This is an important announcment from NAR. As the largest real estate assocation in the nation, this announcment makes it basically mandatory for all local MLSs to follow. This move essentially makes the off-market listings (or pocket listings) a thing of the past. You can still try to sell off-MLS, but the moment you advertise on social media, websites or post a sign in front of the house or any other marketing effort to the general pubic, it becomes mandatory to place on the MLS within one business day. Esentially, advertising to the public is no longer an option on off-market listings.
In higher priced markets like Silicon Valley, there is an effort to sell listings off market: meaning sell it without putting it on the MLS – the designated marketplace for sales of real estate (the market). Generally speaking, this approach makes no sense if the goal is to sell the listing for the highest price and in a shorter time frame. The only beneficiary of this approach would be an agent who is controlling the flow of access so that he/she can bring in their own buyer and capture both sides of the transaction. Usually, broader access means more competition for the property and will yield in better results for the seller. Why would any seller be against this prospect?
Consider this: this issue became so problematic that the National Association had to curb the use by stepping in and taking charge. Enough said as to whether this unusal approach is good for the general public.
If you are a seller, do not let a real estate agent persuade you it is in your best interest to sell your house off-MLS (aka off-Market). Clearly that argument is false and that agent does not have your best interest in mind.
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