List On the MLS or Off the MLS; What’s the Difference?
You’ve decided to sell your home – after all, it’s still a seller’s market in your area and you feel you can get top dollar. Your agent suggests a marketing strategy of keeping it off the multiple listing service (MLS). You’ve seen this practice on real estate reality shows so it’s probably a smart idea, right? Not necessarily. “Pocket listings,” or listings that are not posted to an MLS, are not for everyone. They limit the exposure of a property, primarily due to extenuating circumstances. Often, this strategy is used for luxury properties, high-profile sellers, and others who need to avoid broad access to their home. This may include elderly or ill sellers. For those who aren’t billionaires with original art or paparazzi-avoiding celebrities, there are two significant reasons to forego this option: 1. Listing your home on the MLS opens it up to the most potential buyers and presents the best opportunity to get a qualified offer quickly. 2. Data over the last two years shows that homes listed on the MLS sell for approximately 30% higher than those sold off the MLS. If your personal circumstances make you uncomfortable with the prospect of opening your house to the public, there are ways you can limit that access while still benefiting from the exposure you would receive by using an MLS. Have a candid conversation with your broker or agent about the different ways to balance your needs and still get the maximum price for your property.