If you’re looking to sell your house, you can always go the traditional listing route – its effectiveness is indisputable. But under certain conditions, you may want to consider an exclusive listing. You will, however, need a top-notch agent in the case of an exclusive listing. Here, then, is everything you need to know about what an exclusive listing is and how it can help you sell your house in Westfield, Cranford, Clark, Scotch Plains, Fanwood and Mountainside Areas.
What Is an Exclusive Listing and How Does It Work?
An exclusive listing is any type of real estate listing that is retained by a listing broker or salesperson and not made available to other brokers or agents outside the office or to other multiple listing service (MLS) members. An exclusive listing may also be referred to as an ‘off-market listing’ or ‘pocket listing.’”
That may be an accurate definition, but it’s not really all that clear or helpful. So let’s look a little closer at what differentiates an exclusive listing.
With typical traditional listings, sellers hire an agent to market their property and list it on the MLS database. A large pool of buyers have access to this database, and listing a property there signals to the buying public that it is officially for sale.
But with an exclusive listing, “sellers won’t place their home on the MLS. Instead, homeowners will let their realtor know that they want to sell their home but do not wish to list it publicly. In turn, the listing agent will only share the listing with select agents who represent qualified buyers, and/or they will share the listing with potential buyers themselves.”
Typically, when a seller hires an agent to list and sell a property, a listing agreement is drawn up for the seller, the agent, and the hiring company. Then, as we mentioned, the property is listed on the MLS so that the listing agent can cooperate with other agents and brokers and, as a result, share any commission.
Because in an exclusive listing the property is not put on the MLS, the seller’s agent has no agreement to work with other area agents or brokers. They will split the commission with one of the other qualified Coldwell Banker agents only. This helps to ensure that a qualified buyer is being brought. And this is why you have to ensure that you’re working with a trustworthy agent – because it’s easy for things to slide into an area that is ethically questionable. (To find out more about avoiding such problems, contact us at 917-608-7277 to answer any questions that you have.)
Why Do Sellers Use an Exclusive Listing?
There are three main reasons why sellers choose to use an exclusive listing over a traditional MLS listing:
JUST THINKING OF SELLING AND NOT FULLY DECIDED
If a homeowner isn’t yet fully committed to selling but is considering it, she may choose an exclusive listing instead of listing on the open market.
WANTING A SPECIFIC PRICE
Some sellers have a certain price in mind and are unwilling to negotiate on price. In this case, they may opt for an exclusive listing to find out, without the MLS commitment, if buyers are willing to pay that price. An exclusive listing also allows agents to “seek out and vet buyers who have the financial resources to purchase the home.”
PLACING A PREMIUM ON PRIVACY
Some sellers highly value their privacy and don’t want their listing plastered all over the Internet or strangers traipsing through their home daily for showings. An exclusive listing allows this kind of privacy.
Advantages of an Exclusive Listing
There are several scenarios in which an exclusive listing provides advantages that can help you sell your house in Westfield, Cranford, Clark, Scotch Plains, Fanwood and Mountainside Areas. These include:
WHEN YOU HAVE A BUYER IN MIND
If you already have a solid buyer lined up for your Westfield, Cranford, Clark, Scotch Plains, Fanwood and Mountainside Areas house, there’s really no point in going through the effort of staging and listing, An exclusive listing will do what you need with much less time and effort invested.
WHEN YOU WANT MORE PRIVACY
With an exclusive listing, your sale will remain relatively private, with only a few people knowing about it. This privacy will allow you to target the serious buyers and cut down on unfruitful negotiations.
WHEN THERE’S A LIMITED MARKET FOR YOUR HOUSE
If, for example, your house is upper end price-wise, there’s likely to be a limited market for it. In this case, an exclusive listing will help you sell because you can target that specific small market.
An Important Caveat
So an exclusive listing can indeed help you sell your Westfield, Cranford, Clark, Scotch Plains, Fanwood and Mountainside Areas house, but there’s one important thing you should be aware of. And that is that you will need a top-notch local real estate agent to get the job done properly. You must get recommendations, do your research, and interview prospective agents. Or you could just go straight to the agents you can be assured will have the necessary experience and expertise. We have those agents. If you’re interested in an exclusive listing and want a qualified agent, just contact us today at 917-608-7277. We can help you sell your home exclusively in Westfield, Cranford, Clark, Scotch Plains, Fanwood and Mountainside Areas.