Deciding to list your home off-market means you do not market it publicly for the general market but for a limited audience, such as through word of mouth or networking. When realtors submit the listing on MLS, it gets synced to Zillow, Realtor.com, etc., for thousands of people seeing your listing. Consider the pros and cons when selling off-market.
Let’s explore popular reasons people would sell off-market and in the open market.
The time spent preparing to list the home
From making renovations and repairs, hiring staging and photography, and then marketing the property to ensure it gets sold quickly for the best price, listing a home can be an extensive process. Plus, you’ll need to show the home to prospective buyers for an open house.
Potential of becoming a stale listing when listed in the market
When realtors and buyers see that a listing has been on the market for a long time, generally for about a month, they would think there is something wrong with the listing, and buyers would try to negotiate. There’s no pressure to sell the home as quickly as possible. Eventually, depending on the seller’s motivation, they must reduce the price to increase demand.
Limits to more serious buyers and investors
More serious buyers and investors often look at off-market properties with the potential to flip the property to make a profit. Selling agents won’t have to spend their time going through countless offers that don’t make the cut.
Some sellers prefer to keep the home private and not publicly market the home. Reasons may include: tenants are living there and do not want people coming into their living spaces.
Why you shouldn’t list your property off-market
Less potential buyers
Because you are not marketing your property for people to see, it reduces your pool of buyers and chances of getting the offer you’re looking for. There’s less bidding war among the limited buyers. But there’s a possibility of a serious buyer making a high offer to prevent the property from going to market.
What can you do to get desired offers
Begin looking at the pros and cons of listing on and off-market properties.
Start by selling your property off-market to scope out the market and see comparables in the area. Inform those who are in your network if they have prospective buyers. Because you’re not listing the property on the market just yet, it reduces the pressure to sell quickly. The public does not see the Days on Market. When you’re ready, list the property in the MLS.