Typically, when you decide to sell your house, you will hire a real estate agent to help you out. The agent will then provide your house details and other vital information to a multiple listing service (MLS) to spread the word. To understand even further, MLS is a unified web platform and a database that offers clients and real estate agents the number of properties for sale.
However, you might be a private person who doesn’t want to accommodate every single visitor who wants to look at your property. Or, maybe your current situation does not leave you enough energy or time to coordinate open houses or showings. That is when selling your house off-market can be the best option.
Selling Your House Off-Market: What Does It Mean?
As mentioned, the conventional process of selling a house is that a real estate agent enters the house details into MLS. This service includes all the information and statistics about properties for sale. This includes price, property taxes, number of bathrooms and bedrooms, square footage, number of days on the market, as well as the listing agent. Moreover, these details can also be seen on public websites, social media, and real estate listing sites.
On the other hand, an off-market listing is different from the one stated above. This type of listing does not appear on MLS. Not only that, but it also does not get marketed to the vast public. When you say “off-market,” it means the transactions are done person-to-person. It doesn’t even have to be processed with a real estate agent’s help.
Moreover, this could be a house listed as “For Sale By Owner.” It can either be advertised through word of mouth, yard signs or even sold to a relative or friend. To help you understand what “off-market” in real estate really means, you can check out Sundae.com.
Who Should Sell Off-Market
Most of the time, wealthy people like celebrities sell their houses off-market. They do this for prestige or to depart from the general real estate market. However, even if you are not selling a million-dollar house, you can still choose to sell off-market.
Why? Well, for one, selling your house off-market can be easy. A family member or a friend might be on the market to buy a new house. With this, you can prefer to sell it to them without even having to list your property first.
Pros and Cons of Selling Your House Off-Market
Since your house won’t be marketed through MLS, the benefits include:
- Confidentiality, privacy, and control over your property. This is great for high-end sellers and those with financial troubles. Moreover, it can also be best for people in the middle of a sensitive personal issue like divorce.
- No need to facilitate open houses, staging, and showings. This will reduce the number of people going into your property. Moreover, it also takes away the stress of planning and coordinating this kind of event.
- Facilitating the sale faster. In some cases, sellers choose to make an off-market sale because the sale of their property is contingent with the sale of a former house. Or, they might decide to do so when they find the home they always wanted through other means.
- Paying a reduced commission. This might include a discount worth $10,000, even for just a tiny house. However, this can only be possible if only one agent is involved in the transaction.
Below are the drawbacks of selling your house off-market:
- Less publicity. Since selling your home off-market means not listing on MLS, it might have less exposure to any potential buyer. Moreover, it is vital to know that MLS can provide you with a network of potential buyers and a large number of agents that can help you sell your house.
- Potential discounts in the selling price. Since you only have a limited number of potential buyers, there is almost no chance of a bidding war. There is also a possibility that you will not get a buyer that agrees to your selling price. Furthermore, this means you might get less money if you choose off-market than taking your property to an open market.
Preparing Your House For Sale
The following are some tips to help you prepare for your house sale:
Improve Your Yard
Potential buyers tend to look at your property’s exterior appearances. Having a great yard can also make a great impression. To start, it would be best to clean up any debris in your yard, scrub the dirt off outside of your house, spray down your pathways, and the like.
Beautify Your Front Entryway
A beautiful entryway can also attract more buyers. Below are some of the things you can do to achieve an appealing front entryway:
- Clean the welcome mat;
- Sweep from the ceiling to the floor;
- Polish, replace, or repaint your house numbers;
- Add plants for extra color;
- Make sure your doorbell is working in good condition;
Declutter and Depersonalize
By the time you decide you want to sell your house, it is best to keep in mind that it’s no longer your home. Hence, it would be best to depersonalize and declutter it. That way, your house will become neutral, making it attractive to potential buyers.
Decluttering is reducing the quantity of stuff lying around your house. On the other hand, depersonalizing is a higher level of decluttering. It means removing all of your personal items that make your house your home.
To Sum It Up
Selling your house off-market is the best option for people who don’t want to show off their house information to the broad public. This can also be done by yourself or with a real estate agent’s help. Furthermore, if you want to sell your house off-market, it is best to know the pros and cons of doing it. That way, you won’t have any regrets in the future.
However, if you are still not convinced if selling your property off-market is perfect for you, it would help if you talk to a real estate agent. They are the ones with experience and expertise. Furthermore, they can assist you with your concern in selling your house off-market.