Why Off-Market isn’t Always Low Risk

Off-market sales have become increasingly common.

They’re often described as discreet, efficient and lower stress. For some owners, the idea of limiting exposure feels safer — fewer eyes on the asset, fewer moving parts, and a more controlled process.

And in certain situations, that approach absolutely makes sense.

But it’s important to recognise something many owners don’t fully consider:

Off-market doesn’t automatically mean low risk.

In fact, depending on the asset and timing, it can introduce a different kind of risk, one that isn’t always visible upfront.

THE RISK YOU DON’T SEE

Off-market campaigns are often framed as “controlled.”
Fewer buyers. Fewer moving parts. Less exposure.

That can feel safer.

Price in commercial property is driven by competition.

When exposure is limited, competition is limited. And when competition is limited, buyers behave differently — they negotiate harder, anchor conservatively, and look for margin.

As Peter Vines, Managing Director of RWC Western Sydney, explains:

“Off-market can feel controlled, but control doesn’t always translate to leverage. Without competitive tension, buyers don’t need to stretch.”

What feels like risk reduction can quietly become price compression.

YOU CAN’T SELL A SECRET

There’s a simple truth in commercial property:

You can’t sell a secret.

If only a small group of buyers knows an asset is available, that group effectively defines the market.

That may work if:

According to Victor Sheu, Director of Asian Investment Services:

“We’ve seen assets outperform expectations purely because additional buyer pools were introduced. Capital is often deeper and more diverse than owners realise.”

In markets like Western Sydney, where buyer profiles range from private investors to developers to offshore capital, restricting visibility can mean restricting value.

RISK ISN’T JUST ABOUT EXPOSURE

Many owners consider market exposure a reputational risk.

But there is another type of risk that is rarely discussed:
Underexposure risk.

Underexposure can mean:

And once a price expectation has been established privately, resetting the market can become more difficult.

The perception of value forms quickly, even in quiet conversations.

EFFICIENCY VS OUTCOME

Off-market campaigns are often positioned as quicker.

Sometimes they are. But speed and certainty are not the same as maximising value.

A structured on-market campaign:

As Joseph Assaf, Sales Director at RWC Western Sydney, notes:

“The right campaign structure creates momentum. Momentum creates urgency, and urgency drives results.”

Without that structure, conversations can extend, leverage can soften, due diligence can be delayed, and pricing confidence can drift.

WHEN OFF-MARKET DOES MAKE SENSE

This isn’t to say off-market is wrong.

It can be appropriate where:

The key question isn’t whether off-market is good or bad.

It’s whether it’s the right structure for your asset in today’s market conditions.

DISCUSS THE RIGHT SALES STRUCTURE

Every asset sits differently within the market.

The right approach depends on:

📍 If you’re considering selling — or simply exploring your options — discuss our best sales structure.
A short, confidential conversation can clarify whether off-market, targeted engagement or a fully structured campaign is likely to deliver the strongest outcome.

Discretion has its place.

But competition has power.

Understanding the difference can materially impact your result.

Discuss the right sales structure