MAIN IMAGE: Basil Moraitis – regional head for Pam Golding Properties in the Western Cape, Grant Smee – CEO of Only Realty, Tony Clarke – MD of Rawson Property Group
Senior writer
One of the most lucrative types of property transactions globally is the whisper listing, also known as an off-market sale or a secret listing. These are transactions where discretion and privacy carry more value than proven sales successes, particularly in the premium residential sector.
Ultra-high-net-worth individuals value privacy above all else, alongside security. When their for-sale homes are marketed publicly, they believe it opens the door to speculative viewings from the curious rather than serious buyers. But herein lies a bit of a grey area, as described by Basil Moraitis, regional head for Pam Golding Properties in the Western Cape, who says that many sellers incorrectly assume that marketing a property diminishes its exclusivity and encourages unqualified buyer enquiries.
“This couldn’t be further from the truth,” he says. “Targeted, exclusive marketing is one of the most effective ways to create awareness and demand for any product, not just property. Even when dealing with high-profile or high-net-worth sellers, the underlying marketing philosophy remains the same; the difference is that the marketing approach is carefully tailored and bespoke to suit these situations, inclusive of highly-targeted initiatives directed at closed groups of qualified buyers.”
However, there are occasions when properties never reach the public domain at all. “This may be for several reasons, but it is often because the owner is not actively motivated to sell but has formed the view that if the right buyer were to express interest at some point, a discussion regarding a potential sale could take place.”
In these cases, there may be no asking price, no online listing, and no public campaign at all. The eventual sale price is often established entirely through negotiation between carefully matched parties. “This kind of listing is very area-specific,” says Moraitis. “It may, for example, be a property worth well over R100 million in certain affluent, sought-after parts of the Cape market and lesser amounts in other areas.”
How to break in
For agents considering entering this niche, the biggest misconception is that success comes from securing a single luxury mandate. In reality, whisper listings are built on relationships developed over many years.
Grant Smee, CEO of Only Realty, believes reputation is the true currency in this segment. “Agents looking to become known for specialised services such as off-market or whisper listings need to spend time building their reputation and earning the trust of the market.”
He notes that successful agents operating in this space become known for “handling transactions with discretion, professionalism, confidentiality, and strong market expertise. They need to demonstrate not only their market influence and their specialisation within a particular segment, but also their ability to manage exposure carefully while still achieving the best possible outcome for their clients.
“Ultimately, the differentiator is a strong network of professionals, referral partners, and existing clients that can be leveraged when opportunities arise,” says Smee. “The agent is positioned as a trusted advisor rather than simply a salesperson.”
Earning trust and credibility
That ‘trusted advisor’ status cannot be manufactured overnight. Moraitis explains that trust and credibility are earned over time. “It takes years of consistently demonstrating a reputation for professionalism, expertise, and integrity, coupled with area specialisation with a reputable brand, to have the credibility to form these types of relationships, open doors to these opportunities, and guide very high-net-worth owners who may one day be persuaded to allow a viewing of the property.”
Niche-ing
The process often begins with becoming deeply embedded in a particular neighbourhood or market segment. Many of the world’s top luxury agents started by dominating a single suburb, development, or lifestyle niche before expanding their influence.
Relationships with attorneys, wealth managers, tax specialists, private bankers, family offices, and relocation consultants are often just as valuable as those with buyers and sellers. These professional networks often become the source of both referrals and market intelligence.
Interestingly, recent regulatory changes affecting cold calling are unlikely to significantly disrupt this sector, says Smee. “The CPA regulations impacting cold calling should have little effect on agents who have positioned themselves within the whisper listing segment of the market. Such agents are far less reliant on their existing database of clients, professional advisors, and referral partners.
“Relationship-focused business development has become more important than ever for estate agents, and this is particularly true in the off-market space, where success is often driven by becoming deeply embedded within a specific community, area, or professional network.”
And it seems there are no shortcut alternatives. Moraitis emphasises that “success is built on hard work, a strong reputation, and the emotional intelligence required to build lasting relationships and earn the trust of clients.”
The seller’s perspective
Not everyone is convinced that whisper listings serve sellers as well as they might assume. Tony Clarke, MD of Rawson Property Group, acknowledges the role of off-market sales while urging caution. “While whisper listings certainly have a place in the market, particularly for ultra-high-net-worth individuals where privacy and security are paramount, I believe they are often misunderstood and, in many cases, may not serve a seller’s best financial interests,” he says.
Clarke’s concern centres on price discovery. “At its core, property value is determined through competition. The broader the pool of qualified buyers exposed to a property, the greater the likelihood of achieving the highest possible price. A whisper listing may find a buyer, but there is no guarantee that it finds the best buyer,” he says.
This echoes Moraitis’s view that the misconception that marketing undermines exclusivity is mistaken. Clarke agrees that targeted campaigns can preserve privacy while broadening buyer reach. “Many sellers equate public marketing with a loss of exclusivity, but that is not necessarily the case. Sophisticated, highly targeted marketing can preserve privacy while still exposing a property to a wider audience of qualified purchasers. The real risk with off-market transactions is that sellers never know which buyers they have excluded. The one purchaser prepared to pay a premium may simply never become aware that the property was available,” he says.
“From a seller’s perspective, the purpose of marketing should not be to find someone willing to buy the property; it should be to create the maximum level of interest and competition. In most instances, open-market exposure provides the most effective form of price discovery and gives sellers confidence that they have tested the market properly before accepting an offer,” Clarke says.
He also raises a concern that whisper listings can sometimes mask deficiencies on the agency side rather than serve the seller’s interests. “Seller beware, however, where a whisper listing is being promoted not because it is in the seller’s best interests, but because the agency lacks the resources, buyer reach, technology, brand presence or willingness to invest in a comprehensive marketing campaign. A whisper listing should be a strategic choice driven by the seller’s objectives, not a substitute for proper marketing,” he says.
Clarke advises sellers to interrogate the motivation behind any off-market recommendation. “Sellers should ask what exposure their property would receive under a traditional campaign and whether the agency has both the means and the commitment to market the property effectively before accepting the argument that discretion is the preferred route,” he says.
“Whisper listings undoubtedly have a role, particularly where discretion outweighs price considerations, but for sellers whose primary objective is to maximise value, a well-executed public marketing campaign will generally produce a better outcome than a private, off-market sale,” Clarke says. “Ultimately, a whisper listing may find a buyer. An open-market campaign is far more likely to find the best buyer.”
