the open market. By leveraging our contacts we can access this part of the market.
In the ultra-prime London property market over £5m, a lot of the UHNW's have individuals who look after their personal properties sometimes called "runners". If the owners express an interest to sell, it is often these runners that contact buying agents notifying them that they wish to sell. As one of London's best property buying agents, we receive calls from these runners regularly.
There are also lawyers, accountants and wealth managers that are close to high value property owners and often hear of their intentions. As we are well known in the industry they may contact us about a private sale.
Finally, receivers are often a great source for good property deals. Knowing the receivers means we may get an early heads-up on a property.
2. Approach Homeowners in Your Preferred Area
If you would like to live on a particular street and there is nothing available on the market, the best thing to do is to approach each homeowner. You may not feel comfortable doing this (nor have the time), so we are often approached by individuals seeking to do this on their behalf.
Ludgrove have access to one of the UK's leading databases enabling us to target each homeowner on a specific street with a personal letter.
3. Join LonRes
In the London property market, LonRes is a subscription service only available to estate agents and buying agents. Here property searches can be posted by individual buying agents detailing their specific wants and needs and agents often come back with off-market properties.
About: Ludgrove is ranked as one of London's best property buying agencies by Spears, Prime Resi and E-Private Clients. Case studies of our work can be found here.
To discuss your property requirements feel free to contact us. We'd be delighted to hear from you!
Please call us on +44 (0)207 889 2860 or email at: email@example.com