An overview of the market we serve.
All real estate deals at one time in the process of being sold are off market deals. Whether a deal stays off market or becomes listed as an “on market” deal, it about control, ultimately.
Principals who know they want to sell, and don’t have any obligations to anyone, typically list the property with the an agent they trust for a fee they can live with. They know they want to sell, so they trade some control (and fee) for ease in selling. When they list with an agent, the agent has some control, but moreover has the responsibility to do all the work in the transaction to get it sold, if they want to make the fee.
Principals who are either unsure about selling or don’t want to relinquish control, typically won’t list, but they may sell the property off market. Other types of off market sellers include Principals who want to curate the audience for some reason, or need to keep the availability of the deal private for some reason.
This platform is for Agents mainly, but Principals can be members. The platform is designed to create an environment where confidentiality agreements and secrecy is no longer needed, because the everyone using the platform agrees to those terms up front. It’s designed to take the “time suck” out of the off market deal.
The platform uses an audit trail to show which agents are involved in the sale, and know up front the rules of using the platform to sell real estate. In effect it has rules and answers questions ahead of disputes. For instance, hypothetically what value does an intermediary agent have when he/she connects a Sellers Agent to a Buyers Agent? Is the Intermediary a procuring cause? Does the Intermediary make a fee? What fee is it? The rules are stated very clearly.
Types of off market deals
While an off market deal can either be listed or unlisted, this site really caters to unlisted deals. The few main types of unlisted off market deals are as follows:
Unsolicited Offers: This is bringing an offer to any Principal who says he/she will consider selling.
Pre-market Deals: This is when a Principal wants to buy a deal before the Seller lists it. An agent might bring a pre-market offer to a listing appointment.
Co-op Off-market: A Co-op off market deal is typically when one agent finds a Seller who will sell, and a separate agent brings an unsolicited offer and the fee is split.
Assignment Deals: This is a deal that is already in escrow, where the Buyer wants to offer it as an assignment or flip – these deals are almost never marketed because the Buyer is afraid that the Seller will find out.
Daisey Chain Deals: This is a deal that comes through multiple agents and typically has a complex fee-sharing arrangement.
A Principal is anyone who comes to this site looking to buy or sell a property.
An Agent is anyone who has the power to represent anyone else’s property for sale for a fee. Proof of a verifiable real estate license is required to access this member type.