Have you ever wondered what exactly an exclusive listing is, and why said exclusive listing might be problematic? Well, a Client phoned me the other day after having seen an add in the Thunder Bay Real Estate News. The add was fairly small, with the headline ‘Owner Motivated’. At a price point of $159,900 both of us were scratching our heads and wondering how we had missed this. I quickly keyed in the address to our Realty Quest program only to discover that this listing was not on MLS. Nope, it was an ‘Exclusive Listing’.
I often wonder about these random exclusive listings. My thought process goes something like this;
A. Does this ‘Motivated Owner’ know that their listing is not actually on the MLS system?
B. If they do know that they are not on MLS do they understand just what the MLS is and just how much exposure they are missing out on?
C. If my ‘Motivated Buyer’ and I have missed this listing, how many other motivated Buyers and their Realtors have done the exact same thing?
What Exactly is the MLS? How does it Work?
MLS stands for Multiple Listing Service. When you decide that your home will be shared on MLS, the information about your property is shared with all of the Realtors throughout the MLS system, and all of the Realtors will have an opportunity to sell your property. This type of cooperative effort will result in more exposure to your property because it is reaching the vast majority of Realtors in your community.
What I’m NOT Saying
I’m not saying that there is never a reason to go exclusive. I’m sure there are lot’s of great reasons why someone might want their home to be listed exclusively. Maybe privacy? Maybe they don’t want too many showings? Maybe they have trust issues with the Real Estate Industry in general? I’m not sure, but I’m not saying that exclusive is not the right choice for you. I would never make that decision for you.
What I AM Saying
What I am saying is that some of the exclusive listings that we come across probably don’t fit the category above. They are really just downright puzzling. My advice to you is that if you are thinking of going Exclusive, maybe talk to a few different Real Estate Agents about your choice as well as the reasons why you are thinking of going that way. Perhaps we will have some alternate solutions for you, that will still allow you to take advantage of the MLS system and all of the exposure that comes with it.