Selling your house can be a confusing and stressful time. Make sure that you understand all your options when listing it for sale with a real estate agent.
What is Multiple Listing?
One method, and by far the most popular method, of selling your house is by listing it for sale with a real estate agency which is a member of the local Multiple Listing Service, or MLS. What does that mean?
Multiple Listing Service is a service that most real estate agencies subscribe to. It assures you of getting maximum exposure for your house. Maximum exposure equals maximum sale price. Most of the real estate agencies on your area will be members of MLS. This means that if you list your house for sale with Laura from RE/MAX North Shore, Susie from Coldwell Banker can show it to her buyers. In other words, any realtor who is a member of Multiple Listing Service can show your house.
What are the Benefits?
Your local Multiple Listing Service will most likely host websites which will draw buyers. This is a great way of creating more exposure for your house.
Any Realtor who is a member of the local Multiple Listing Service can show your house. Other wise, their buyers may miss it.
Your house will be listed on the Multiple Listing Service website for Realtors. It will appear in any search in your price range. Realtors will know it is for sale and can show it to their buyers.
There are ethics and standards that every member of the Multiple Listing Service must adhere to, assuring you of dealing with reputable Realtors.
Your local Multiple Listing Service may advertise its listings and its websites, thus drawing more buyers to your house.
Your house will be seen by the most buyers possible and will be seen in comparison with other houses. This is how buyers judge a good value.
A Realtor may speak to a buyer who has called on an ad for another house. If your house is listed on Multiple Listing Service, she can show them yours as well.
What is an Exclusive Listing?
An exclusive listing is one which only allows Realtors from one agency or office to show your house. There are a few reasons why you may want your house to be exclusively shown by only one agency. Make sure to consider the pros and cons carefully and that it is the right choice for you.
When listing your house for sale, your Realtor may ask you to list it as an exclusive. Make sure that you understand this fully. It will mean that only members of that particular agency can show your house.
If this is a small agency, that may include the Realtors from as little as one office. If your real estate agent is with a larger agency, it still may mean that only the members of a few of their offices can show your house, as opposed to the whole company. Make sure you ask and understand completely.
Benefits of an Exclusive Listing
However, in some circumstances, there are benefits to keeping your house exclusive to one agency. You may, for example, have expensive art or collectables that you can not pack away without detracting from the value of your house. It may make sense to rein in the showings. On the other hand, you may have a new baby in the house, or someone who is ill and you just cannot have the whole world traipsing through your house, but you need to list it for sale right away.
Negatives to an Exclusive Listing
- Not as many buyers will see your house
- It will not be featured on MLS websites
- It will not be available for many Realtors to show
- The listing may not be subject to the standards and ethics of the local Multiple Listing Service
- You house will probably not get as much exposure as an MLS listing will
Making the Choice
Making an educated decision is usually the key to making the right decision. If you fully understand the benefits of either an exclusive or Multiple Listing, you can make the right choice for your house and for your family.
Be sure to consider all the facts carefully. You do not want to short yourself in this sale. Also, be aware of the length of time that you are agreeing to for an exclusive listing. Ask you Realtor if she will consider putting it on the local Multiple Listing Service sooner than agreed to if there is not enough interest in your house as an exclusive. A good real estate agent should be flexible and should aim to meet the needs of the homeowner while providing great advice and great service.
Now that you understand the difference between and Multiple Listing and an Exclusive Listing, you can make an educated decision and get the best price for you house while meeting your family’s needs.