While searching for a property, you may come across the term "off-market property" (mikōkai bukken). It tends to conjure an image of an especially good deal, but in practice the term more often refers to a difference in the process and timing before a listing becomes widely public. Here we lay out how off-market properties come about, and how to make it easier for this kind of information to reach you.
- An off-market property is one shown ahead of time to a seller's own clients or to a particular agency, before it's advertised widely to the public.
- Under an exclusive agency agreement (sen'nin baikai) or an exclusive-exclusive agency agreement (senzoku sen'nin baikai), the agent is required to register the listing with the designated real estate distribution network known as REINS.
- There's a grace period before that registration is required, and during it information can circulate ahead of time within the agent's own firm or closely connected agencies.
- Off-market doesn't always mean a good deal — you still need to judge the quality of the listing on its own merits.
- Telling several agents your preferred conditions makes it easier for this kind of information to reach you.
In short: it's a difference in how the information comes out
The term "off-market property" doesn't usually mean the property itself is exceptionally valuable or on exceptional terms — more often it refers to a difference in how information reaches the public. Understanding the mechanics helps you use this kind of information wisely, without setting your expectations too high.
How off-market properties come about
An agency that takes on a sale listing doesn't necessarily advertise it widely on property portals right after signing — it may first show the listing to its own clients or to closely connected agencies. For the seller, finding a buyer quickly can also mean spending less on advertising and shortening the listing period, which is part of why this kind of early sharing happens.
How REINS registration relates to public timing
Under an exclusive or exclusive-exclusive agency agreement, the agent is required to register the listing with REINS, the designated real estate distribution network, within a set deadline. Under a general (non-exclusive) agency agreement (ippan baikai), there's no requirement to register with REINS at all. Off-market information can move around during the period before that registration, or after registration with REINS but before the listing is made public on property portals.
The upside of off-market properties, and points to watch
The advantage of an off-market property is that you can consider it at a stage when there's less competition from other buyers. That said, being off-market doesn't guarantee good terms — you still need to judge the price and condition case by case. It's important not to get too caught up in how fresh the information feels, and to check it against the same standards you'd apply to any other property.
How to position yourself to hear about these listings
To make it easier for off-market information to reach you, it helps to tell several agencies your preferred area, budget, and conditions clearly in advance. The deeper your relationship with an agent, the sooner you'll tend to hear from them when a matching property comes up. See How to Read a Property Flyer (Maisoku): Floor Area, Walking Minutes, and Transaction Type as well.
What to check rather than take on faith
Even for an off-market property, the process from purchase offer to contract, and what you need to check, are no different from any other listing. Don't let the word "off-market" rush you into skipping steps — carry out the same careful on-site check and key-points briefing you would for anything else. See From Purchase Offer to Price Negotiation: How It Actually Goes for how a purchase offer proceeds. The more you like a property, the more that staying careful pays off in a purchase you're genuinely satisfied with.
Frequently asked questions
Is an off-market property always cheaper?
Not necessarily. The word "off-market" usually refers to a difference in how the information comes out, not to a specially low price. It's important to check the actual terms case by case.
Which real estate company should I ask to get off-market information?
It's not limited to any particular company, but the more clearly you've stated your conditions and the more ongoing your contact with an agency, the more likely you are to hear about a matching listing when one comes up.
Is a key-points briefing still given for an off-market property?
Yes. Whether or not the property is off-market, the pre-contract key-points briefing and other required checks are the same as for any other property.
Summary
"Off-market property" is a term that usually points to a difference in the timing of when information becomes public, rather than to something special about the property itself. Understand the mechanics, build relationships with several agencies, and carry out the same careful checks you always would.