While we are talking about hotspotting and getting ahead of the market – you will hear about a new website that helps you beat all the other buyers by finding out about ‘off market properties’. We talk to the person who has created the site – Liane Fletcher.
Kevin: I guess it would be fair to say that when they’re looking to buy a property, most buyers would love to know about listings before they hit the Internet. Well, here’s a great opportunity for you to do exactly that. I’m talking now to the co-founder of a new website called Property Whispers that specializes in doing that. Joining me to explain how it all works and how you can take advantage of this, Liane Fletcher.
Liane, thank you very much for your time.
Liane: Hello, Kevin. Thank you.
Kevin: Tell me about Property Whispers. How does it work?
Liane: Property Whispers is a very simple platform, four simple steps. Buyers register for free on the platform, and they list their property requirements. Real estate agents list their off-market property specifications, and an instant match occurs when a buyer’s requirement matches the off-market property.
That’s where the job of the platform ends, and after that, the buyer and the real estate agent connect, they speak, maybe arrange to meet with the property, and hopefully a sale will follow.
Kevin: Okay. So, it’s not available for people to put their own properties up there, but buyers should go there and register so that when a property is listed on there by a real estate agent, they’re advised straight away. Is that correct?
Liane: That’s correct. It is listed by the real estate agent, yes.
Kevin: I know this specializes in off-market properties. Off-market properties – purely by the name – means that they are on the market but they’re not publicly available. Is that correct?
Liane: That’s correct. There are two definitions for off-market. One, they are a quiet listing. That is a property that is not publicly advertised. Those properties are vendors who never want to go and spend money on advertising, for whatever reason.
Then there are those properties who are listed pre-market, and that is those properties for sale before they are listed potentially going to an auction campaign. So, they are given that opportunity to be sold off-market.
Kevin: Just from a buyer’s perspective, how many of these off-market properties would you estimate are available at any point in time?
Liane: Nationally, reports indicate that around 10% to 20% of properties are off-market or sold off-market.
Kevin: That’s a lot of properties, isn’t it?
Kevin: Would you say it occurs more in one price range than another?
Liane: It’s across price ranges. We have properties that are uploaded on the platform now from as little as $250,000 up to tens of millions of dollars. So, it does cover across ranges, and it could be for investments or family homes or development site blocks of land. It does cover across the spectrum.
Kevin: I’m talking to Liane Fletcher about the website called Property Whispers that specialihes in putting you as a buyer in touch with off-market properties. These are properties that are maybe pre-marketing campaign or where the sellers don’t really want to make it too public.
Liane, I’m curious, how did you come up with the idea to do this?
Liane: Kevin, when I was an active agent, I spoke to many buyers who were struggling to find a home online, and they would ask me to let them know if I knew of anything that was off-market. So, I’d take their details, put them on my database, and get back in touch when I’d have a property that was suitable for them.
At the time, I thought, “Wow, these buyers need to do a lot of work to get in touch with as many agents as they can in their area to find out about the off-market properties that are available.” At the same time, when my vendors wanted to sell off-market, there were times when I just didn’t have the right buyer on my database who would suit the property.
So, I was thinking about how I could help agents find the right buyer and also at the same time, help buyers have access to off-market properties in the area. This is how the story was born, matching buyers with off-market properties listed by real estate agents.
Kevin: I’d just like to make the point that you are working with agents. This is not an opportunity for sellers to put their properties up there and cut the agent out. The agent is still very much involved in this transaction.
Liane: Yes, absolutely. It’s the agents who are listing the off-market properties, and they’re the ones who are having the communication with the buyers.
Kevin: Okay, so if you’re a buyer, all you have to do is go to the website. It’s called PropertyWhispers.com.au. You can register there, then you’ll be advised of any properties that suit your requirements. And if you’re a seller, I suggest that you talk to your agent and tell them that they need to get your property onto Property Whispers, PropertyWhispers.com.au.
Liane Fletcher has been my guest. Liane, thanks very much for your time.
Liane: Thank you very much, Kevin.