Also known as ‘quiet marketing’, ‘grey market’ properties are those that are available for sale, but not on the portals, or appearing in estate agents’ windows.
“Quiet marketing” involves withholding properties from the portals, or sometimes uploading a brief outline with little detail, a general but non-specific indication of location, and no pictures. Agents will contact suitable buyers on their list and aim to sell the property without ever going to the open market.
Such is the strange state of the post-Lockdown property market, you will find the best properties are being sold immediately they come onto the market – leading to lots of frustrated house hunters.
Grey marketing used to be reserved for celebrities, politicians, etc – those vendors wanting to remain private – or wanting to test the market; but now it’s becoming a more mainstream way of selling efficiently, and of course, suits sellers who are worried about Covid-security perfectly.
The downside of more properties being on the ‘grey market’ is that it makes the lack of suitable properties seem even more severe, so why would a property not be on the property portals?
Whilst historically, attracting large numbers of buyers was an aspiration for selling agents, in today’s climate, where conducting viewings is time consuming and onerous owing to extensive protocols, selling agents are aiming to attract only the ‘hottest’ buyers.
For the best properties, they are recommending quiet marketing so they’re not inundated with requests for viewings, which suits vendors whose prep for viewing is even more onerous than the usual tidying up!
Agents have lists of buyers who are pre-qualified in terms of finance, intent and readiness to progress, who offer the best chance of a straightforward deal for the vendor, and less wasted effort for the agent.