I understand that some corporate real estate offices are promoting listing a home only on their website so sellers can test the price without incurring days on market in the multiple listing service. Is that a wise idea?
In my personal and professional judgment, this approach appears to prioritize the corporation’s and listing agent’s interests over the client’s. Be wary of an agent encouraging this idea. I believe that a seller who follows that guidance is being misled. I do not know how they can present that idea and still state that they are abiding by their fiduciary responsibilities. When you hire a real estate sales agent or broker they must abide by the following:
The real estate agent represents the seller as their client. They are not a customer. The agent owes the seller client undivided loyalty to their best interests, reasonable care, disclosure of information pertinent to the transaction, obedience to all lawful instructions, complete confidentiality and proper accounting of any funds or deposits. The agent must prioritize the seller’s interests and negotiate on their behalf to secure the best possible price and terms for their seller clients.
You cannot abide by the responsibilities above and actually encourage sellers to quietly test the market. Private transactions occur. I have done them many times over. They are done with no market exposure and command a premium price. That said, I have never in my career told a seller that is the best way to sell a home. Everyone in real estate, and in business for that matter, knows that in sales you want to expose what you are selling to the widest pool of buyers possible. A true test occurs when the entire marketplace sees your home, understands its specific value proposition and then responds to the offering. If a company suggests reducing the buyer pool by marketing the product to a smaller group of consumers on their site and a few affiliate sites, my opinion is they are simply trying to get the commission for both the buyer side and the seller side of the transaction. The corporation or organisation is trying to maximise its profits, not the profits of the sellers.
Does that make sense to you? Do you think the broader buyer brokerage community can get you the highest price for your home rather than exposing it to another company trying to win the portal wars that doesn’t even post listings on a site you might have heard of, like Zillow? I cannot comprehend how anyone could present this idea as a wise approach to the process. Exclusive listings should actually be outlawed. Test the market regarding price if that is your specific business strategy but a true test does not occur by whispering, “I have a house for sale.” You have to shout it from the rooftops and market it broadly on every available site. The idea of an “exclusive” sale has been around since I started in this business and those who promoted it always had one mission in mind. The agent’s net financial results. Now the corporations are trying to package it as a net positive for the public. They prioritize Wall Street results over Main Street results.
I can assure you of one thing. I will always promote the sale of your home to every agent worldwide. Every agent in the State will have a fair opportunity to see and bid on your home. If I put together a private transaction for you it will be truly private. No one will know it even happened because you wanted it that way and I complied because you received a financial premium or it was convenient for you. I will never claim it is the best way to sell your home. I will always encourage you to come to the open market and allow me to do business with the entire business community.
Please know that I will always have your best interests in mind. As a member of this community I guarantee you will always receive coaching and guidance that produces the highest net results for you. I do not take this responsibility lightly and will never put my interests above yours. If you plan to sell a home soon or in the future, please contact me. It is never too early to start the process.
Call, text or email me anytime. I am here to serve.