What is an "Office Exclusive" Listing? What is a "Coming Soon" Listing?
These two listing categories made their way to NE Indiana, in the last couple of years. They were "legal" ways of listing properties in other US "MLS" systems but not here. (The Multiple Listing Service is the database shared by cooperating brokers/agents to provide information about these listings to connect each other's buyer and sellers to facilitate sales.) I lobbied for this in the past for the forthcoming reasons, and I am so glad our real estate community has these listing method options available now. You should know about these alternative methods if you, your family, or your friends are in the market to SELL or BUY. Feel free to forward this newsletter to them! And by the way, I can connect them to any of our top agents in the global Sotheby's network to take the guesswork out of the hunt.
The Office Exclusive Listing-what is it?
· The slang term loosely used for this listing method has been "a pocket listing."
· This Office Exclusive Listing contract makes it legally documented on a contract and within our MLS rules and regulations.
· It means that the broker and the client are committed to each other in their working relationship for a set period of time without going "live" on the market.
· The agent can search for a buyer independently, but they cannot advertise the listing publicly to the whole market.
Why would someone use an Office Exclusive Listing?
· The most common reason I hear now in this low inventory market is that they want to sell, but they cannot find their next home, so they are afraid to be on the market and pushed to sell and close without their next home identified.
· Another common reason is that they need our help getting the home ready for photos and showings with either clean-out/de-cluttering, staging, significant and/or minor repairs, painting, new carpet, or landscaping issues. We are working hard for them in this consulting capacity sharing resources and time and we as the listing agents can show the house under these conditions, but the home is not ready for photos yet necessary to be listed online.
· Other reasons can be a serious illness or injury of an owner where they are homebound and a myriad of different reasons.It is usually best to be live on the market and let the whole market see your home for sale to bring you the most buyers to compete for your home. However, for some of these sellers described above, if they can get close to their realistic asking price without going on the market, it is most convenient and desirable for them in their personal circumstances.
What does this mean for Buyers?
If you, your family, or your friends cannot find the home you are looking for, then call the agent or agents you know and trust and ask them if they have any office-exclusive listings they can show you.
Also have them put you on a waiting list, so to speak, of what you want so they may call you as soon as they have something. This is an excellent buyer strategy in this tight, low-inventory market. Contact me anytime to put you on our property watch list by call, text, or email.
Listed Coming Soon-What does this status mean?
This listing status means they are officially under contract to list and sell but are giving the market a "heads up" so agents and consumers have time to get there and see it on the upcoming day that the owners are accepting showings. Agents may plan and schedule showings on the first day it is available. It is on the MLS and some home search sites for all to see, but the listing agent is not permitted to publicly advertise the listing for sale until the day before it goes live.
So put this information in your arsenal of other options to navigate the world of residential real estate sales. Please write back and let me know if you found this helpful or have any questions, as it just dawned on me that most consumers do not know much about these newer listing methods, and they should!
We are celebrating 10 years running as the number one ranked agent and team in total sales volume in our MLS, six of those years with Reecer Properties and the last four with Encore Sotheby's International Realty. I am most grateful to my loyal and talented team and hundreds of clients for 12 years of enjoyment and pride in serving as your real estate advisor. I wish you a healthy, happy and fun 2023!