Off-market deals have increased by 10 percent in South Florida over the past year. Brokers market the properties, but keep the listings off the Multiple Listing Service, according to the Daily Business Review. Clients, especially on the luxury end of the market, seek privacy and requests that viewings and negotiations occur under a veil of secrecy.
The downside for brokers is that buyers and sellers who refuse to sign a contract with them might squeeze them out altogether. Sellers sometimes back out of the deal at the last minute or hike up the price on a whim.
Sellers of very expensive real estate know it’s going to take a unique buyer to purchase the property. Even with pre-approvals, they’re careful and don’t want people tracking through their house,” Ben Moss of One Sotheby’s International Realty told Daily Business Review. “It’s a matter of privacy.” [Daily Business Review] — Mark Maurer