Property owners looking to test the market or showcase their home without the commitment of selling have yet another new tool at their disposal, with the recent launch of off-market property website youWish.
Launched in late December, the site is gaining traction for owners considering but not yet committed to selling their home.
youWish enables homeowners to casually showcase their off-market homes at any price they deem appropriate. They are under no pressure to sell but can receive messages from interested parties.
Founders Tariq Qayoom and Allan Crew explained that youWish was designed to bring an additional tool to the property market which could benefit potential vendors and agents alike.
“It’s not just for homeowners and home buyers,” they explained. “The platform is built to be agent-friendly, so they can assist homeowners looking to test what the property market is like.”
Meanwhile, it is also designed to address a shortage of available housing stock.
“At any given time, there is only five per cent of housing stock available on the market. youWish is designed to create more choice for buyers.”
And they noted this could be a valuable tool for agents looking to source the right property to meet their client’s needs.
As advertising professionals with a focus on digital media, Tariq and Allan first explored the concept in 2015 after a simple event at a local café sparked their collective interest.
They explain how the café was abuzz with news of a local retired property owner who had been approached by an agent inquiring whether she would sell her home.
At the time the property owner was renting the Paddington residence out through Airbnb, and had considered but not committed to selling. Three to four weeks later the deal was complete.
Tariq and Allan investigated further and discovered such approaches were common.
“The idea was borne out of the observation that buyers who couldn’t find what they wanted using existing channels were door-knocking homes to ask owners if they would consider selling. We’ve just digitized that process.”
The site launched on December 18 with around 100 properties and has already increased by 15 per cent, but Tariq and Allan note it’s early days yet.
They hope to have 1,000 properties showcased by June and 3,000 by December.
As an example of the portal’s potential benefits, Tariq and Allan cite the recent experience of a client in Arcadia, New South Wales.
“They’re retiring and looking to move to their vineyard in Orange, but they don’t wish to sell quite yet. Agents valued the property at $3.5 million; they showcased on youWish at $3.9 million and received immediate interest. So now they’ve put it up to $4.2 million and can enjoy 12 lazy months testing the market.”
This ability to gauge interest is also attracting the attention of developers who may want a preliminary understanding of the number of buyers out there, Tariq and Allan explained.
“We are complementing not competing with what’s already available. It’s about the pre-market before you go onto advertise. If a property owner receives an offer that matches their youWish price they can then decide to put that home on the market…or not.”
