Newer agents and many consumers may be unfamiliar with a concept that veteran real estate agents know as 'pocket' or 'off-MLS' listings. The agents and sellers should be aware that the practice has the potential of adversely affecting the best reasonable price possible. One Multiple Listing Service reports ten to fifteen percent of property sales today are 'off-MLS' listings.
Simply stated, a 'pocket' or 'off-MLS' listing is hidden in the pocket of an agent without the benefits of listing on the MLS. MLS listings are actively marketed to all real estate agents belonging to an MLS. A vast network of potential buyers looks to make offers on property. Active MLS marketing includes the property being downloaded on various real estate sites on the Internet, including Redfin, Realtor.com, Trulia, etc.
Off-MLS listings are most often requested by prosecutors, judges, celebrities, and other people who want to maintain privacy or limit viewing of the property to select individuals having the necessary financial resources to purchase it.
The seller does not want to make any effort in the selling process, such as painting the building or making other cosmetic changes. Sellers would not have to deal with tenants knowing that the property is for sale. The seller may not need to sell the property but is willing at the right price on an as-is basis.
The seller believes marketing and selling a property in this manner yields the highest price, because of buyers, who learn of it, feel they are getting an inside shot at purchasing the property, and will aggressively step up.
Off-market listings are marketed by a single agent to a select few potential buyers. The pool may be so small that agents within the same brokerage agency may not be aware of a fellow agent's off-MLS listing.
A listing agent must disclose the positive and negative aspects to the seller and adhere to rules designed for consumer protection. Many real estate agents believe off-MLS listings are not in the property owner's best interest, especially if a client is unaware of the marketing benefits of an MLS. A listing agent is usually required to obtain a signed seller certification stating the wish of the client not to sell the property through an MLS.
Off-MLS listings do not get broad market exposure gained by listing on an MLS. Significant reduction in potential offers is likely, especially when multiple offers that exceed the asking price for a neighborhood are common.
At the end of the day, owners who choose to sell their property off market face many more disadvantages than those who choose to list their properties on MLS.Immobilienmakler Heidelberg Makler Heidelberg
Source by Anie Mayelian