The Multiple Listing Service, commonly referred to as the MLS, is the dominant and best channel for listing a home for sale. The MLS is both broad and deep, with most if not all agents posting their property listings and with realty websites (such as Trulia, Zillow and Redfin) pulling data from the MLS listings. The MLS is by far the best way to expose your property to the masses to drive the most interest. However, there is a fair amount of sales activity happening “off market” of which many people are not aware.
What is Off Market?
“Off market” quite literally means not listing the house within the traditional marketplace of MLS, thus not taking advantage of the biggest pool of househunters out there. That seems counterintuitive, however there are certain circumstances in which a seller would want to sell their house off market in a quiet transaction. Off market sales are conducted exclusively via word of mouth from the listing agent to buyers’ agents through pure agent networking. If you are considering selling your house off market, it is important to work with a listing agent who is well known in the local community, has a large marketing database, and is well connected to top agents in the area.
To advertise a property off market, an agent would utilize email, send e-blasts (electronic brochures sent out to a mass email list) and hold private events where agents are invited to tour the property. Private events especially provide the unique opportunity to productively network with other real estate agents, albeit amongst hors d’oeuvres and cocktails.
Why List Off Market?
In my experience, I have found that off market sales can be appealing to certain types of sellers. Families with young children find it difficult to prep and vacate their homes for sporadic showings throughout the listing period, however they don’t have to prep or vacate if they sell off market. Sellers who highly value privacy, perhaps not wanting photos of their home posted on the MLS or elsewhere online, prefer off market sales for the discretion aspect. Also, if a seller has lived in their home for decades, accumulating a lifetime’s worth of hard-to-move valuables which could potentially deter the Sunday open house crowd, an off market sale makes particular sense. Finally, there are “move-up” home buyers need to sell their existing home at a particular price in order to make the leap to a larger home or new neighborhood. In this example, a seller may want to quietly “shop” their property off market to see if that necessary price point can be achieved before submitting an offer on their “move-up” home.
If you would like to learn more about selling your property off market or discuss the advantages of listing your home for sale on the MLS, please contact me at [email protected].
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