McGrath Surry Hills sees rise in pre-market property listings amid cost-of-living pressures
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McGrath Surry Hills has reported an increase in vendors opting for pre-market property listings in 2024, as sellers seek to maximise their selling potential while minimising costs.
Mark Foy, Owner and Founder of McGrath Surry Hills, said, “We’re seeing a significant uplift in the number of vendors exploring this strategy to maximise their selling potential in the current market.”
Pre-market listings involve promoting properties through internal databases and company social media platforms before they are listed on public property portals.
Foy explained, “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.”
The strategy allows agents to gauge interest, gather feedback, and potentially secure a sale before the property is officially listed.
Benefits of pre-market listings include:
- Allowing nervous vendors to test market interest without committing to a full marketing campaign
- Helping agents refine pricing strategies based on potential buyer feedback
- Potential for early sales, saving vendors on marketing and auction expenses
Foy noted, “By targeting motivated buyers within our network, we facilitate off-market transactions that benefit both sellers and buyers.”
Several successful pre-market campaigns by McGrath Surry Hills have resulted in significant cost savings for vendors:
- 21 Bennett Street, Surry Hills sold in 9 days, saving the vendor over $4,800 in on-market costs
- 1/80 Elizabeth Bay Road, Elizabeth Bay sold pre-market, saving the vendor around $14,000 in styling, painting, and marketing costs
- 16 Rainford Street, Surry Hills sold in one day, saving the vendors approximately $8,500
The rise in pre-market listings reflects a growing trend in the real estate market, as sellers seek innovative strategies to navigate current economic conditions and cost-of-living pressures.