Private Exclusive

[Anonymous]

Anonymous wrote:Zillow and Redfin are now claiming they will not include on their website any house marketed exclusively like this, should that house eventually come to be publicly listed on the MLS.

Not sure how they plan to enforce this.

Sounds like Zillow is feeling threatened.

[Anonymous]

Anonymous wrote:There are a lot of reasons why someone might want to sell in Private Exclusive.

1. They want to test the market at a higher price and not rack up days on market on the MLS which can be a negative in a buyer's eyes.

2. They aren't quite ready to go on the open market yet (haven't totally decluttered or whatever) but they want to take advantage of a busy season.

3. They are private people with wealth and only want their property marketed to specific buyers.

4. There are tenants in the property who are moving soon. Tenanted properties generally don't show as well as owner-occupied ones.

5. Any number of personal privacy issues.

I could go on. That said, if the property is listed privately, it's not supposed to have a sign. That is against the MLS rules (around here).

I can tell you though, Compass does not do PE to sell to its own buyers. Plenty of agents from other brokerages get notifications about PE listings. And the agent community in DC is pretty small. If you have a buyer looking in a specific area, you generally know who to ask from various brokerages about private listings.

I don’t get any of these, tbh. They all seem like big disadvantages.

The only advantage I can see is you don’t have your house visible to the public. Which I get as a big advantage! But everything else on the list just seems like doing a bad job selling, and I don’t understand how that would be advantageous. A house that shows poorly still shows poorly if it’s private. It doesn’t negate the tenant to have it be private? I just don’t get it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:There are a lot of reasons why someone might want to sell in Private Exclusive.

1. They want to test the market at a higher price and not rack up days on market on the MLS which can be a negative in a buyer's eyes.

2. They aren't quite ready to go on the open market yet (haven't totally decluttered or whatever) but they want to take advantage of a busy season.

3. They are private people with wealth and only want their property marketed to specific buyers.

4. There are tenants in the property who are moving soon. Tenanted properties generally don't show as well as owner-occupied ones.

5. Any number of personal privacy issues.

I could go on. That said, if the property is listed privately, it's not supposed to have a sign. That is against the MLS rules (around here).

I can tell you though, Compass does not do PE to sell to its own buyers. Plenty of agents from other brokerages get notifications about PE listings. And the agent community in DC is pretty small. If you have a buyer looking in a specific area, you generally know who to ask from various brokerages about private listings.

I don’t get any of these, tbh. They all seem like big disadvantages.

The only advantage I can see is you don’t have your house visible to the public. Which I get as a big advantage! But everything else on the list just seems like doing a bad job selling, and I don’t understand how that would be advantageous. A house that shows poorly still shows poorly if it’s private. It doesn’t negate the tenant to have it be private? I just don’t get it.

You're correct. All of these are ways to limit the buyer pool, and the ultimate sales price, compared to a full and open market in which all potential buyers are able to become aware that a property is available. IT never makes financial sense to deliberately limit the pool of potential buyers; reasons cited above are pathetic excuses for not marketing widely, for whatever reason.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There are a lot of reasons why someone might want to sell in Private Exclusive.

1. They want to test the market at a higher price and not rack up days on market on the MLS which can be a negative in a buyer's eyes.

2. They aren't quite ready to go on the open market yet (haven't totally decluttered or whatever) but they want to take advantage of a busy season.

3. They are private people with wealth and only want their property marketed to specific buyers.

4. There are tenants in the property who are moving soon. Tenanted properties generally don't show as well as owner-occupied ones.

5. Any number of personal privacy issues.

I could go on. That said, if the property is listed privately, it's not supposed to have a sign. That is against the MLS rules (around here).

I can tell you though, Compass does not do PE to sell to its own buyers. Plenty of agents from other brokerages get notifications about PE listings. And the agent community in DC is pretty small. If you have a buyer looking in a specific area, you generally know who to ask from various brokerages about private listings.

I don’t get any of these, tbh. They all seem like big disadvantages.

The only advantage I can see is you don’t have your house visible to the public. Which I get as a big advantage! But everything else on the list just seems like doing a bad job selling, and I don’t understand how that would be advantageous. A house that shows poorly still shows poorly if it’s private. It doesn’t negate the tenant to have it be private? I just don’t get it.

You're correct. All of these are ways to limit the buyer pool, and the ultimate sales price, compared to a full and open market in which all potential buyers are able to become aware that a property is available. IT never makes financial sense to deliberately limit the pool of potential buyers; reasons cited above are pathetic excuses for not marketing widely, for whatever reason.

They are usually listed well over the marketed price. So if the seller has time, why not? Sucks for the buyers though! I hope it doesn't become the norm.

[Anonymous]

Our realtor was pushing a pocket listing when we sold our house a couple years ago. I definitely felt like there was more of a benefit to him and his agency to build an exclusive pool of listings than to us. Our house was not remarkable either. Pretty much a starter home.

[Anonymous]

We used Compass a few years ago, the Private Exclusive homes were few and far between and most of them needed a lot of work - it appeared to me to be people who wanted to see if they could sell without fixing up their homes first.

[Anonymous]

Anonymous wrote:How is this not against MLS rules?

A house in my neighborhood was listed (no where publicly) like this with a sign. Seems super odd.

https://www.compass.com/private-exclusives/

There’s a good recent thread on this here: https://www.dcurbanmom.com/jforum/posts/list/1263084.page

[Anonymous]

Anonymous wrote:Coming to update that it sold without ever going on the market, but it's FCC so I'm not surprised. Ever since Whole Foods opened up a block down it seems like the prices have skyrocketed.

It'll be interesting to see the final sale price. It should be above 1 million to be worth it.

Prices in FCC have been VERY high for years, PP. It has nothing to do with Whole Foods (which is not particularly walkable btw)

[Anonymous]

We have done this many times.

High end homes

We are private people we don’t want our neighbors on MLS being lookie lous we just want a fair price and we move on.

It’s my house why in the world would anyone care whether o put it on the MLS.?

[Anonymous]

I get the desire for privacy, but I think the best thing is just to move out and stage the house before you list it. Remove anything personal. If you’re really famous, people may still look, but there won’t be a ton to see. Also, own/sell your homes with an LLC.

You can also do a small amount of photos and have buyers pre-approved.

But I don’t see any advantage to not setting your house up to show its best and then saying well, it’s only a private listing. If you’re not doing the best job, I don’t get how limiting the buyer pool helps at all.