The increasing buzz surrounding off-MLS listings has been well-documented recently.
According to a report originally featured in the Wall Street Journal, the five counties of Northern California’s Silicon Valley saw a 17% increase in properties listed off the MLS in the first quarter of 2014. That figure was up from 13.6% in 2012.
The reason for this growing trend?
First of all, it’s a sellers’ market right now, which means people can naturally be more selective about how and where they list their home.
Also, selling off-MLS can now be done through more focused, strategic channels.
The need to promote a property to everybody and anybody is in decline because smart agents can tailor a listing to a section of niche buyers, which leads to a faster, lower hassle sale.
A property sold off-MLS often receives a higher price, too. That’s because it kind of acts like a “buy it now price” and a motivated buyer may well seize the opportunity to secure a property and pay top dollar, closing the sale quickly.
In comparison, a property on the MLS runs the risk of getting stale and ultimately selling for less than asking.
TAN has already seen a number of success stories involving people selling without MLS. One such example involved a home seller in San Francisco who received 5 offers on his property within just 1 week after having it up for sale.