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.

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/

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.

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.

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.

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.