Why You Should List Your House Off-Market First

First and foremost, if you don’t sell your home off-market it’s OK.

Selling off-market isn’t always the end game. Simply think of it as a test without damaging your listing.

Here are the top reasons why listing your house off-market first is to your advantage.

1. Test Pricing

Every seller wants the best price for their house. And as agents, we want to make that happen as well. When you’re on the market, the days on market count. This is essentially a stop watch for your listing. Your home will be viewed very differently when it’s been on the market 4 days versus 94 days. Pricing your home competitively when it’s on the market will allow you to get the most amount of showings and increase your chances of getting an offer, or even multiple offers. But when you list your home off-market, pricing isn’t as imperative because it won’t affect your days on market. Which is why I encourage people to test pricing during this stage. Best case? You sell the house for the price you want. Worst case? You don’t sell your home and you go live on the MLS.

2. Get Constructive Feedback

Oftentimes, you’ll get feedback from the buyer’s agent after a showing. The problem with this is that it can be a little too late. For instance, let’s say after a week of showings, 3 agents tell you that the basement had a musty smell and the buyer felt like there might be moisture issues. And 4 agents said that the house felt really dark and didn’t get much light. The good news is, these two things are super easy to fix. Within 24 hours of adding a dehumidifier to the basement, the musty smell should dissipate. And making sure that all of the lights are on prior to every showing will give the impression that it’s brighter than it really is. But this feedback is coming too late. While you can make adjustments based on the feedback, the buyers who came through the first week won’t be circling back for another showing. And typically, the most serious buyers will see a property in the first week that it’s on the market.

However, if you listed your home off-market, there’s a chance that you could have gotten the same feedback. But this time, you can make tweaks to your listing based on those comments. This will ensure that you put your best foot forward when you go live on the MLS.

3. Privacy and Discretion

Are you going through a divorce or a sensitive situation? Do you own high end art or collectables? Or are you just a private person in general?

Selling off-market can ensure that your personal life stays personal. Off-market listings will also attract serious buyers who are pre-qualified, not people who are “just browsing”. The reduction of unnecessary traffic will cut down on anything going array during a showing or a public open house.

4. If You Have a Flexible Timeline - and maybe a request?

Listing off-market is ideal when you have a flexible timeline. If the right offer came along, you would be more than happy to pack your bags and if it took a little bit longer to find the right buyer, you would be just as content. This is also a perfect opportunity if you’re looking for a specific term in an offer. For instance, perhaps you could use a long rent back after the buyer purchases the home. This is when the buyer closes on the property and then allows the seller to continue to live in the home for a predetermined amount of time. The buyer and seller then have the opportunity to negotiate a rent that the seller pays back to the buyer.

At Compass, we have the largest database of off-market properties. Reach out to learn more about listing your home off-market and why it may or may not be the right choice.