What are Off-Market Properties? - Are these good bargains, or really bargain properties?

Poste date: Friday, October 27, 2023

When searching for properties for rent or sale, you may often see the messages such as "There are off-market properties!", "How to find off-market properties", etc.  However, many people may have questions such as “Is there really a real estate that is not on the market in these days when we can easily find a property on the Internet?” and “How do you look for the properties that you can’t find on the Internet?” 

Here is our explanation of “Off-Market Properties” in question and the details of it by dividing into the following 4 points.

1. What are Off-Market Properties (Unreleased Properties)?
2. How to find Off-Market Properties
3. Advantages and disadvantages of Off-Market Properties
4. Summary

1. What are Off-Market Properties (Unreleased Properties)? 

Off-Market properties are real estate properties that are not on the market, and the reasons why they are not open to the public are mainly as follows:

1) Properties that the sellers or lessors do not want to open to the public

The main reasons are:

The owners don’t want to be known to (for such reasons that the owners don’t want anyone to pry into their personal financial subjects).
The owners don’t want to disclose their real estate values (assets) to many and unspecified people.
The properties are “Jiko Bukken” properties (in which a death or calamity has occurred).
The owners want to recruit new tenants with better conditions for some reason than the conditions of other tenants in the units that are currently leased in the same apartment.

2) Properties that cannot be advertised

Properties whose advertisements are prohibited by law because they are in the state before receiving the building certification.

3) Properties which real estate agents want to prioritize their own customers for buying or leasing

Properties in the case when the real estate companies requested by the sellers or lessors to mediate, have determined that their properties come with excellent or favorable conditions, so can be easily sold or leased to their own customers or the customers who contacted the real estate companies, without advertising to other real estate companies. 

* Some real estate companies handling "Off-Market Properties" define them as the properties that are not listed on the internet search websites that anyone can visit to see, such as At Home and SUUMO, but that are listed on REINS, which is the search website that only real estate companies can see.

2. How to find Off-Market Properties



The best way to find real estate information that is not posted on the search websites is "to contact the real estate company directly". As explained in the point No.1 above, real estate companies may have property information that can be introduced only to their own customers. Then, how do you decide the real estate company to inquire about it, among many real estate companies? Real estate companies usually have their own areas and price ranges that they are good at. So, we recommend that you contact a real estate company that posts many properties in the desired areas and price ranges that you are looking for on the website, or a real estate company located in the area where you want to purchase or rent a property. Sellers and lessors often ask a real estate company which handles many properties similar to their own properties or a real estate company located close to their properties, because sellers and lessors think that such a real estate company can easily find the applicants who have an interest in their properties.

The way of inquiry varies depending on the real estate company such as by phone, email, membership registration, etc. Because your seriousness may increase the probability of your having information of "Off-Market Properties" from a real estate company, we recommend that you tell the real estate company as specifically as possible about you desired conditions, such as your desired area, price, time of your purchase or lease, etc.

3. Advantages and disadvantages of Off-Market Properties

Advantages

Off-Market Properties may include "properties in popular areas" and "properties with low prices" that real estate companies expect immediate conclusion of contract and may include "hard-to-find properties with high rarity value" that are not on the market.

Disadvantages

They may include “Jiko Bukken” properties (in which a death or calamity has occurred) or may include excellent properties but those which are different from your preferences because they are selected by the real estate company’s own judging criteria.

4. Summary

In conclusion, there are many “Off-Market Properties”, but you have to be careful that “Off-Market Properties” are not equal to “Bargain Properties” nor “Excellent Properties”. However, it is true that having information of “Off-Market Properties” definitely increases the possibility that you come across your desired property.  So, we recommend that you first ask a real estate company to introduce “Off-Market Properties”, compare them with other properties on the market and check if the properties are really valuable for you, and then decide your purchase or lease after careful consideration. Please never be so hasty in your decision without thoroughly thinking, that they may be taken by other people!

Exterior of Park Court Azabujuban the Tower
Sale Property tag

It is one of the Park Court branded luxury condominium apartments sold by Mitsui Fudosan Residential Co.,Ltd. Completed by Taisei Corporation. It is surrounded by busy and active Roppongi area, urban constructions such as Tokyo Tower and Tokyo Midtown, and rich nature of Arisugawa-no-miya Memorial Park within a walking distance. Hotel-like front desk services and common facilities such as guest rooms and various lounges are attractive. The dwelling units are mostly from 1LDK to 3LDK having 440 units in total. There are many embassies in the neighborhood giving very international atmosphere to the area. Azabujuban Shopping Street, where many old and modern stores are coexisting along sophisticated townscape, is within a living area. Supermarkets are close and support everyday life in the area. The refined locality and nicely designed facility give it the impression of Mansion House beyond the ordinary condo image making high quality urban life possible.

JPY 236,000,000 - 238,000,000

Exterior of The Parkhouse Harumi Tiaro Residence
Sale Property tag

A super-high rise tower apartment in Harumi area. It is one of the Parkhouse branded luxury condominium apartments sold by Mitsubishi Jisho Residence Co., Ltd. Completed by Kajima Corporation. There is a fountain place in the vast green premises. Concierge service and various common use facilities are arranged in the building. The room equipment is all-electrified including a bathroom heater and dryer and a floor heating in a living and dining room. The storage space is abundant in an easy-to-use layout and the balcony is spacious providing good views.

JPY 124,800,000

Exterior of Brillia Takanawa REFIR
Sale Property tag

Brillia Takanawa REFIR is a five-story condominium completed in January 2020. The property is located in a quiet residential area, with streets to the north, east, and south providing a sense of openness, and many embassies of various countries are located in the neighborhood. The entrance is located on the northeast corner, with large stone pillars that stand out. The lobby lounge is furnished with a luxurious reception set, creating a luxurious space and providing a relaxing atmosphere for residents. The basement is equipped with a storage room, and the common corridor is an inner corridor like a hotel. Brillia Takanawa REFIR is a 9-minute walk from Shinagawa Station on the Keikyu Line.

JPY 421,800,000

Exterior of THE ROPPONGI TOKYO CLUB RESIDENCE
Sale Property tag

Landmark 39-story tower condominium. Sold by Mitsubishi Jisho Residence Co., Ltd. and Completed by Taisei Corporation. .It provides residents as “Club Member” with high grade hotel-like services. The services are thorough and impressive including front desk services such as reservations of restaurants and any tickets, a valet parking and porter service of putting cars in and out, 24 hours room services, housekeeping services, etc. Public facilities are also provided such as Entrance Lounge and Fitness Gym available 24 hours and free of charge, paid and reserved Guest Suites and Sky Lounge, etc. Dwelling units are from 1R to 3LDK for wide range of dwelling plans from single to family with children supporting the premium living of the big city.

JPY 147,000,000

Exterior of World City Towers Capital Tower
Sale Property tag

'World City Towers.'' As high-end condominium complex, it is Japan’s largest project. Supermarket, banks, nursery and other ample services for residents in the complex. Shuttle bus to Shinagawa Station. Sky view lounge. Fitness center.

JPY 240,000,000