Selling a property off-market means that the sellers, with their agents, decide to share the listing with a limited audience of potential buyers. There are a variety of reasons why a seller may want to avoid going through the more traditional route of listing their home online in the Multiple Listing Service (MLS) thereby making it available to real estate professionals and the public.
Privacy
An off-market sale provides peace of mind if a seller is concerned about people knowing the address where they live or doesn't want to generate unwanted attention. In this case, agents share the listing with their circle of real estate professionals who know prospective buyers.This tactic is less likely to start a bidding war than a public listing would. The exposure through online networks can widen the seller’s possibilities, but if privacy is more important, the key is to hire a real estate agent with a profound knowledge and experience of the neighborhood as their wider network will give the seller more opportunities.
Testing the Market
If the seller is not quite set on an official price, they can decide with their agent to put their home on a private online network as a test run, to see whether the price gets much interest. If the selling price is too high and not generating much buyer interest, they can move the listing to the MLS without anyone knowing the price has lowered and that the home already has been on the market.Some say that testing the price with a limited audience may not be a true test, while in the public network, you might generate a bidding war among prospective buyers and get more over your listed price. Sometimes that is the case but a good agent could generate multiple offers off the market.
Whichever route the client wants to take their agent must remain in compliance with the MLS Clear Cooperation guidelines and regulations. A knowledgeable agent will know how best to guide their clients for maximum results.
My Recent Experience Selling Off Market
I recently sold my client's home in San Carlos off-market with multiple offers setting a new high for price/sq ft in San Carlos for 2024. Why did we choose to sell off the market? I listened to my client's wants and needs and came up with a solution that best met their needs. Knowing we were starting off the market, I needed to price the home higher than I would if I listed it on the active market knowing I wouldn't have as much traffic and therefore the potential for overbidding competition. And yet I still managed to procure a multiple offer situation. In the end, both my clients as well as the buyers were thrilled with the outcome.The key takeaway was to make sure I listened to my client's desires, take into account the current market conditions, and use my knowledge and years of experience in the industry to properly advise my clients.
And My Client Testimonial
“Michele was an exceptional agent representing us in the sale of our home. Her knowledge of the market and the recommendations she provided gave us the confidence to make sound decisions regarding our property, leading to a quick off-market sale at an optimized price point. During our interactions with Michele, she was responsive, knowledgeable, and adept at addressing any questions and concerns that we had. The process of moving and selling our home was as painless as possible with the help of Michele and her team. We would recommend and will use her services again in the future.”
