Homeowners listing their property for sale may be offered an exclusive listing by their agent or agent鈥檚 brokerage, implying their property will get special treatment, and in some ways it will.
Exclusive listings, or office listings, come with a dedicated broker and more personalized representation. They give sellers more control, and may increase the broker鈥檚 motivation to sell the home.
But exclusive listings also limit exposure. There is no requirement for those properties to be publicly listed on the multiple listing service, where other agents representing homebuyers, or buyers doing their own research, will see them. Exclusives are instead intended for the listing agent and fellow agents at that brokerage.
鈥淪o depending on the size of your brokerage, that鈥檚 really how many agents you have looking at it. You want so many eyeballs on it. You want it marketed in every which way, because you want to pull buyers in,鈥� said Sherry Rahnama, broker/owner of , who is an outspoken proponent of full transparency in residential listings.
Exclusive listings don鈥檛 necessarily have any benefit for sellers. Listing service Bright MLS, which collects fees from brokerages for hosting their listings, conducted its own research it said shows 90% of exclusive listings end up on the standard MLS before selling anyway. Further, it said and have no price advantage.
Exclusives can be marketed by their representatives through other tools, such as mail and targeted advertising.
Last year鈥檚 nationwide class action addressed issues such as commission transparency, but did not limit exclusive listings or other nontraditional listings, such as 鈥渃oming soon鈥� listings.
鈥淲hich notifies everyone that, hey, this property is going to be listed as of such-and-such date. We may not have a price yet. Some may have pictures. Some don鈥檛. We could be working toward listing that property, but at least it gets the word out there and gets your property exposure,鈥� Rahnama said.
Coming soon listings may be a good choice for sellers who still have repairs to make to their home before listing, or are timing their sale based on upcoming job, family or relocation situations. And they can be helpful for buyers, especially considering the ongoing inventory shortage in the D.C.-area housing market and nationwide.
鈥淲hen I pull up a listing and I see it is coming soon, at least I can notify my buyer and say 123 Main Street is going to come on the market in two weeks and it looks like what you鈥檙e looking for. Let鈥檚 look at this one when it comes on the market,鈥� Rahnama said.
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