Philip Ottaviani's Blog
When you think of selling a home, you may picture the conventional home sale where you hire a realtor, and the house is listed along with open houses held. An off-market listing keeps your property off the MLS (Multiple Listing Service) so that it’s not accessible to many home buyers.
What’s The Advantage?
The off-market listing provides a feeling of exclusivity. This attracts only the most serious of buyers and allows a less stressful selling process for the seller. Sellers can expect to get at least the asking price for the property. How does an off-market listing work?
Celebrities tend to sell with off-market listings. Doing so helps their properties to stand apart from the mainstream real estate market. Buyers who are part of an off-market listing can feel as though they are part of an exclusive club that few can access.
Regardless of how high the price of a home is, selling a home off-market can be easier for many reasons. You can sell a home to a relative or friend without having to go through the hassle of listing it. In hot markets, you or your agent can mention that the property is for sale to a few key people in the area. From there word may get out that your home is being sold, but no formal marketing is being done.
Don’t Be In A Hurry
Off-market listings are not for people who need to sell their home quickly. As a seller, you want to see how much interest there is in the property, so this could take some time. You’re trying to attract buyers who are in a particular market, not just a group of buyers an agent has been in contact.
Networking Is Important
Since the listing isn’t advertised anywhere, word of mouth and the right network is important. You need to pick the right agent to help you with an off-market listing. This person should be seasoned in luxury real estate and have an extensive network who they can reach out to.
Privacy Is Bliss
If you don’t feel the need to have a big “for sale” sign out in front of your home, an off-market listing is for you. If you don’t want people to know you’re moving and hope to keep your decision to sell on the down low, it’s a great option.
From the benefits of privacy to the strong possibility that you’ll get a better return for your property sale, off-market listing are a great choice, especially for luxury homes.