Don’t fall victim to this misguided sales tactic because…
…it could cost you hundreds of thousands of dollars!
A recent study analyzing nearly half a million home sales has serious implications for sellers.
Hi, this is Eva Lin, Broker Owner at Lin Realty Group here in Pasadena.
Today I’m sharing why it’s a terrible idea to allow an agent to market your home as an “office exclusive.”
First, let’s quickly talk about how most homes are marketed…
…and then I’ll explain what an “office exclusive” is.
Generally, when a Realtor lists your home for sale, they advertise it on the MLS.
You can think of the MLS as a central database that Realtors use to track housing inventory and sales activity.
Once your house is listed on the MLS, it automatically gets pushed to Zillow, Redfin, and the like.
This means virtually all Realtors can see it AND all buyers can see it too…
…regardless of whether they’re even working with a Realtor yet.
Nowadays, most buyers get automatic online alerts when a house matching their search criteria goes up for sale.
If they like what they see, you can bet they’re calling an agent and asking for a showing!
An “office exclusive” is something very different.
This is when a brokerage withholds your home from the MLS.
Instead, they try to sell it within their own office/brokerage.
A listing agent might suggest that the sale will be smoother if the buyer is represented by somebody from their own brokerage.
Or maybe they’ll say their brokerage has a wide network that includes buyers who don’t look at homes online.
The truth is an “office exclusive” has a huge upside for the brokerage in terms of how much commission they keep…
…and it has a tremendous downside for the home seller.
A recently released study proves this definitively.
The nation’s second largest MLS analyzed nearly half a million home sales.
These sales took place over the course of 2 years and occurred within multiple major metro and suburban areas.
About 3/4 of the sales took place on-market (i.e., through the MLS)…
…and the remaining sales took place off-market (e.g., office exclusive, for sale by owner, etc.)
Here’s what the data showed:
Homes sold on the MLS had a median sales price nearly 17% higher than homes sold off the MLS!
Nearly 2/3 of homes that were marketed as “office exclusives” failed to sell off-market
Office exclusives that did sell (1) took longer to sell and (2) sold for a median price of 16.8% less than homes sold on the MLS
The analysis here was thorough, serious, and reviewed by independent economists.
Here’s the full study: https://www.brightmls.com/article/on-…
If you’re a home seller hoping for the highest price possible…
…you’ll want your home fully exposed to the market, not just exposed to one brokerage.
Advertising your home on the MLS is a key for success, but it’s just the start.
You’ll want copywriting that’s strategically tailored to the target buyer.
The words used to describe your home need to hit the right emotional triggers.
After all, for somebody to pay top dollar, they need to fall in love with your home!
You’ll want stunning photos that highlight your home’s best features and downplay any drawbacks.
If your home is in the multi-million dollar range, you’ll want engaging interactive video because…
…video is the #1 way affluent buyers prefer to engage nowadays.
A world-class marketing strategy coupled with maximum exposure on the MLS is a recipe for success.
If you’d like to learn more about what it takes to sell your home at the highest price, I invite you to reach out to me.
You can find me at linrealtygroup.com or call me at 626-807-6581.