Off Market Property
An off market property is real estate that is available for sale but not publicly listed on the Multiple Listing Service (MLS) or advertised through traditional marketing channels. These properties are typically marketed through private networks, word-of-mouth, or direct contact between agents and their clients. Off market sales are also known as "pocket listings" or "private sales."
Example
“The investment firm acquired the downtown office building as an off market property through private negotiations with the owner.”
Memory Tip
Off market means 'off the radar' - it's for sale but hidden from public view.
Why It Matters
Off market properties can provide buyers access to exclusive inventory and potentially less competition, while sellers may achieve privacy and avoid the traditional showing process. However, limited exposure may result in fewer offers and potentially lower sale prices.
Common Misconception
Many believe off market properties are always priced below market value, but they're often priced competitively or even at a premium due to their exclusive nature and reduced competition.
In Practice
A celebrity wants to sell their home privately to avoid public attention, so their agent markets it off market to a select group of qualified buyers. The property sells quickly but may have achieved a higher price with broader MLS exposure.
Etymology
Combines 'off' meaning 'away from' with 'market' from Latin 'mercatus' meaning 'trade,' describing properties away from public trading venues.
Common Misspellings
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